Fixed-income products becoming global macro hedge funds...

Christopher Joye

Coolabah Capital

In my monthly column for the Smart Investor magazine I consider the rise of so-called "unconstrained" bond funds, the exemplar of which is co-portfolio managers Bill Gross and Kumar Palghat's Janus product which punts outright bonds, high yield (ie, sub-investment grade debt), listed equities, global currencies and likes to sell derivatives relating to these asset-classes. I argue that the performance of global macro hedge funds, which is what these unconstrained fixed-income products look like, suggests that it is very difficult to be a consistent master of so many different investment topics. In this context, there is much to be said for specialisation: Free (VIEW LINK)

Christopher Joye
Portfolio Manager & Chief Investment Officer
Coolabah Capital

Chris co-founded Coolabah in 2011, which today runs over $8 billion with a team of 40 executives focussed on generating credit alpha from mispricings across fixed-income markets. In 2019, Chris was selected as one of FE fundinfo’s Top 10 “Alpha...

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