After the challenges of 2022, what are the prospects for global corporate bonds now? Capital Group portfolio manager Damir Bettini outlines how the current environment provides an opportunity for long-term credit investors to lock in total returns, but there remain uncertainties in the short term. He explains why security selection and fundamental research will be key as we move into an environment where increased financing costs will likely cause some business models to struggle and credit quality to deteriorate.
Capital Group
Chris Miles is Managing Director for Financial Intermediaries, UK at Capital Group. He has 20 years of industry experience and has been with Capital Group for seven years. Prior to joining Capital, Chris worked as Associate Director for Sales at Fidelity Worldwide Investments. He holds a bachelor's degree in geography from Plymouth University, graduating with honours. He also holds the Investment Management Certificate. Chris is based in London.
Capital Group
Robert Waterhouse is Managing Director for Financial Intermediaries, UK & Ireland, at Capital Group. He has 15 years of investment industry experience and has been with Capital Group for nine years. Prior to joining Capital, Rob was an Equity Investment Consultant at Julius Baer. Before that, he was an Equity Investment Specialist and Client Service Associate within wealth management at Bank of America Merrill Lynch. He holds a bachelor's degree with honours in manufacturing engineering and management from The University of Nottingham. He also holds the Investment Management Certificate and is an FCA-registered investment adviser. Rob is based in London.
Damir Bettini is a Fixed Income Portfolio Manager at Capital Group. He also serves on the Fixed Income Management Committee. He has 15 years of investment experience, all with Capital Group. Earlier in his career at Capital, as a fixed income investment analyst, he covered European banks, insurance and telecoms. Prior to joining Capital, Damir was a senior director and the global head of insurance criteria with Fitch Ratings. Before that, he was a senior insurance equities analyst with Bank of America and a director and lead analyst with Standard & Poor's Insurance Ratings. He holds a bachelor's degree in aeronautical engineering from Queen Mary and Westfield College, University of London. Damir is based in London.
As Global Head of Asset Allocation Research at Invesco, Paul analyses how the asset allocation process is impacted by behavioural considerations, major long-term themes and economic/geo-political events. Prior to joining Source (and Invesco), Paul worked at Société Générale in both Paris and London, holding positions as Macro Specialist Sales, Equity Strategist and Global Head of Research, during which time he wrote under “The Belgian Dentist” label. He started his career at Morgan Stanley in London where he worked in Corporate Finance and Equity Research before transferring to New York where he joined Morgan Stanley Asset Management as Portfolio Manager. He holds a BSc in Economics from the London School of Economics and a Master of Philosophy in Economics from Oxford.