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Investment capabilities

Fixed Income Capabilities

Fixed income selection criteria includes an extensive variety of fundamental and technical factors as well as market information. Fundamental analysis is given high priority, as befits our emphasis on top-down analysis of markets.

The Aviva Investors bond team in Dublin is unique among Irish fund managers in having a dedicated economist who sits on the bond desk and is also responsible for managing our bond portfolios.

On a daily basis: 

  • We scrutinize all economic and survey data for the major economies as well as any minor economies in which we hold, or are considering holding, positions. 
  • We look at the relationships between key economic variables as well as discerning which are the best leading indicators at any given time. 
  • We are also aware of all interest rate decisions, research and commentary from global central banks, and all budget data and commentary from government officials. The latter enables us to derive a prognosis for the budgetary and supply outlook in each government bond market.
  • The economist is also responsible for reading and analysing all external research to enable us to compare our fundamental views with those of banks, brokers and other organisations.

On a monthly basis, the team updates GDP growth and inflation forecasts for the major economies, as well as providing medium-term interest rate projections. These are compared with the consensus views, enabling us to derive strategies on market positioning, duration, etc.

Technical analysis draws on a variety of methods including trend lines, moving averages, RSIs, head-and-shoulders patterns etc. We also make extensive use of Open Bloomberg for analysing the directional bias in bond markets and for cheap-dear analysis.