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    1. Fixed Income Funds

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    Fixed income
    Bond investing on a global scale



    Your capital may be at risk.

    JP Morgan | Fixed Income Asset Class

    Bond markets change. Disciplined investing is timeless.

    It takes deep resources and specialised expertise to successfully navigate complex bond markets. Whether you’re seeking yield, total return or stability, J.P. Morgan’s time-tested, globally integrated investment processes bring our intensive research, diverse talents and rigorous risk management to your portfolio.

    306


    Specialist fixed income professionals

    USD 626bn


    Global fixed income assets under management

    8


    Fixed income investment hubs in five countries

    View data >

    Source: J.P. Morgan Asset Management; as of 30 September 2022.

    Close

    Specialist fixed income expertise

    Benefit from the deep resources and rigorous research of a truly global fixed income manager, backed by a time-tested investment process where risk management is embedded at every level.

    JP Morgan | Fixed Income Asset Class
    Investment platform
    Security selection
    ESG approach
    Risk management
    Investment platform

    A truly global investment platform

    With portfolio managers and sector analysts based in five countries and three continents, our research reaches every corner of the global fixed income markets.

    Our global fixed income team has the experience and global reach to access opportunities across more than 15 fixed income sectors and in bond markets covering over 50 countries.

    Broad fixed income sector coverage

    • Government bonds
    • US high yield
    • European high yield
    • Convertible bonds
    • Investment grade credit
    • Emerging market local currency sovereigns
    • Emerging market hard currency sovereigns
    • Municipal bonds
    • Emerging market corporate bonds
    • Asset-backed securities
    • Non-agency mortgage-backed securities
    • Agency mortgage-backed securities
    • Commercial mortgage-backed securities
    • Covered bonds
    • Collateralised loan obligations
    • Currency

    Source: J.P. Morgan Asset Management; data as of 30 September 2022. Investors indicate portfolio managers/traders and research analysts who are vice president level and above.

    Security selection

    Research-driven security selection

    Every investment decision is assessed using a common research language, allowing us to compare opportunities in different fixed income securities, sectors and markets.

    Our common research language is the foundation of our consistent and repeatable investment process, with every fixed income issuer covered by our sector analysts assessed based on rigorous fundamental, quantitative (valuation) and technical analysis.

    Fundamentals

    • Macroeconomic Data: Growth, inflation, etc.
    • Corporate Health: Defaults, earnings, etc.
    • ESG Profile: Carbon footprint, labour practices, etc.

    Quantitative (valuations)

    • Proprietary Quantitative Research (QRG) models inform rich/cheapness of sector or security.
    • Absolute, relative, historical basis.

    Technicals

    • Supply / demand (issuance and flows).
    • Investor positioning and momentum.

    Continuous dialogue

    • Teams leverage the expertise of the locally based specialists.
    • Analysts and traders closely integrated with portfolio managers.
    ESG approach

    Integrated ESG approach

    We assess financially material environmental, social and governance risks as part of our broader investment process, ensuring that ESG factors are taken into account across our actively managed fixed income portfolios.

    The systematic integration of ESG factors, along with other factors, into our actively managed fixed income portfolios helps us identify and act upon financially material risks and opportunities, with a nuanced approach for each sector team. ESG integration does not, however, change a strategy’s investment objective, exclude specific types of companies or constrain a strategy’s investable universe.

    1. Proprietary research

    ESG factors incorporated in existing fundamental, quantitative and technical framework using proprietary scoring frameworks that address nuances across fixed income sectors.

    2. Engagement

    Frequent engagement with company management teams, participation in industry forums and engagement with data providers to increase coverage and accuracy of fixed income universe.

    3. Portfolio construction

    ESG evaluations serve as security selection differentiators within a sector or as a top-down risk assessment tool, with ESG outliers identified by oversight from independent and fixed income risk management teams.

    Proprietary research

    We use proprietary quantitative ESG rating systems, by fixed income sector, to complement our qualitative analyst research. Our proprietary ESG scores are developed by our Sustainable Investing team to support the quantitative ESG analysis of our fixed income investment team, and also to help inform qualitative assessments of individual companies.

    The purpose is to provide portfolio managers and research analysts with useful ESG information that they might not otherwise have access to, as well as to facilitate ESG integration and investment stewardship. Our scores provide another reference point to enhance the consideration of financially material ESG risks and opportunities in active investment processes.

    Find out more about how we define and approach ESG integration at J.P. Morgan Asset Management

    Corporates: 40-question ESG checklist

    • Informs discussions between analysts and portfolio managers

    Sovereigns: Country ESG scores

    • Process results in a score for each sovereign issuer in developed (DM) and emerging (EM) markets

    Securitised: Quantifying leaders & laggards

    • Securities scored as leader (+1), neutral (0) or laggard (-1) on each E, S and G pillar

    Risk management

    Multi-layered risk management

    Risk is managed actively at every stage of our investment process, with key risks continuously monitored by portfolio managers, and additional layers of oversight provided by investment directors and independent risk teams.

    Disciplined risk management is essential to all our fixed income strategies. Our three tiers of risk management ensure risks are monitored at every level of our fixed income process.

    Active management demands active risk management

    Portfolio management

    • Has day-to-day responsibility for portfolio risk and adherence with guidelines.
    • Ensures risks are intended.
    • Monitors ESG risks and opportunities.
    • Uses proprietary and external systems to analyse risks: tracking error, contribution to risk, factor exposure, liquidity.

    Investment directors

    • Provides portfolio management oversight by monitoring adherence to investment objectives and guidelines.
    • Lead in depth quarterly investment strategy reviews with portfolio managers (performance, risk, ESG profile, dispersion).
    • Provides customised risk monitoring within the asset class.

    Independent risk

    • Provides credible challenge to the business.
    • Has a consolidated view of risks to senior management.
    • Plays a key role in governance forums.
    • Ensures proper risk disclosure.
    • Reports to independent AM Chief Risk Officer.

    Our fixed income funds

    Whether you’re investing for income, looking to manage volatility, or you want to add a new source of return and diversification to an existing portfolio, our range of bond funds is designed to help you achieve your goals.

    Find a fund using our search tool

    • SICAV
    • ETF
    • Liquidity
    • JPMorgan Funds – Global Bond Opportunities Fund
    • JPMorgan Funds – Global Bond Opportunities Sustainable Fund
    • JPMorgan Funds – Global Strategic Bond Fund
    • JPMorgan Funds - Green Social Sustainable Bond Fund
    • JPMorgan Funds - Income Fund

    Fixed income insights and research

    Get the latest insights from J.P. Morgan Asset Management’s fixed income experts, and keep up to date with all the developments in global bond markets.

    Explore all our insights

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    Guide to the Markets: Fixed income

    Use our quarterly slide pack to assess the latest developments across global bond markets.

    View the slides

    Global fixed income views

    Read the latest quarterly outlook from Bob Michele, Chief Investment Officer for Global Fixed Income.

    Read more
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    Weekly bond bulletin

    Stay up to date with the latest developments on global bond markets, straight from our team of fixed income experts.

    Read now
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    Fixed income quarterly webcast

    Join International Fixed Income Chief Investment Officer Iain Stealey as he presents the key themes from our latest fixed income quarterly meeting.

    Register now

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    Image Sources: Getty Images, Stocky, Shutterstock

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    If you have any queries, please get in touch with the Nordic team.

    info.nordic@jpmorgan.com

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