The Global Fixed Income team | Who we are | Liontrust Asset Management PLC
Multi-Asset team

The Global Fixed Income team

David Roberts, Phil Milburn & Donald Phillips

The team

David Roberts, Phil Milburn and Donald Phillips, who all joined Liontrust in early 2018, have more than 60 years of joint investment experience. Before joining Liontrust, David and Phil worked together at Kames Capital for 14 years, where David was Head of the Fixed income team and Phil was Head of Investment Strategy. They launched one of the first strategic bond funds in 2003 and have been investing in high yield on a global basis since 2003. Donald was previously an investment manager in the Credit team at Baillie Gifford and worked with David and Phil at Kames Capital for three years from 2005 to 2008. He was co-manager of the Baillie Gifford High Yield Bond Fund from June 2010 to 2017 and the US High yield strategy.

Global Fixed Income team

The Global Fixed Income process

The fund managers believe that fixed income markets are not efficient and there are myriad ways of adding value to investors' portfolios. The inefficiencies are caused by many market protagonists who are not price sensitive, ranging from the macroeconomic distortions caused by central banks to the idiosyncratic scenarios when companies are desperate to raise debt finance and price accordingly. The investment process is designed to capture these inefficiencies through a thorough understanding of the economic environment and detailed bottom up stock analysis. The fund managers take a holistic approach to constructing portfolios, combining top down factors with bottom up evidence; this recognises the circularity (or inconsistencies) in data, the nature of correlations between asset classes and the variation in inefficiencies through the cycle.


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