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Multi-Asset team

The Global Fixed Income process

Investment process

The process uses the same framework to garner a thorough understanding of the economic environment and for bottom up stock analysis: fundamentals, valuations and technicals (FVT). These three factors are examined regardless of whether the managers are considering a duration position or an investment in a speculative grade rated company. Consistency of decision making is impossible without using the same inputs.

The three main drivers for fixed income portfolios are rates, allocation and selection. The three categories have numerous alpha sources underlying them, and the managers optimise portfolio positioning by adjusting these sources of risk and return. They can be used to target alpha, beta or risk management depending on a fund’s mandate.

In judging whether a company is an attractive long-term investment, the managers analyse the following factors, which they call our PRISM:

  • Protections – operational and contractual, such as structure and covenants
  • Risks – credit, business and market
  • Interest cover, leverage and other key ratios
  • Sustainability, of cash flows and environmental, social and governance (ESG) factors
  • Motivations of management and shareholders


The Global Fixed Income team - David Roberts, Phil Milburn & Donald Phillips
The Global Fixed Income team
 David Roberts (left), Phil Milburn (right) & Donald Phillips (centre)

Before joining Liontrust in early 2018, David Roberts and Phil Milburn 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 Phillips was previously an investment manager in the Credit team at Baillie Gifford and worked with David and Phil at Kames Capital for three years.

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Awards and ratings

David Roberts Gold Medal
David Roberts
Sauren Fund Manager Rating: Double Gold

Latest fund updates

The Global Fixed Income team

Read the latest fund updates from the Global Fixed Income team.
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Key Risks

Past performance is not a guide to future performance. Do remember that the value of an investment and the income generated from them can fall as well as rise and is not guaranteed, therefore, you may not get back the amount originally invested and potentially risk total loss of capital. Investment in Funds managed by the Global Fixed Income team involves foreign currencies and may be subject to fluctuations in value due to movements in exchange rates. The value of fixed income securities will fall if the issuer is unable to repay its debt or has its credit rating reduced. Generally, the higher the perceived credit risk of the issuer, the higher the rate of interest. Bond markets may be subject to reduced liquidity. The Funds may invest in emerging markets/soft currencies and in financial derivative instruments, both of which may have the effect of increasing volatility.


The information and opinions provided should not be construed as advice for investment in any product or security mentioned, an offer to buy or sell units/shares of Funds mentioned, or a solicitation to purchase securities in any company or investment product. Always research your own investments and (if you are not a professional or a financial adviser) consult suitability with a regulated financial adviser before investing. 


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