In theory, credit markets should be efficient. In practice, their opacity and frictions mean investors can still find anomalies that offer a higher yield without taking on extra risk. That is the view of Grace Le, co-manager of the Artemis Corporate Bond Fund.
For Le, finding and exploiting potential inefficiencies is less about heroic macro calls and more about:
- Running a concentrated portfolio where each position matters
- Governance that allows swift decisions
- An active process that gives the fund managers the flexibility to adapt as markets shift
To explore the full analysis, read Le's latest article on Investment Week's Fixed Income Portal.
