Swiss Life Asset Managers has developed a two-fold expertise in High Yield: funds with maturity and funds with no fixed maturity. The investment universe is available globally and in the Eurozone.

In High Yield bond management, Swiss Life Asset Managers has developed a two-fold expertise: funds with maturity and funds with no fixed maturity, in order to offer investors the most adequate solution to their objectives. In order to seize the best opportunities, the investment universe is divided into global and Euro zone funds. Its expertise is also available through mandates and advisory mandates.

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Learn more about our High Yield offer

The principle of this strategy is to invest over a predetermined horizon, set at the launch of the fund. This type of strategy aims to freeze market conditions on the date of entry into the fund by investing in international bonds and debt securities with an effective maturity close to the investment horizon.

Investment in bonds whose issuance universe is of a "speculative nature (High Yield)" and focused on the US & Europe (excluding financial issuances) benefiting from the expertise of Swiss Life Asset Managers.

As of June 30, 2021, this management is offered on funds maturing in 2023 and 2026.

Our funds are open for subscription/redemption until maturity. No selling period.

Swiss life Asset Managers is the first asset manager to offer a statistical maturity management (maturity taking into account the call structures of high yield bonds) which allows to optimize the yield to maturity: the closer the maturity is, the closer the fund is to the efficiency point in terms of yield/charge in SCR (Solvency Capital Requirement).

Investment strategy

  • Exclusion of subordinated bank and insurance debt
  • Exclusion of the energy sector for the fund maturing in 2026
  • Exclusion of bonds issued by companies based in emerging countries
  • No sovereign debt
  • A portfolio invested in the European and US markets
  • Average target rating of the portfolio: B/B+.
  • Good portfolio diversification

Credit analysis

  • Rigorous credit analysis based on both internal and external analysis
  • Econometric analysis based on macroeconomic factors and indicators to identify positioning in the economic cycle
  • Approximately 450 meetings with High Yield issuers per year

Expertise of the management team

  • Nearly 10 years of experience in managing High Yield funds
  • 6 fonds / mandats
  • First High Yield fund launched in 2010 and maturing in 2012
  • A stable management team

For more than 10 years, Swiss Life Asset Managers France has been developing a high yield bond management service. Initially developed on a global basis to take advantage of the depth of the American high yield market, it has more recently been enriched by an offer in the Euro zone to support the development of this compartment in Europe.

A management process focused on credit analysis and portfolio construction:

  • Universe of "speculative (High Yield)" issuances, High Yield US & Europe excluding financial issues
  • Active management with the objective of beating a High Yield index
  • The credit analysis is re-evaluated at each quarterly result and according to certain factors that have an impact on credit quality
  • Portfolio construction aims to obtain the best possible risk/return profile, particularly in terms of geographic allocation, diversification, liquidity, duration and convexity

Funds strengths:

The funds allow you to take advantage of the dynamics of high-yield bonds whose geographical allocation, liquidity, duration and convexity are managed dynamically.

  • Active management of convexity risk: we optimize convexity relative to our benchmark
  • Dynamic management of the allocation by rating according to our market expectations
  • Pure management excluding investment in subordinated financials
  • Attractive carry
  • Active management aiming at adding value compared to passive management

Main risks associated to high-yield and maturity funds

  • Default risk
  • Credit risk
  • Liquidity risk
  • Rates risk
  • Risk of loss in capital
  • Daily marked-to-market valuation: credit risk and interest rate risk
  • Holders are recommended to remain in the fund until maturity. Redemption during the life of the fund involves a risk linked to the valuation of the fund at the market price
  • For a full understanding of the risks and fees, it is necessary to consult the regulatory documentation of the funds.
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