Investment grade debt typically represents a large portion of the institutional investor's portfolio. This is based on the belief that exposure to higher-quality issuers will result in a relatively low default risk compared to other asset classes, while providing the potential for excess returns over cash. The BlueBay Fixed Income Team is an active manager with a broad understanding of the investment grade universe in both corporate and government debt. Research-driven, fundamental analysis shapes our ideas. This allows us to construct portfolios that aim to minimize credit risk while seeking to generate compelling returns by expressing investment ideas and themes across the risk spectrum.