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Fixed Interest
Delivering investment excellence for bond portfolios


strong investment team with deep industry experience


years of successfully managing bond funds

Over the years, bonds have performed a valuable role in many investor portfolios as a source of income and diversification. Today, investors have access to thousands of bonds from across the globe, each with their own specific reward and risk profile.

And with a continually evolving bond universe, it's important to know that the investment team managing the funds you invest in have deep industry knowledge and experience to draw upon.

Our Fixed Interest team has been successfully managing bond funds for over 20 years, with the diversity in global bond markets reflected in the growth in our product offering that spans the bond universe and includes mixed asset funds providing exposure to both bond and equity markets.

awards since 1998

The reassurance of award-winning fund management

Over the last 20 years, our Fixed Interest team has won 80 awards. From their very first award in 1998, the funds and investment companies they manage have continued to be recognised for their investment excellence.

Our philosophy and approach

How would you summarise the team’s philosophy and approach?

At the core of the team's philosophy is a belief in active management: this underpins their work to deliver the individual long term objectives of all the funds they manage.

They seek to invest where they see the potential for attractive returns and to avoid risks that they don't think are being well rewarded. Their conviction-backed, proven approach is based on fundamental analysis, with a strong emphasis on valuation.


The team do not track indices: their focus is on absolute risk and return.

Flexible and pragmatic

Their approach is informal, iterative and flexible.

Market driven

The team can exploit opportunities on a short-term as well as a longer-term basis.

'All weather' portfolios

The funds' flexibility enables the team to reduce risk when they are cautious or increase risk when they are more confident.

Valuation driven

Strong emphasis is placed on assessing value: the team only take risk where they believe they are being rewarded for doing so.

Investment process

The investment process comprises four key elements which deliver the information the fund managers need to make decisions when constructing the portfolios:

What do you look for when analysing a bond?


Top-down, macroeconomic analysis – examining the factors that shape the economy plays an integral role in the main portfolio decisions.


Credit analysis – combining both external and internal research, with a view to maximise returns from acceptable and well understood credit risk exposure.


Value assessment – considering the risk/return profile of any bond in relation to cash, core government bonds and the rest of the fixed income universe.


Risk considerations – analysing all holdings to allow for a comprehensive understanding of any risks involved to ensure that portfolios are appropriately diversified.

Meet the team

What is the main benefit of the way the team is structured?

Over the 20+ years they have been managing fixed interest products for Invesco Perpetual, Paul Causer and Paul Read have built a strong and stable investment team. The team has continued to grow as the bond markets have developed, offering expertise and experience in managing a growing range of products for investors.

Based in Henley-on-Thames, away from the main UK investment centre, the team nurtures a culture of independent thinking but with clear accountability, and where challenge and discussion thrive.

Working closely together, team members provide analysis and input for their particular areas of focus and expertise. Rigorous research enables the analysts to bring forward the best ideas for consideration across portfolios, and continuous monitoring of existing holdings ensures that the balance of risk and reward remains where the fund managers want it.


The team has total assets under management in excess of £28bn.

Source: Invesco Perpetual as at 31 December 2016.


average industry experience.

Source: Invesco Perpetual as at 31 December 2016.

Fund managers

They assess value and decide on the best set of investments to meet their funds' objectives in the current market environment.

Paul Causer
Co-Head of Fixed Interest

Paul Read
Co-Head of Fixed Interest

Stuart Edwards
Fund Manager

Michael Matthews
Fund Manager

Rhys Davies
Portfolio Manager and Senior Credit Analyst

Julien Eberhardt
Fund Manager and Senior Credit Analyst

Thomas Moore
Fund Manager and Senior Credit Analyst

Asad Bhatti
Fund Manager and Senior Analyst

Deputy fund managers

Senior analyst Alexandra is a deputy fund manager for a dedicated segregated portfolio, and further to his role as a senior macro analyst, Jack is a deputy fund manager for four of our bond funds.

Jack Parker
Deputy Fund Manager and Senior Macro Analyst

Alexandra Ivanova
Deputy Fund Manager and Senior Analyst


Our credit analysts provide expertise on the debt securities in the fixed interest universe, monitoring bond issuers across a market which is broad and complex. Our macro analyst’s research aids decision making across the funds.

Edward Craven
Senior Credit Analyst

Tom Hemmant
Senior Analyst

Jessica Svantesson
Credit Analyst

Herin Shah
Senior Credit Analyst

Mark McDonnell
Macro Analyst

Markets and risk team

Responsible for all trading activity, they constantly monitor conditions for our fund managers, feeding market information to our portfolio managers and credit analysts, and implement their investment decisions as efficiently as possible.

Dominic de Ban
Head of Markets and Risk

Simon Cheng
Desk Analyst

Dan Dewar
Senior Dealer

Olivia Finch
Junior Dealer

Gareth Dunsmore
Senior Dealer

Mei Ong
Fund Management Assistant

Product management team

This team work with all areas of the business to position our products in the marketplace and communicate our strategies to clients. This enables the fund managers to focus on managing the funds.

Lewis Aubrey-Johnson
Head of Fixed Income Products

Alister Brown
Product Director

Cathal Dowling
Product Director

Next steps

Investment risks

The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and investors may not get back the full amount invested. Past performance is not a guide to future returns.

Important information

Where Stuart Edwards, Mike Matthews, Rhys Davies, Julien Eberhardt and Asad Bhatti have expressed opinions, they are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco Perpetual investment professionals.

Where Invesco Perpetual has expressed views and opinions, these may change.