Dynamic Allocation. Absolute Flexibility.
Uncertainty is expected to remain heightened. Flexible fixed income strategies may offer a counterbalance.
2026: Anything but simple
While we continue to weigh the impact of evolving tariffs on the global economy, market volatility is likely to remain heightened. The recent de-escalation in the trade war between China and the US has provided some relief; however, even the lower levels of tariffs look unlikely to alleviate slowing US growth this year. Moreover, tariffs have added complications to the policy environment by boosting US inflation, leaving the US Federal Reserve between a rock and a hard place. Add geopolitical tensions to the picture and 2026 is looking to be a continuation of last year.
Global Absolute Return Bond strategy – the solution
Flexible & dynamic approach
Flexible & dynamic approach
The strategy dynamically allocates across different regions, sectors, securities, tenors, yield curves, and currencies in accordance with the investment team’s views. This could help to improve diversification, limit drawdowns and deliver positive returns regardless of market conditions.
Enhanced risk-return profile
Enhanced risk-return profile
With its flexible approach and ability to invest in relative value positions, the strategy aims to deliver low correlations to traditional fixed income segments, such as global high yield. The strategy may, therefore, help to improve the overall risk-return profile of a diversified portfolio.
Focus on capital preservation
Focus on capital preservation
To minimise capital loss, the team places considerable emphasis on portfolio construction and works closely with their dedicated front office risk analyst. The result is a globally diversified strategy with multiple return streams that seeks to perform well across the team’s base case as well as a range of other market scenarios.
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What is absolute return bond investing?
Awards
These awards validate our fixed income expertise and our commitment to fixed income excellence.
• 2024 Benchmark Fund of the Year Awards for Global Absolute Return Category1
• 2026 Best of the Best Awards for Global Absolute Return (3 years)2
For details, including judging methodology, please refer to the official award website. BNP Paribas Asset Management did not pay an entry fee for the Benchmark award. Trademark, copyright, and other intellectual property rights are and remain the property of their respective owners.
Meet the team
Our global absolute return bond strategy is actively managed by James McAlevey, Head of Global Aggregate and Absolute Return. Based in London, James has more than 26 years’ investment experience across multi-strategy fixed income and interest rates portfolios.3
James and the Absolute Return team are part of BNP Paribas’ Global Fixed Income investment group.4 They collaborate with the investment group’s various teams to generate the best ideas across an unconstrained multi-sector fixed income universe. They also benefit from access to firmwide resources including our dedicated Sustainability Centre, Quantitative Research Group and Macro Research team.
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James McAlevey
Head of Global Aggregate and Absolute Return
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Jayesh Mistry
Senior Portfolio Manager
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Gaetan Fenerol
Portfolio Manager
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Jamie Irvine
Portfolio Manager
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Heyuan Qian
Junior Portfolio Manager
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Vicky Browne
Investment Specialist, Global Aggregate & Absolute Return
Global Absolute Return Bond
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Investment risks
Investments are subject to market fluctuations and other risks inherent to investing in securities. The value of investments and the income they generate may rise or fall and it is possible that investors may not recover their initial investment. The strategy may be exposed to specific risks including,
– Concentration Risk,
– Extra-Financial Criteria Investment Risk,
– Equity Risk,
– and Small Cap, Specialised or Restricted Sectors Risk.
The strategy may also be exposed to specific risks related to investments in Mainland China, including changes in PRC taxation risk and risks related to Stock Connect. For a complete description and definition of the strategy’s generic and specific risks, please refer to the Prospectus and KID.
Related insights
Access the team’s latest views and ideas
[1] “2024 Benchmark Fund of the Year Awards”, reflects the performance of BNP Paribas Global Absolute Return Bond Classic EUR Cap from 1 January 2024 to 31 December 2024.
[2] “Best of the Best Awards 2026 for Global Absolute Return (3 years)” reflects the performance of BNP Paribas Absolute Return Bond as of 30 September 2025.
[3,4] BNP Paribas Asset Management, as of 31 January 2026.
Important information
BNP PARIBAS ASSET MANAGEMENT Singapore Limited, “the investment management company”, is a company incorporated in Singapore with its registered office at 20 Collyer Quay, #01-01 Collyer Quay, Singapore 049319, Company Registration No. 199308471D.
This material is issued and has been prepared by the investment management company. This advertisement has not been reviewed by the Monetary Authority of Singapore. It contains opinions and statistical data that are considered lawful and correct on the day of their publication according to the economic and financial environment at the time.
This document is produced for information purposes and does not constitute:
- an offer to buy nor a solicitation to sell, nor shall it form the basis of or be relied upon in connection with any contract or commitment whatsoever or;
- investment advice.
This document does not have any regard to the specific investment objectives, financial situation or particular needs of any person. Investors should consult their own professional advisors in respect of legal, accounting, domicile and tax advice prior to investing in the fund in order to make an independent determination of the suitability and consequences of an investment therein, if permitted. Investors considering subscribing for the fund should read carefully the most recent prospectus, offering document or other information material and consult the fund’s most recent financial reports before investing, as available from the investment management company or its authorized distributors. Given the economic and market risks, there can be no assurance that the fund will achieve its investment objectives. Investments in the fund are not deposits or other obligations of, or guaranteed, or insured by the investment management company or its authorized distributors or their affiliates and are subject to investment risks, including the possible loss of principal amount invested. Returns may be affected by, amongst other things, investment strategies or objectives of the fund and material market and economic conditions, including interest rates, market terms and general market conditions. Past performance of the fund or the managers, and any economic and market trends or forecast, are not necessarily indicative of the future or likely performance of the fund or the manager. The value of shares in the fund, and the income accruing to the shares (if any), may fall as well as rise and investors may not get back the full amount invested. Funds which are invested in emerging markets, smaller companies and derivative instruments may also involve a higher degree of risk and are usually more sensitive to price movements.
Views and opinions included in this document constitute the judgment of the investment management company and its affiliates at the time specified and may be subject to change without notice.
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