Vincent Chailley
Head of International Fixed Income - London
Crédit Agricole Asset Management.



In his presentation, Vincent Chailley introduces us to a new management philosophy for bonds which is being applied within Crédit Agricole Asset Management... From now on bond management is no longer a simple matter of buying bonds and waiting for them to mature, sometimes selling them during the life of the bond.

It is obviously still essential to hold onto part of your portfolio, because even if bonds are expensive they can always increase in value, be more attractive than other asset classes or even protect you against a downturn resulting from a major event.

However, a rethink of management style is required, with focus on specific ventures , devoting at least one third of the asset risk to foreign currency management and, structurally, retaining a long-term bear position when it comes to speculation in risky assets. The Alpha Bond Plus product is a prime example of this new management approach.