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Active Duration Bonds

A different way to add value in fixed income
Home Investment Solutions Fixed Income Active Duration Bonds
  • Absolute Return
  • Active Duration Bonds
  • Core Bonds
  • Corporate Bonds
  • Core Plus Fixed Income
  • Impact Fixed Income
  • Infrastructure Bonds
  • Preferred Shares
  • Why?
  • Our Philosophy
  • Our Process
  • Why?

    Top Reasons for Choosing Addenda Capital to Manage your Active Duration Bonds

    • We have industry leading macroeconomic analysis capabilities. 
    • We see duration everywhere in the bond market, as interest rate volatility is a significant source of alpha.
    • We add value by leveraging changes in yields and the yield curve, spread management and security selection.
    • Our contrarian approach to interest rate management reduces total return volatility and prevents us from falling into the comfort of the consensus.
  • Our Philosophy

    We believe that:

    • Growth and inflation are connected to the interest rate environment.
    • Interest rate changes are a key driver of bond returns and return volatility.
    • A dynamic and disciplined multi-strategy approach supplemented by sound risk calibration, is key to achieving consistent, above-average returns.
    • Investing outside traditional benchmarks results in a greater likelihood of constructing optimal bond portfolios.
  • Our Process
    • Extensive fundamental analysis

    Interest rate and credit spread forecasts are generated for numerous economic scenarios as a result of thorough macroeconomic analysis.

    • Quantitative and qualitative multi-factor risk calibration

    Various exogenous and sentiment-like elements are incorporated into our interest rate forecasts:

    Relative Value
    Liquidity
    Financial stress indicators
    Political/geopolitical issues

    • Optimal positioning of portfolio

    Interest rate scenarios are combined with our risk-calibration process to position the portfolio optimally relative to the benchmark for a given alpha target.

    • Thorough top-down and bottom-up analysis

    Disciplined top-down analysis is used to define our strategic allocation to credit, while bottom-up analysis is combined with continuous valuation and liquidity assessments to determine which securities and issuers in the investible universe are the most attractive.

    • Rigorous risk management

    Proprietary models and risk tools are used to closely manage and monitor overall portfolio risk, liquidity and credit quality.

  • My role is to bring a quantitative dimension to the thinking and to the realization of our ideas and projects.
    Learn More
    Vincent Benoliel
    Vice-President, Fixed Income, Active Duration and Quantitative Research
  • We analyze the economy and financial markets with rigor and depth to optimize our investment strategies.
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    Yanick Desnoyers
    Chief Economic Strategist
  • The success of our investment decisions stems from the knowledge, experience and diversity of our team.
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    Carl Pelland
    Vice-President, Fixed Income, and Head, Corporate and Impact Bonds
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  • Well-tailored solutionsWell-tailored solutions

    Well-tailored solutions

    We build highly personalized multi-asset investment solutions that meet the return requirements and long-term objectives of institutions and high-net-worth individuals.
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  • Sustainable InvestingSustainable Investing

    Sustainable Investing

    At Addenda Capital, sustainable investing is not an afterthought; it’s part of our DNA. It makes us better investors and enables a better future.
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  • Insight & NewsInsight & News

    Insight & News

    Stay abreast of our economic views, research insights and investment thoughts.
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