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Financial Intermediaries
On this website, Financial Intermediaries are investors that qualify as both a Professional Client and a Qualified Investor.
A person who can both be classified as a professional client under the Markets in Financial Instruments Directive II (2014/65/EU, “MiFID”), as implemented in Finland, and a qualified investor under the Prospectus Regulation (EU) 2017/1129) will generally need to meet one or more of the following requirements:
(1) it is required to be authorised or regulated to operate in the financial markets. The following list includes all authorised entities carrying out the characteristic activities of the entities mentioned, whether authorised by an EEA State or a third country and whether or not authorised by reference to a directive:
(a) a credit institution;
(b) an investment firm;
(c) a stock exchange;
(d) an insurance company;
(e) a collective investment scheme or the management company of such a scheme;
(f) a pension insurance company, a pension foundation or a pension fund;
(g) a central securities depository or central counterparty;
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(i) a local;
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(2) it is a large undertaking that meets two of the following tests: (i) a balance sheet total of EUR 20,000,000; (ii) an annual net turnover of EUR 40,000,000; or (iii) own funds of EUR 2,000,000;
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(4) a institutional investor whose main activity is to invest in financial instruments, including an entity dedicated to the securitisation of assets or other financing transactions;
(5) a natural person resident in an EEA State that permits the authorisation of natural persons as professional clients and qualified investors, who expressly asks to be treated as a professional client and a qualified investor and who meets at least two of the following criteria: (i) he/she has carried out transactions, in significant size, on securities markets at an average frequency of, at least, 10 per quarter over the previous four quarters before the application, (ii) the size of his/her financial instrument portfolio, defined as including cash deposits and financial instruments exceeds EUR 500,000, (iii) he/she works or has worked for at least one year in the financial sector in a professional position which requires knowledge of securities investment.
Please note that the above summary is provided for information purposes only. If you are uncertain as to whether you can both be classified as a professional client under MiFID and classed as a qualified investor under the Prospectus Regulation then you should seek independent advice.
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Fixed Income
Rethinking the role of bonds
We see three areas of opportunity where fixed income strategies can help investors position portfolios for the rocky times expected ahead.
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
New market regimen for fixed income
Fixed income investors are facing a new market regime with heightened volatility, persistently high inflation, and tighter monetary policies. Meanwhile, the reallocation of assets into sustainable strategies continues to accelerate. We expect these realities to persist, but we also see areas of opportunity in fixed income markets.
Risk: When interest rates rise, there is usually a decline in the market value of bonds, and the issuer of the bond may not be able to repay and make interest payments.
Attractive opportunities in credit
We believe investors can navigate volatility and generate steady income by owning high-quality fixed income assets such as investment grade and high yield credit. With yields at a record 10-year high, this asset class offers attractive opportunities for investors seeking to meet their return objectives while taking less credit risk.
Investment grade credit could help investors prepare their portfolio for the late-cycle phase - characterised by slowing growth and increased market volatility – and weather a recession better than stocks.
We see higher yields as a gift to investors long-starved of income in bonds – and investors no longer need to take significant credit risk in exchange for yield. We believe that higher-quality high yield credit could help investors gain additional income in their portfolios, without exposing themselves to the higher default rates seen further down the quality spectrum.
Nimble adjustments can help navigate the new regime
The new market regime calls for rethinking the role of bonds in portfolios, and leveraging different tools and implementation approaches. It will also require taking more granular views by focusing on sectors, specific duration exposures, regions and sub-asset classes, rather than allocating to broad exposures.
Short duration strategies
Short duration strategies offer an attractive risk-adjusted opportunity and can potentially reduce volatility in portfolios. In fact, the jump in yields seen in 2022 reduces the need to take risk by seeking yield further out the curve1, with short-term bonds offering yields comparable to their longer maturity counterparts, while carrying significantly less interest rate risk. In this environment investors could consider short duration exposures as part of their fixed income toolkit.
Top index and active funds per classification, based on AUM, as of 9 December 2022
1Source: BlackRock and Bloomberg, as of 30 November 2022.
Unconstrained active fixed income funds
Active unconstrained fixed income strategies can be used as portfolio diversifiers for investors seeking attractive global opportunities across the full spectrum of the fixed income universe. These strategies can rotate across any sector without being limited by benchmark constraints, allocating only to sectors we feel are best placed to navigate this regime of heightened volatility. The dynamic duration management of unconstrained strategies can help navigate macro volatility, helping to protect total returns in a rising-rate environment.
Top active funds per classification, based on AUM, as of 9 December 2022.
A window of opportunity to navigate the shift to sustainable
Sustainable fixed income AUM has increased by 26% worldwide across all sectors since 20182.
As the growth of sustainable investing continues to accelerate, many investors are seeking comprehensive active strategies and efficient index building blocks to transition their fixed income portfolios. We believe that today’s volatility and the expected adjustments to asset allocations offer a window of opportunity to reinvest in fixed income while positioning for the energy transition.
Evidence shows that investors favour companies seen as better prepared for the energy transition. As investors continue to shift their portfolios towards sustainable investments, we expect such funds to provide a return advantage over the long term.3
2Source: Simfund for US mutual funds, Broadridge for non-US mutual funds, GBI iShares for global ETFs, Fund of funds (FoFs) and closed-end funds excluded. Yearly data reflected in the bar chart. YTD 2022 includes data from 1 January 2022 until 31 May 2022.
3Source: BlackRock investment institute, as of 31 July 2022.
BlackRock can help you rethink the role of fixed income in your portfolio
The ongoing uncertainties call for a more flexible and diversified whole-portfolio approach in fixed income. More investors are using bond ETFs for flexibility and as cost-efficient building blocks. They are blending them with active strategies that seek to meet specific investment objectives and avoid unwanted risks4.
The BlackRock Portfolio Consulting Team can help you evaluate, evolve, and build a fixed income portfolio that meet your investment needs.
4Source: BlackRock investment institute, as of 30 November 2022.
Key points
01
EVALUATE
Your existing fixed income allocation to help understand what drives risk and return in your portfolio with precision – ensuring that your investment decisions are working holistically towards your intended portfolio outcome. We can stress-test your portfolio to analyse the impact on efficiency, liquidity and risk/return profile.
02
EVOLVE
Your portfolio by identifying areas to enhance overall efficiency, or to incorporate new investment themes beyond your area of expertise. As investors’ asset allocations become more dynamic, we can help you build a flexible strategic asset allocation, so you can be nimble even in the face of extreme market volatility.
03
BUILD
More efficient fixed income portfolios. When you move from strategic portfolio construction to a holistic implementation approach, the choice of instruments employed is key. Investors should use all available tools in the box, spanning both index and alpha-seeking strategies.
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