L&G Unconstrained Bond Strategies
Expertise that endures, strategies that adapt.
Why Unconstrained Bond Strategies?
In an market environment of uncertain interest rate cycles, we believe nimble strategies that quickly adapt to changes can outperform their constrained, benchmarked counterparts.
3 realities facing global fixed income investors today
Markets are less predictable — episodes of geopolitical and macroeconomic uncertainty have been frequent.
Passive indices adjust automatically to index changes.
Wide market performance dispersion across fixed income sub-asset classes (10-26%)¹.
¹Source: L&G, Bloomberg, using annual performance dispersion between top and bottom performing fixed income sub-asset classes from 2021 to 2025.
Our unconstrained approach which is benchmark agnostic can help investors navigate this environment and capture returns while protecting from downside.
Key features:
Truly unconstrained asset allocation
We aim to capture the upside opportunities while mitigating the downside in all market conditions.
Diversified sources of return
We seek returns from credit allocation and selection, active duration, and risk management.
Multi-dimensional risk management
We manage duration actively to seek to balance risk between credit and interest rates.
Global investment platform
We draw on our coverage of a wide range of markets to blend the best ideas into one fund.
A Glance at the Strategy Range
Our unconstrained strategies are designed to cater to investors’ ranging appetite for risk and return.
Below indicates the illustrative risk/return profile for part of the strategy range*:
*May vary depending on market conditions. On an aspirational basis rather than explicit target. Past performance is not a guide to the future. The value of investments and any income taken from it is not guaranteed and can go down as well as up, and the investor may get back less than the original amount invested. For illustrative purposes only. Subject to change at any point and cannot be relied upon.
Meet the Team
Colin Reedie
Head of Active Strategies
Matthew Rees
Lead Portfolio Manager
Head of Global Unconstrained Fixed Income
+ 6 team members
Developed Market Investment Grade Credit
Government Bonds
Risk Management
Matthew was named Portfolio Manager of the Year by Asian Private Banker in the Asset Management Awards for Excellence 2026.
Enda Mulry
Global Credit Portfolio Manager
Uday Patnaik
Head of Asia Fixed Income and Global Emerging Markets Debt
+ 7 team members
Emerging Market Debt
John Ryan
Head of Global High Yield
+12 team members
Global High Yield
Mike Russell
Portfolio Manager, US Securitised
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The power to adapt when uncertainty reigns
We believe flexibility is key to capturing potential opportunities and mitigating risks across the multi-faceted fixed income spectrum.
Uncertainty: The new certainty
Global uncertainty continues to rise in 2025 – with geopolitical tensions, technological disruption and fiscal challenges putting traditional market dynamics under pressure.
In uncertain times, focusing on flexibility is key
How unconstrained strategies can help investors navigate volatile environments.
Watch our latest videos
Views expressed are as of 23 May 2025 and should not be considered as recommendations.
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Key risks
The value of any investment and any income taken from it is not guaranteed and can go down as well as up, and investors may get back less than the amount originally invested.
Whilst we have incorporated ESG information into investment decision making and stewardship practices, there can be no assurance that any responsible investing goals will be met.
Awards should not be considered a recommendation. Past performance is not a guide to the future.