Active Fixed Income
Navigating opportunities across increasingly complex markets
Why L&G for Active Fixed Income?
Heritage
With a heritage in insurance dating back to the 1800s, L&G’s foundations are deeply rooted in the analysis and understanding of risk.1
We believe this is intrinsic to successfully navigating investment opportunities in active fixed income as markets have become increasingly complex and interconnected.
L&G – Asset Management has managed active fixed income in other parts of the world for over 50 years, and our credit experts have extensive experience across market cycles.2
Risk Aware
We aim to generate consistent returns by taking considered risk in areas where structural, behavioral and unique factors create opportunities.
We combine top-down macroeconomic considerations with bottom-up fundamental credit analysis that focuses on avoiding credit downgrades and defaults.
Distinctive Approach
Our investment experts across asset classes and sectors are closely connected by a global research and engagement platform.3
This approach enables open debate to uncover potential risks and opportunities and helps us implement our best ideas efficiently and quickly.
Our flagship strategies in the US
Our active fixed income strategies and platform offer clients access to investment professionals with extensive credit experience, deep market intelligence and a disciplined investment approach. We offer a range of fixed income approaches across public and private markets tailored to help institutional clients meet their investment goals. A summary of our capabilities is presented below.
US Investment Grade Credit
Intermediate, Long and Plus Strategies
US Credit Strategy
Securitized, Emerging Market (EM) Debt,4 High Yield and Leveraged Loans Strategies
Multi-Sector Credit
Core Plus and Opportunistic Fixed Income Strategies
Private Credit
Corporates, Infrastructure, Alternatives and Real Estate Debt Strategies
Active Treasuries
Short, Intermediate, Long and STRIPS Strategies
Adding value is at the heart of our philosophy
We seek to consistently add value for our clients through security selection, asset allocation and sector rotation. We believe a risk-aware style of managing active fixed income can help uncover potential opportunities and optimize return per unit of risk.
Read our insights
US Credit: The Case for American Exceptionalism
Active Fixed Income
The US undoubtedly remains the dominant force in global markets, and for good reason. The economy is strong, and attractive alternatives – for now – seem few. Yet no narrative lasts forever, and it's especially important to question the narrative when a single thesis dominates. TINA has served investors well in recent years, but preparing for shifting landscapes is what separates reactive decision-making from thoughtful long-term strategy.
IG Private Credit – Shifting Benefits up the Risk Spectrum
July 2025
Diversification is supposed to be the only free lunch, but when historical relationships—like the traditionally inverse one between bond and stock prices—breakdown, public pensions must look at what else is on the menu. This roadmap may help.
The Next Wave of LDI Evolution
January 2025
Since LDI was recognized as a best practice for defined benefit plans, sponsors have evolved their investment strategies. Initially, they extended the duration of fixed income using longer duration benchmarks. The next phase focused on customizing Treasury and credit strategies to align with liability risk. Now, we are entering a new phase that asks, “How can we diversify our growing fixed income allocation?”
1. Legal & General Group was founded in 1836.
2. L&G -- Asset Management includes Legal & General Investment Management Ltd. (“LGIM”) which was established in 1970 and is the global investment management arm of Legal & General Group, a FTSE 100 company, and Legal & General Investment Management America, Inc. ("L&G -- Asset Management, America" or “LGIMA”) which was subsequently started in 2006.
3.LGIMA leverages the business model and resources of the other subsidiaries within the L&G – Asset Management, Ltd. global conglomerate, including Legal & General Investment Management, Limited for investment research, Stewardship and certain back office, compliance and risk management functions and the Global Trading Team through various shared services, personnel sharing and “participating affiliated” arrangements.
4. Legal & General Investment Management America, Inc. (“L&G – Asset Management, America”), the contracting entity for this mandate, is an affiliate of Legal & General Investment Management Limited (“LGIM”), the global investment management arm of Legal & General Group, a FTSE 100 company. Investment management services will be performed by L&G – Asset Management, America directly, and certain portfolio management and other responsibilities would be delegated to its affiliate LGIM through service level agreements, participating affiliate agreements and/or sub-advisory agreements.The material in this presentation regarding L&G – Asset Management, America is confidential, intended solely for the person to whom it has been delivered and may not be reproduced or distributed. The material provided is for informational purposes only as a one-on-one presentation and is not intended as a solicitation to buy or sell any securities or other financial instruments or to provide any investment advice or service. Where applicable, offers or solicitations will be made only by means of the appropriate Fund’s confidential offering documents, including related subscription documents (collectively, the “Offering Materials”) that will be furnished to prospective investors. Before making an investment decision, investors are advised to carefully review the Offering Materials, and to consult with their tax, financial and legal advisors. L&G – Asset Management, America does not guarantee the timeliness, sequence, accuracy or completeness of information included. The information contained in this presentation, including, without limitation, forward looking statements, portfolio construction and parameters, markets and instruments traded, and strategies employed, reflects L&G – Asset Management, America’s views as of the date hereof and may be changed in response to L&G – Asset Management, America’s perception of changing market conditions, or otherwise, without further notice to you. Accordingly, the information herein should not be relied on in making any investment decision, as an investment always carries with it the risk of loss and the vulnerability to changing economic, market or political conditions, including but not limited to changes in interest rates, issuer, credit and inflation risk, foreign exchange rates, securities prices, market indexes, operational or financial conditions of companies or other factors. Past performance should not be taken as an indication or guarantee of future performance and no representation, express or implied, is made regarding future performance or that L&G – Asset Management, America’s investment or risk management process will be successful.
Disclsoures
In certain strategies, L&G – Asset Management, America might utilize derivative securities which inherently include a higher risk than other investments strategies. Investors should consider these risks with the understanding that the strategy may not be successful and work in all market conditions. Reference to an index does not imply that an L&G – Asset Management, America portfolio will achieve returns, volatility or other results similar to the index. You cannot invest directly in an index, therefore, the composition of a benchmark index may not reflect the manner in which an L&G – Asset Management, America portfolio is constructed in relation to expected or achieved returns, investment holdings, portfolio guidelines, restrictions, sectors, correlations, concentrations, volatility, or tracking error targets, all of which are subject to change over time.