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Global Unconstrained Fixed Income Report
About the Report
In this report, we examined product specific and aggregated data from 96 asset management firms reporting information on over 200 Global Unconstrained Bond strategies, accounting for nearly $450 billion in institutional assets under management.
European Investors Increasingly Interested in Unconstrained Bond
Unconstrained bond assets are on the rise. Across both retail and institutional accounts, assets under management in these strategies rose from $153.2 billion in Q2 2013 to $289.7 billion in Q2 2018, for a five-year compound annual growth rate of 13.6%, according to eVestment data.
European investors in particular are increasing their global unconstrained bond allocations. Europe domiciled investors increased their global unconstrained bond allocations steadily over the past five years, relative to investors residing in other areas of the world. European investors currently account for 43.1% of total universe assets, up from 26.1% in Q3 2013.
- While European interest in unconstrained bond strategies is on the rise, U.S. domiciled investors saw their share of global unconstrained bond AUM decrease from 60.1% in Q3 2013 to 44.4% as of Q2 2018.
- Reviews of unconstrained bond strategies among Asia-Pacific eVestment consultant and investor users show a fairly steady increase since 2013, while reviews from U.S.-based eVestment users have steadily fallen since 2013.
- Among institutional investors, foundations and endowments had the greatest exposure to global unconstrained bond strategies as a percentage of their total global fixed income allocations.