Roy Keenan

Fixed income has evolved tremendously over the decades, but one maxim Roy Keenan has stuck with has lost none of its utility; stick with a process that’s tried and tested, and you’ll keep things from falling apart.

A higher for longer interest rate environment and likely default cycle in high yield means investment grade credit is once again in the hot seat.

As we approach the bottom of the current cycle, fixed income is back to playing its traditional defensive role, says Yarra Capital Management’s Roy Keenan. To get equity-like returns without exposure to defaults, investment-grade credit should do the trick.