STRATEGIES
OPPORTUNISTIC
CREDIT
Ayres has a strong track record of delivering superior risk-adjusted returns via investments in opportunistic credit in emerging markets. Our expertise comprises identifying stressed and distressed publicly traded securities with an asymmetric forward-looking return profile issued by sovereigns, quasi-sovereigns and corporates. The investment team works extensively to find what we call “crossover” opportunities: distressed assets that are expected to become non-distressed or high-yield and assets that require hands-on workout processes to become performing. Portfolio risk management is paramount to what we do and is approached by exhaustive modelling of recovery values (fundamental down-side) and top-down management of allocations and limits. Ayres has had extensive experience in renegotiating distressed and defaulted credit in emerging markets and our expertise has been utilized by the most sophisticated global investment firms.
MACRO
INVESTING
We believe that successful emerging market investing requires a thorough understanding of a country’s economic and political cycles. At Ayres, we have state-of-the art models to monitor macroeconomic and financial market developments, as well as investment flows across countries and geographies. This capability allows us to perform active asset allocation of our portfolios as well as to capitalize from mispricing opportunities that arise either in directional or relative-value form. We constantly aim to identify structural themes and tactical trading opportunities that arise from global and country-level developments. Within the set of opportunities identified, we focus on asymmetric opportunities that are complementary to the investment portfolio holistically.