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In this interview, Florian Pelloux, Head of Investor Relations at IVO Capital Partners, shares his take on the bond markets and the strategic choices of an independent asset management firm specializing in emerging market debt and distressed debt. Of the €1.7 billion in assets under management, the majority is invested in a UCITS range of emerging market debt denominated in hard currencies—primarily in dollars or euros.
In addition to traditional funds, IVO Capital Partners is now developing a term-based investment-grade strategy, as well as a global high-yield absolute-return approach. The goal: to capture the most attractive opportunities in international markets, while maintaining a nuanced understanding of risk and credit quality.
In an economic environment marked by intense news cycles and markets highly sensitive to even the slightest macroeconomic signals, Florian emphasizes the importance of clearly distinguishing between different types of risk. For IVO, the core of the analysis remains credit risk: the issuer’s ability to repay at maturity in a strong currency.
He notes a clear resurgence of interest among European investors in bonds, as they seek diversification and yields more attractive than those available locally. “It’s a market that offers three-fold diversification: geographic, sectoral, and in terms of interest rate sensitivity,” he emphasizes.
At IVO, this rigor in risk analysis and this pursuit of diversification remain the pillars of management. The message is clear: in an uncertain environment, one must combine discipline, fundamental analysis, and flexibility to seize the right opportunities.
