Easy access to sovereign bond expertise.
Investment Manager
Complexity
The sovereign (or government) bond market is vast and complex, with numerous issuers, differing maturities, and currencies. Active management can help investors navigate this complexity and identify opportunities that may be overlooked by passive strategies.
Macroeconomic sensitivity
Sovereign bonds are highly sensitive to macroeconomic factors, such as interest rates, inflation, and economic growth. Active managers can leverage their expertise to anticipate and position portfolios accordingly, potentially outperforming passive benchmarks.
Market inefficiencies
Unlike equity markets, which are often more efficient, the bond market can exhibit inefficiencies due to the complexity of instruments and presence of market participants with no profit target (e.g. central banks). Active managers can exploit these inefficiencies to generate alpha (outperformance).
Our investment process involves combining macroeconomic outlook with individual country research. The view is formed through a mix of internal and external research. Cooperation across investment desks also supports the process, underpinned by daily interactions at the desk and fortnightly fixed income macro meetings.
To formulate the macroeconomic outlook, we study fundamentals such as economic growth, inflation and credit cycle. We also closely monitor fiscal and monetary policies in developed market and emerging markets, while keeping abreast of emerging themes in geopolitics, commodity market as well as trade policies.
Factors such as investor sentiment, sector-level valuations (relative and absolute) and market participant positioning to play a role in the process.
Mark Nash joined Merian Global Investors (now Jupiter) in 2016 and is an Investment Manager, Fixed Income – Absolute Return. He manages the Jupiter Strategic Absolute Return Bond fund. Prior to joining Jupiter, Mark began his investment career at Invesco asset management (London) in 2001, becoming a fund manager in 2003. In his last five years there, Mark was the head of multi-sector fixed income managing the flagship Invesco Bond fund and Invesco European Bond fund. Mark is a CFA® charterholder and has a BSc degree in Chemistry from Nottingham University.
James joined Jupiter in July 2020 and is an Investment Manager in the Fixed Income – Absolute Return team. Before joining Jupiter, James worked at Merian Global Investors as a macro analyst in the fixed income team. He began his investment career in 2018. James has a degree in Economics & Management from Oxford University and is a CFA® charterholder.
Huw is an Investment Manager in the Fixed Income – Absolute Return team. He joined Merian Global Investors (now Jupiter) in 2015. Huw was an investment director at Merian Global Investors. Prior to this, he was a fixed income product specialist at Invesco Asset Management. Before this, he spent four years working at Citi as director, UK RM interest rate sales and five years at JPMorgan Chase as executive director, interest rate sales. Huw previously worked at Royal Bank of Scotland, UBS, Barclays Capital and Sanwa International, covering UK and European bond sales. He began his investment career in 1991.
Orestis moved internally to the Alternative Fixed Income desk at Jupiter in 2023. Prior to that he was responsible for Fixed Income Investment Risk at Jupiter, having joined from Merian Global Investors. Previously he held roles at GAM and initially PIMCO, where he started his career in 2007. He holds an MSc in Mathematical Trading and Finance and a PhD in Finance, both from Bayes Business School.
Jupiter Global Government Bond Active UCITS ETF (GOVE) is a global diversified portfolio of government bonds with exposure across developed markets and emerging markets (local and hard currency).
The fund aims to achieve income and capital growth over the medium to long term, outperforming global government bond markets with a similar degree of volatility*.
Active and flexible exposure across the full universe of government bonds. Exploit opportunities offered by interest rates, government bonds with spread and currencies.
The Active Government Bond ETF is actively managed by the expert team at Jupiter Asset Management, which has been an active pioneer for over 40 years.
*This reflects the fund manager’s approach to managing the fund in aiming to outperform its benchmark and achieve the fund’s investment objective.
Key Risks
Past performance is not indicative of future performance. When you invest in ETFs your capital is fully at risk and may not get back the amount originally invested. Exchange rates can have a positive or negative effect on returns. The value of equities and equity-related securities can be affected by daily stock and currency market movements.
No. of holdings: 56
Global government bond exposure means investing in debt issued by governments or government-related issuers across multiple countries. This can include developed markets, emerging markets, local currency bonds and hard currency bonds. The return drivers are typically interest rates, inflation expectations, creditworthiness, currency movements and changes in bond yields. Investors researching this area should understand the mix of countries, maturities, duration and currencies, as these factors can have a significant effect on both risk and return.
Active management can matter because government bond markets are affected by changing interest-rate expectations, inflation trends, fiscal policy, central bank decisions and currency movements. An active approach may adjust exposure across countries, yield curves, maturities and currencies rather than simply tracking a broad benchmark. This can create flexibility, but it also introduces manager selection risk. Investors should review how duration, country allocation, currency exposure and emerging market risk are managed before relying on this type of fixed income exposure.
Developed market government bonds are typically issued by larger, more established economies and may offer greater liquidity, while emerging market government bonds can offer different yield opportunities but usually involve higher political, currency, credit and liquidity risks. Emerging market bonds can be issued in local currency or in hard currency, such as US dollars. Investors should consider whether the higher yield potential adequately compensates for the additional risks, especially during periods of global risk aversion or currency stress.
Relevant government bond markets may include the United States, Germany, France, Spain and Japan, alongside selected emerging or non-core markets such as South Africa, Mexico and Hong Kong. This type of exposure may also include cash or short-term instruments as part of active portfolio management. Investors should treat these markets as examples of current exposure rather than recommendations, and should review the latest holdings, country weights, duration and currency profile before making any investment decision.
The main risks include interest-rate risk, inflation risk, currency risk, sovereign credit risk and emerging market risk. Bond prices usually fall when yields rise, and longer-duration bonds are typically more sensitive to rate changes. Currency movements can also affect returns where holdings are not fully hedged. Emerging market government bonds may be more volatile due to political risk, fiscal concerns or liquidity conditions. Investors should not assume government bonds are risk-free, even when they are issued by highly rated countries.
Disclaimer: These FAQs have been generated with the assistance of AI and may contain errors or omissions. They are provided for general information only and do not constitute investment advice, a recommendation, or an invitation to buy or sell any investment.
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Jupiter is an active asset manager and believes that investment excellence requires diverse thinking, creativity, and a relentless drive to seek opportunities.
Jupiter was established in 1985, have sought to make a positive difference for their clients by helping them achieve their long-term investment objectives through high conviction, active management.
Jupiter’s value remains in their people, their ability to adapt quickly to changing markets, and in their willingness to continuously challenge themselves to deliver the best investment outcome for clients.
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