Global Green Bond
The Amova Global Green Bond strategy targets green and sustainability bonds that finance projects with measurable environmental outcomes such as climate mitigation and nature conservation.
Issued by governments, supranational institutions, corporations, and securitized structures, these bonds are selected for their environmental integrity and alignment with global sustainability objectives. The strategy emphasizes transparency, impact, and long-term value through active management and disciplined credit selection.
The Amova AM Global Green Bond Strategy aims to provide capital to…
Address the challenges of climate
change
Promote nature and the
protection of eco-systems
Prevent further
biodiversity loss
* ICMA: International Capital Market Association, ^United Nations Sustainable Development Goals
Our Philosophy
Our world is facing a global environmental crisis, one with such magnitude that it will affect each and every one of us. We believe that green bonds have a vital role to play in mitigating the severity of the global environmental crisis by supporting positive climate change solutions. Our aim is to address climate change by focusing on net zero and energy transition as well as promoting nature conservation, protecting ecosystems, and preventing biodiversity loss. By balancing fundamental and quantitative analysis, we provide a more comprehensive and sophisticated approach to investing in green bonds, ensuring that portfolios are both sustainable and profitable. This approach results in the strategy having the following key features:
Key characteristics
Style: Active Fundamental and Quantitative analysis
Universe: SSA Green Bonds, Corporate Green Bonds, Social, Sustainability & Sustainability Linked Bonds
Benchmark: iBoxx Global Green, Social and Sustainability Bond Index
Target return: Outperform the benchmark by 1% gross over a rolling 3-5 years
Tracking Error Target: 200bps
Duration Range: +/- 2Yrs
UCITS Vehicle Available: SFDR Article 9 Fund
Sustainability focussed themes
Our commitment to sustainability is the driving force behind our investment strategy. In line with this, our portfolio prioritises three key areas when considering a bond to include in our investment portfolio:
 | Focus on issuers who have set ambitious net zero aspirations and have clear plans to implement them. We believe that investing in companies that are proactively working towards reducing their carbon footprint is crucial in the fight against climate change. |
 | Seek out sectors that are supportive of the transition to a net zero economy. These include areas such as renewable energy, sustainable transportation, and green building materials. By investing in these sectors, we aim to accelerate the transition towards a more sustainable future. |
 | Prioritise bond issuances that promote nature and the protection of ecosystems. We recognise the importance of preserving our natural environment and believe that investing in projects that protect and restore our ecosystems is essential to achieving a sustainable future. Overall, our portfolio aims to promote sustainability-oriented goals by investing in bonds that align with our values and contribute to a more sustainable future for all. |
Proprietary bottom-up sustainability assessment
Our unique bottom-up review process applies to every holding in the portfolio. This distinctive approach combines sustainable assessments from three different lenses:
- The issuer’s sustainability strategy
- The pre-issuance bond framework
- The post-issuance allocation and impact report
Through this process, we gather and review both third-party data and source materials to ensure consistency between the issuer’s sustainability strategy and the issuance of a labelled bond but also that the bond itself follows best disclosure standards with transparent and impactful use of proceeds. This qualitative review process is taking place before investing and, if concerns are identified, can lead to the decision not to invest or to conduct enhanced due diligence, through engagement.
Investment process
Our investment process is designed to integrate sustainability considerations into our investment decisions whilst integrating top-down and bottom-up approaches, leveraging both quantitative analysis and qualitative team input to construct a well-diversified and sustainable green bond portfolio. This is done in conjunction with ensuring that we invest in bonds that align with our commitment to sustainable development and contribute to positive environmental and social outcomes.
*United Nations Global Compact
Our Team
Our strategy is managed by Steve Williams and Holger Mertens who are supported by a team of portfolio management and research professionals including a dedicated team of ESG Specialists.
 | Research & Solutions teamSupporting core portfolio management through data and research analysis |
 | Broader Fixed Income teamAbility to draw upon local insights in Singapore, Tokyo, New Zealand |
 | ESG Specialist teamLocal ESG Specialists advising on sustainability matters |
 | Investment Risk teamIndependent risk management function continuously monitoring the portfolio and client restrictions |
Steve Williams
Head of EMEA Global Fixed Income
Steve Williams is the Head of EMEA Global Fixed Income and a Managing Director in Amova’s London office. He is a member of the fixed income and foreign exchange investment committee as well as the portfolio manager with oversight for the firm’s investment grade, municipal, global green bond, global mortgages and global bond business. He joined Amova in 2007 and took over co-management responsibility for the firm’s flagship global sovereign bond strategy as well as launching the first dedicated Danish mortgage bond strategy into Japan in 2016 and has managed Amova’s Global Green Bond strategy since 2015. Steve, previously served as a Credit research analyst with New York Life Investment Management in corporate bonds and structured finance as a senior analyst. He has over 20 years of investment experience and holds an MBA from Duke University’s Fuqua School of Business. He received his undergraduate degree from the University of Michigan and is a certified FRM.
Holger Mertens
Head Portfolio Manager - Global Credit
Holger joined Amova in July 2015 to help develop the firm's Global Credit and Sustainable Investment capabilities. Prior to Amova, Holger worked at Lazard Asset Management and held a variety of roles based in both Frankfurt and London, where he was Lead Portfolio Manager for Corporate Bonds. Before Lazard, he worked for Deka Investment Management where he was a Fund Manager/Analyst for Corporate Bonds. Holger began his career at DG Bank as a Fixed Income Trade & Sales assistant. He holds a Masters in Business Management and Economics from the Frankfurt School of Finance & Management and is a CFA® Charterholder.
Our Edge
Green Bond PioneersOur extensive experience and expertise in the green bond space makes us a leader in this field. Amova AM played a crucial role in creating the world’s first green bond fund in conjunction with the World Bank in 2010. The core investment team has extensive experience in this space and the team has directly engaged with issuers in the structuring and issuance of green bonds for over a decade. With our dedication to sustainability and innovation, we are well-positioned to help shape the future of the green bond market and to support positive environmental change.
Distinctive investment approachAmova AM's core team brings a wealth of expertise and a distinctive investment approach to the table. The backbone of our investment process is a fundamentally focused strategy supported by quantitative tools, which enables the team to identify the most attractive investment opportunities in the market. The investment approach applied is characterised by the harmony between fundamental and quantitative analysis, which the team believes is crucial to successfully identifying and capitalising on market opportunities. By balancing these two lenses of analysis, we can provide a more comprehensive and sophisticated approach to investing in green bonds, ensuring that their clients' portfolios are both sustainable and profitable.
Proprietary Bottom-up Sustainability assessmentThe team has developed a unique bottom-up review process that applies to every holding in the portfolio. This qualitative review process is taking place before investing and, if concerns are identified, can lead to the decision not to invest or to conduct enhanced due diligence, through engagement. Through this process, we ensure consistency between the issuer’s sustainability strategy and the issuance of a labelled bond and also that the bond follows best disclosure standards with transparent and impactful use of proceeds.
Unique decision making processIndependent views collated into a team-wide survey and assessed against market consensus. This ensures that investment decisions are made based on a wide range of opinions, providing a more robust and nuanced approach to portfolio management.
The Amova AM Global Green Bond Strategy in short
 | Investing for a sustainable futureEmphasis on funding projects with tangible positive impacts addressing climate change and protecting nature |
 | Expertise driven by experienceLaunched the first dedicated Green Bond fund of its kind in 2010 in collaboration with issuers, the core team has worked together for over a decade |
 | Distinctive investment approachThe backbone of our investment process, providing a holistic fundamental focus supported by quantitative tools |
 | Unique decision-making frameworkIndependent views collated into a team-wide survey, assessed against market consensus |
 | Harmony between Fundamental & Quantitative analysisWe balance these two lenses of analysis in order to identify the most attractive investment opportunities in the market |
