Perspectives from Royal London Asset Management

Artificial intelligence continues to dominate headlines, but investors may be overlooking a range of compelling opportunities emerging elsewhere in the market. Long-term structural trends, including increased defence spending, infrastructure investment, resource security and healthcare innovation, are reshaping the global economy. At the same time, ageing populations are driving growing demand for healthcare and related services, creating new investment opportunities.
In our latest podcast, Mike Fox, Head of Equities, Paul Schofield, Head of Global Equities, and Kasia Kiladis, Investment Director, discuss the structural trends driving markets today, debate the biggest investment opportunities outside of AI, and consider where investors may find value in an increasingly concentrated market.

Artificial intelligence is evolving fast, reshaping how investors assess long-term value creation. At the same time a new prime minister brings a potential shift in the UK’s growth trajectory. Against this backdrop, equity markets remain caught between AI-driven optimism and geopolitical uncertainty.  How do investors separate noise from opportunity?
In our first podcast with Mike Fox, Head of Equities, Paul Schofield, Head of Global Equities, and Kasia Kiladis, Investment Director, they discuss how issues such as these affect the decision-making processes behind equity investing.

Confidence was the defining feature of global high yield markets in June, as investors absorbed heavy issuance without meaningful spread widening. Strong demand, attractive yields and improving corporate balance sheets helped support a resilient backdrop despite ongoing macro uncertainty.
Regionally, Europe is benefiting from robust demand and easing refinancing risk, while in the US improving issuer fundamentals are reinforcing sentiment. Markets are increasingly driven by company-specific factors, highlighting the growing importance of active credit selection.
In our latest episode, Sebastien Poulin, Head of Leveraged Finance Research, and Ewan McAlpine, Investment Director, discuss what these dynamics could mean for investors navigating evolving credit markets.
Recorded: 9 July 2026Duration: 9 mins
The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

We examine a difficult recent period for global credit markets, with negative returns across regions, wider spreads and sharply higher yields. Escalating conflict in the Middle East pushed energy prices higher, reignited inflation pressures and forced central banks to cool expectations of near‑term rate cuts.
Against this backdrop, this episode explores how issuers adapted to volatility. Landmark transactions from Electronic Arts, Sealed Air and Herbalife showed that while primary markets remain open, execution now depends heavily on timing, structure and covenant strength, with investors demanding meaningful concessions.
Stephen Tapley, Senior Fund Manager, and Ewan McAlpine, Investment Director, break down the key trends and stories currently shaping global credit markets.
Recorded: 22 April 2026Duration: 14 mins
The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

We explore another eventful month in global high yield markets, from shifting government bond curves to contrasting sector performance. With inflation uncertainty and geopolitical tensions reshaping risk sentiment, the discussion highlights how credit fundamentals remain essential as volatility rises.
This month’s stories span continents — from Brazil’s sudden corporate upheaval, to opportunistic issuance in the U.S. airline sector, to the early signals of a landmark financing in the gaming industry. Together, they illustrate how rapidly conditions can turn and how issuers adapt under pressure.
In this episode of Crunching Credit, Stephen Tapley, Senior Fund Manager, and Ewan McAlpine, Investment Director, break down the trends currently shaping global credit markets.
Recorded: 18 March 2026Duration: 12 mins
The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

Global high yield markets had a resilient start to 2026, with spreads tightening and recent geopolitical shocks failing to dent overall performance. Despite volatility in oil, gold and the US dollar, high yield bonds held firm, supported by steady earnings and robust market fundamentals.
A major theme has been AI‑driven disruption in the technology sector. While tech remains a small part of the high yield universe, concerns over legacy software models and leveraged balance sheets have led to notable underperformance in software and data‑services names.
In this episode of Crunching Credit, Stephen Tapley, Senior Fund Manager, and Ewan McAlpine, Investment Director, explore why software companies are under pressure and discuss the broader high yield outlook amid ongoing geopolitical disruption.
Recorded: 25 February 2025Duration: 10 mins
The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

In our latest Crunching credit podcast we analyse the recent performance of high yield and investment grade bonds and consider the latest developments in new issuance.
We also look at the main company stories the team have uncovered, including an update on First Brands, the automotive parts manufacturer that caused many negative investor headlines last year.  
Stephen Tapley, Senior Fund Manager, discusses with Ewan McAlpine, Investment Director, the key issues these stories raise for investors and the changing dynamics in bond markets.
Recorded: 13 January 2025Duration: 12 mins
The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

In our latest Crunching credit podcast we analyse how defaults have moved higher, though still remain low historically, and the extent to which new issuance has ramped up this year.
We also look at the main company stories the team have uncovered, and the changing nature of the investment landscape under AI, with the huge borrowing required for its capital intensive infrastructure meaning that prudent credit risk aware investing is crucial.
Stephen Tapley, Senior Fund Manager, discusses with Ewan McAlpine, Investment Director, the key issues these stories raise for investors and the changing dynamics in bond markets.
Recorded: 8 December 2025Duration: 13 mins
The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

In our latest Crunching credit podcast we look at some of the varied and intriguing company stories the team have been following across the global high yield market. This month we look at sectors including security, gaming technology and crypto, and how investors have been reacting to the latest raft of issuance and market developments.
Stephen Tapley, Senior Fund Manager, discusses with Ewan McAlpine, Investment Director, the key issues these stories raise for investors as well as analysing the latest moves in bond markets.
Recorded: 18 November 2025Duration: 14 mins
The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

In our latest Crunching credit podcast we look at the important company stories the team have been tracking across the global high yield market. This month we discuss First Brands, the US auto parts supplier that has been making headlines, as well as Electronic Arts and its acquisition by a consortium including Saudia Arabia’s Public Investment Fund.
Stephen Tapley, Senior Fund Manager, discusses with Ewan McAlpine, Investment Director, the key issues these stories raise for investors and the potential role AI might play in the Electronic Arts takeover.
Recorded: 15 October 2025Duration: 17 mins
The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.