February 13, 2019

Fund Manager Chat: The Outlook for Global Bonds–Pilar Gomez-Bravo, MFS Investment Management

by Jake Moeller.

In this #FundManagerChat podcast, Pilar Gomez-Bravo, Director of Fixed Income Europe at MFS Investment Management and lead manager of the MFS Meridian Funds Global Opportunistic Bond Fund sets out her case for global bonds.

Pilar outlines how she is finding opportunities in global bond markets in the face of quantitative distortion, geopolitics and inflationary expectations. She discusses how her portfolio is positioned to take advantage of structural drivers she believes will keep bond yields down such as demographics, technology, the debt overhang and the Asian savings glut.

Pilar also reveals how her fund has benefited from a contrarian duration position, shares her outlook for credit and explains what market “noise” investors should not be distracted by.

Running Order

Run Time Topic
00:30 Why is the flexibility of a global bond mandate important?
02:10 Where are we in the global cycle?
03:20 How is current quantitative distortion impacting you?
04:40 What is your duration position? Is the short play over?
06:30 What about inflation? Is it as latent as people think?
08:05 What is attracting you to non-US Sovereign debt?
09:40 How are you finding good value in crowded credit trades such as BBB?
11:55 Is there anything that concerns you in the high-yield market at the moment?
13:30 Where else are you finding other opportunities in global bond markets?
14:45 What is some of the market noise bond investors should be ignoring?


Pilar is chatting with Jake Moeller, Head of Lipper UK and Ireland Research at Refinitiv, in London on February 7, 2019.

About Pilar Gomez-Bravo

Pilar Gomez-Bravo, MFS Investment Management.

Pilar Gomez-Bravo, is an investment officer, director of Fixed Income – Europe at MFS Investment Management. She is also a fixed income portfolio manager with oversight of the firm’s Global Fixed Income Multi-Sector and Global Credit portfolio management teams. She is based in MFS’ London office.

Pilar joined MFS in 2013 as a portfolio manager from Imperial Capital, where she served as a managing director. She previously served as a portfolio manager and head of research at Negentropy Capital, within Matrix Asset Management, and co-founded Marengo Asset Management.

From 2006 through 2010, she served as a senior portfolio manager and head of credit, Europe, for Neuberger Berman. She began her career in financial services at Lehman Brothers in 1997 and spent nine years with the firm, including serving as head of investment-grade credit research for Europe.

Pilar earned the equivalent of an LL.B degree in Law and a Bachelor of Science degree in Economics and Business Science from Universidad Pontificia Comillas (ICADE E-3, Spain). She also earned a Master of Business Administration degree from the Massachusetts Institute of Technology’s Sloan School of Management and is a CFA Charterholder.


Lipper delivers data on more than 265,000 collective investments in 61 countries. Find out more.

This material is provided for as market commentary and for educational purposes only and does not constitute investment research or advice. Refinitiv cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. Please consult with a qualified professional for financial advice. The author does not own shares in this investment.

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