We trade with conviction — and size every position to its risk.
The sub-funds managed by Replica trade the full fixed income spectrum — directionally, in relative value, and long or short. Each position is sized to the volatility of the asset and to a strict risk budget, combining the judgement of an experienced desk with systematic signals.
Three ways to express a view.
Directional
Outright macro, rates and credit positions, each sized by its contribution to the overall risk budget.
Relative value
Trade the relationship between related instruments while hedging broad market direction.
Long / short
Take both long and short positions, hedging away unwanted interest-rate, currency and market-beta risk.
Discretionary judgement, systematic discipline.
An experienced trading desk combines fundamental judgement with systematic signals and risk controls — so positions are repeatable, consistently sized, and not reliant on a single view.
Across five core asset classes.
Interest-rate futures & government bonds
Developed-market rates and sovereign bonds, in cash and futures.
SSA — supranationals, sub-sovereigns & agencies
High-grade spread issuance traded across the rates–credit space.
IG & HY corporate credit
Investment-grade and high-yield credit, long and short.
Inflation-linked government bonds
Real-rate and breakeven positioning across regions.
Emerging markets
Selective exposure across hard- and local-currency sovereigns and corporate credit, sized to liquidity.
Capital growth, within strict limits.
The objective is to grow capital over a medium-to-long-term horizon, pursued within hard risk limits on value-at-risk and leverage. Risk, not notional size, drives exposure.
See the risk framework