Spotlight on Aakash Thombre, Managing Director, Global Head of High Yield & Bank Loans, Goldman Sachs Asset Management
Global Thought Leader Spotlight
Aakash Thombre, Managing Director, Global Head of High Yield & Bank Loans, Goldman Sachs Asset Management
In my role as the Global Head of High Yield and Bank Loans at Goldman Sachs Asset Management, I am responsible for the portfolio management of high yield and multi sector credit portfolios (i.e. portfolios spanning high yield, bank loan, emerging markets, and securitised asset classes. I am accountable for the overall performance as well as investment process applied in these portfolios.
I draw upon detailed macroeconomic analysis, alongside sector and market research, to determine the optimal asset allocation, sector positioning, and duration management of these portfolios. I leverage the deep credit research and portfolio management expertise from sector heads across the firm. In doing so, I can ensure portfolios navigate the full market opportunity set and are positioned for long-term success.
Global shifts demand flexible fixed income approach
The first half of 2025 has seen markets whipsaw in response to US trade negotiations, which has sought to reorder key elements of tariffs, supply chains of critical materials, energy policy, and industry policy across autos, steel, and other key sectors. Additionally, the Fed continues to fight above-trend (though declining) inflation, while balancing risks of a slowing domestic labour market. Additionally, US hyper-scalers are several hundred billion dollars into what may be a trillion-plus investment cycle into AI.
AI will accelerate competition and innovation in major sectors over the next decade, resulting in important changes to industries and the way people work that will rise to the level of macroeconomic importance.
Lastly, the global economic picture in Europe, Japan, China, and broader DM/EM markets continues to move in a multi-speed fashion. In this dynamic environment, fixed income investors should adopt a flexible approach that looks beyond traditional indices which often inefficiently allocate to global and changing opportunity sets. Earning high yields available in today’s market requires a deep and global fundamental research and portfolio management process that captures opportunities and mitigates risk across a range of fixed income sectors.
Implications for sophisticated investors
With this backdrop in mind, we find the structural benefits of a holistic multi asset credit (MAC) approach particularly relevant. A multi asset credit approach can facilitate faster and more dynamic sector allocation, versus a traditional core + single sector satellite manager approach. Additionally, overall top-down portfolio risks, aggregated across all sectors can be more effectively managed and inadvertent clustering of factor risks can be avoided.
To successfully deliver a MAC portfolio, we believe top-down macro research capabilities must be combined with specialised bottom-up insights to 'see' the complete picture across the entire fixed income (FI) landscape. For long-term investing success, these capabilities should be complemented by an integrated risk management approach that emphasises a deeper understanding of the tail-risks associated with each sector individually, in the assessment of relative attractiveness.
Finally, we believe the application of a dynamic credit hedge, guided by those same top-down and bottom-up insights can enable portfolios to deliver more reliable returns whilst reducing sensitivity to growth-led shocks, that spread sectors can be susceptible to. Overall, this approach can help balance the portfolio and smoothen investor returns through time.
Aakash will be presenting at Global Investment Institute’s upcoming Fixed Income & Alternative Credit Investment Forum, taking place on Thursday, 11 September 2025 in Melbourne CBD, Victoria. To register your interest in attending, click here or for more information email zlatan@globalii.com.au.
Aakash Thombre, Managing Director, Global Head of High Yield & Bank Loans, Goldman Sachs Asset Management
Aakash is a managing director in Fixed Income and Liquidity Solutions within Goldman Sachs Asset Management, serving as global head of High Yield and Bank Loans. He serves as the portfolio manager for credit funds that span high yield, bank loan, emerging markets and securitised credit asset classes.
Previously, Aakash was a senior emerging markets corporate debt investor from 2011 to 2019. Before that, he worked in the Multi-Asset Solutions Group from 2009 to 2011, focusing on the development and structuring of alternative risk premium strategies. Aakash joined Goldman Sachs in 2007 as an analyst in the Alternative Investments and Manager Selection Group, working on public and private investments. He was named managing director in 2021.
Aakash earned a BS in Operations Research from Columbia University in 2007. He is a CFA charterholder.
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