Bridgewater and Lumyna launch new Absolute Return Fixed Income UCITS Fund
17 NOV, 2025
By Joanna Piwko from RankiaPro Europe
Bridgewater Associates (“Bridgewater”), a leading global investment manager, and Lumyna Investments (“Lumyna”), part of Generali Investments, have announced the launch of the Lumyna – Bridgewater Absolute Return Fixed Income UCITS Fund (ARFI). This liquid, actively managed strategy is designed to deliver uncorrelated alpha across global fixed income and currency markets.
The Luxembourg-domiciled UCITS fund brings Bridgewater’s flagship Absolute Return Fixed Income Strategy—launched offshore in March and already nearing US$1bn in assets—to a daily-dealing format. ARFI launches with approximately US$115 million and is structured to complement institutional portfolios through its low correlation to both traditional and alternative asset classes.
Seth Birnbaum, Partner and Head of Fixed Income Strategies at Bridgewater, commented:
Lumyna’s pedigree makes them an ideal partner for Bridgewater. The new UCITS structure enables us to reach a broader investor base and meet growing demand for our approach. We see meaningful opportunities to generate uncorrelated alpha in fixed income and currency markets—especially valuable in today’s macroeconomic environment.
Philippe Lopategui, CEO of Lumyna, added:
We are thrilled to partner with a manager of Bridgewater’s calibre. This launch expands our UCITS offering with a highly differentiated strategy aligned with the current macro backdrop. ARFI aims to leverage Bridgewater’s global fixed income and currency capabilities to generate attractive cash-plus returns with low correlation to markets and other strategies.
Paul Holmes, Head of Distribution at Lumyna, noted:
Investors are increasingly looking to build portfolios resilient across diverse market conditions. ARFI’s ability to position long, short, and market-neutral throughout the cycle aims to deliver excess returns independent of interest-rate levels and credit spreads. In a world of heightened geopolitical and economic uncertainty, liquid and reliable sources of fixed income alpha are both scarce and valuable.
ARFI builds on Bridgewater’s 30-year track record of generating fixed income and currency alpha in a wide range of macro environments. The strategy applies Bridgewater’s fundamental, systematic and diversified investment process—anchored in macro research and real-time data analysis—to identify inefficiencies across global rates, credit, and FX markets. Alpha generation is pursued through relative value, tactical, and thematic positions without relying on structural duration or credit beta.
