DescriptionTeam OverviewThe Portfolio Strategy team develops forward-looking views across macro, equity, and credit markets and translates them into asset allocation, portfolio construction, and risk management decisions across short-, medium-, and long-term horizons.
The team drives:
- Strategic and tactical asset allocation
- Cross-asset relative value views
- Thematic and structural insights
Team structure:
- Head of Portfolio Strategy (integrates macro, equity, credit)
- Equity Strategist
- Macro / Economics Strategist
- Credit Strategist (this role)
The team serves as the central link between top-down market views and capital allocation, ensuring portfolios remain aligned with evolving market conditions-a core function of portfolio strategists broadly
Role OverviewThe Credit Strategist develops top-down views across credit markets, primarily in the US, and translates them into portfolio positioning and allocation recommendations.
The role focuses on relative value and beta across credit asset classes-including private credit (direct lending, capital solutions, ABF), structured credit, real estate debt, and public markets (HY, IG)-while ensuring alignment with broader cross-asset strategy.
Responsibilities:1) Credit Beta & Relative Value- Develop a framework for expected returns, risks, and betas across credit markets
- Form views on spreads, defaults, liquidity, and structural premia
- Identify relative value across segments, capital structures, and geographies
- Ensure consistency of views across mandates
2) Portfolio Construction & Asset Allocation- Translate views into portfolio positioning, sizing, and allocation tilts
- Help drive strategic and tactical asset allocation decisions
- Contribute to scenario analysis, stress testing
- Link credit with rates, equities, and real assets
3) Macro & Cross-Asset Integration- Incorporate inputs from macro and ensure consistency of assumptions across growth, inflation, policy, and liquidity
- Translate macro views into coherent credit implications within a unified framework
- Partner with macro and equity strategists to refine, challenge, and deepen cross-asset views
- Identify inconsistencies across asset classes and surface implications for positioning
4) Market & Portfolio Monitoring- Maintain a continuous view of markets and internal portfolio exposures
- Surface emerging risks (liquidity, spreads, concentration) and opportunities
- Ensure alignment between top-down views and actual positioning
- Provide timely recommendations to adjust exposures
5) Thematic Research- Support key structural themes impacting credit markets
- Translate themes into portfolio actions and risk frameworks
- Provide independent synthesis and challenge across the platform
6) Communication & Decision Support- Deliver clear, decision-oriented outputs for IC and senior leadership
- Present allocation views, relative value insights, and risk assessments
- Drive debate and alignment on portfolio positioning
Qualifications- Investment Judgment: High-conviction views on credit markets and cycles
- Analytical Rigor: Strong quantitative and portfolio construction skillset
- Cross-Asset Thinking: Ability to link credit with macro and other asset classes
- Market Awareness: Real-time tracking of markets and exposures
- Communication & Influence: Ability to shape decisions across senior stakeholders
- Execution: Operates effectively across multiple strategies and time horizons
Ideal Experience- 8-10 years in top-down credit strategy, multi-asset investing, or portfolio management
- Experience across public and private credit markets preferred
- Track record of translating views into portfolio outcomes
Technical Proficiency- Strong modeling skills
- Experience with data sources like Bloomberg, PitchBook, etc.
- Ability to quickly learn internal systems
number of factors including skills, experience, education, certifications and location. The full salary range for this role reflects the competitive labor market value for all employees in these positions across the national market and provides an opportunity to progress as employees grow and develop within the role. Some roles at Liberty Mutual have a corresponding compensation plan which may include commission and/or bonus earnings at rates that vary based on multiple factors set forth in the compensation plan for the role.
To learn more about our benefit offerings please visit: https://www.libertymutualgroup.com/about-lm/careers/benefits
