Europe’s largest asset manager is adopting an unusual strategy to shield its corporate bond funds from the volatility roiling financial markets: buying riskier debt.

Paris-based Amundi, with €952 billion ($1.04 trillion) in assets under management, is concerned that the slender yields on highly rated European corporate bonds, as well as the narrow spread to haven government bonds, do not offer investors enough protection against a market sell-off. Even a minor jump in bond yields, which rise as prices fall, can leave bondholders nursing hefty losses.