The US High Yield Bond strategy is a research-focused, actively managed, high yield solution. It seeks to exploit inefficiencies in the high yield market and aims to provide clients with consistent excess return potential over the long term.
Discipline and research
Based on in-depth, bottom-up credit analysis, designed to identify securities with mispriced credit and liquidity risk
Diversified portfolio
Focused on liquid US dollar securities rated BB to CCC
Experienced, stable team
Well-resourced team of investment professionals with senior portfolio managers who have a long tenure of working together
Cyclical, industry, and company-specific dislocations in the leveraged credit market may present compelling investment opportunities.
These inefficiencies cause valuations to disconnect from fundamentals, providing opportunities for exploitation and monetization.
Deep proprietary research helps identify undervalued securities in pursuit of long-term outperformance in corporate credit.
Focuses on relative value, which involves examining spread/yield comparisons versus industry peers, credit ratings, liquidity, and capital structure, while maintaining a technology-enhanced approach to risk management.
Macro assessment helps set the course for navigating both secular trends and intermediate cyclical events.
Credit risk analysis informs appropriate sizing of credit allocations.
Technical analysis of deal size, buyer base, index eligibility, and demand from foreign and domestic flows is accounted for.
Credit risk factors, such as positioning across curve, quality, capital structure, and sectors, are key inputs in portfolio decision making.
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Risk Disclosures
Investing involves risk, including the possible loss of principal.
International investing (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. Investing in emerging markets involves greater risk than investing in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments, information about issuers may be less available or of a lesser quality, and securities markets may be smaller, less liquid, and subject to greater price volatility.
Investments in derivatives may involve additional expenses and are subject to significant loss if they perform differently than anticipated. Derivatives are also subject to the risk that the counterparty may fail to perform its obligations.
High yield securities (“junk bonds”) are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than higher-rated securities.
Liquidity risk is the possibility that securities cannot be readily sold within seven calendar days at approximately the price at which a portfolio has valued them. To the extent that a portfolio holds fixed income securities in smaller “odd lot” sizes, such positions may be less liquid and harder to sell. Odd lots may trade at lower prices than institutional round lot sizes, which may affect a portfolio’s ability to accurately value its investments.
Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.
All third-party marks cited are the property of their respective owners.
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Investing involves risk including the possible loss of principal. The investment capabilities described in this website involve risks due, among other things, to the nature of the underlying investments. All examples herein are for illustrative purposes only and there can be no assurance that any particular investment objective will be realized or any investment strategy seeking to achieve such objective will be successful. Past performance is not a reliable indication of future performance.
Before acting on any information, you should consider the appropriateness of it having regard to your particular objectives, financial situation and needs and seek advice.
The fund or strategy is subject to liquidity risk, which is the risk that the fund or strategy’s investments cannot be readily sold within seven calendar days at approximately the price at which the fund or strategy has valued them.