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Fixed Income Investments

High Yield

Philosophy

We invest in a combination of high yield and distressed credit opportunities, both domestic and global, that offer the potential for capital appreciation and current yield. We believe long-term investors can find the best total return opportunities among assets that are undervalued due to short-term, company-specific setbacks or market dislocations. Our screening process is designed to identify opportunities where investors have overreacted to short-term events. During severe market dislocations we are willing to concentrate our holdings in high conviction positions to take advantage of these opportunities.

We aim to add an uncorrelated alpha source to investors’ overall fixed income or high yield portfolios.

We only pursue investment opportunities where we believe the risk/reward is asymmetric on the upside.


Process

We conduct our multi-step research process with the ultimate goal of identifying undervalued securities positioned for long-term success. There are three key steps to our process:

1. Refine our global macroeconomic viewpoint to assess risk.
2. Identify and understand the root cause of market dislocations.
3. Conduct fundamental research on specific opportunities.