Investment Approach

• The fund focuses primarily on European currency-denominated corporate debt issued by below investment-grade companies.
• Invests mainly in BB and B rated bonds, with the ability to purchase lower-quality securities when compelling valuation and risk/reward opportunities arise.
• The fund integrates fundamental proprietary research at the corporate bond, sovereign, and equity levels. This integral collaboration provides a holistic view of a company’s capital structure and management team, as well as its position in the larger market environment unique to each country.
• Research focuses on quantitative and qualitative factors that drive an independent credit rating. Analysts look to identify long-term potential for balance sheet and external rating improvements while adhering to strict risk management practices.
• Target excess-return will be primarily driven by individual security selection and, secondarily, by relative sector and credit quality allocations.