Strategy
Investment Approach
- Managing Bank Loan securities since 2002
- Invest primarily in BB- and B-rated loans, with the ability to invest in lower-quality loans and high yield bonds when compelling valuation opportunities arise.
- Proprietary and independent fundamental research is key — disciplined and consistently applied investment process with emphasis on industries that enjoy stable cash flow and rational competitive environments.
- Holistic fundamental research – close collaboration between fixed income and equity research analysts provides a complete capital structure perspective and an information advantage
- Disciplined risk management practices employed in conjunction with broad portfolio diversification to manage risk profile.
- Full integration of Enviornmental, Social, and Governance (ESG) factors in the investment process to seek to enhance investment decisions.
Portfolio Construction
- Diversified portfolio structure: typically 200-300 issuers
- At least 80% floating rate bank loans and corporate senior floating rate notes
- Up to 20% in fixed-rate securities including high yield bonds and reserves for liquidity
- 15% industry exposure maximum
- Industry exposure typically will range +/- 5% around benchmark weight
Past performance is not a reliable indicator of future performance.