High Yield Fixed Income Strategy

The strategy seeks to outperform over a full market cycle by protecting principal in periods of market decline while providing a stable base of income across all periods.

Invests in higher-quality, less volatile segments
Top-down manages risk, and bottom-up builds a high quality diversified portfolio
24+ year track record with a focus on steady returns and principal protection
Consistent philosophy and low turnover among the research team

High Quality / Strategic
STYLE

Bloomberg Barclays U.S. Corporate High Yield
BENCHMARK

Jul. 1, 1994
INCEPTION

Philosophy

We believe that the most attractive risk-reward opportunity within the high yield market exists in the higher quality, less volatile segments. We believe that these segments can produce attractive absolute and relative returns, best achieved by:

Focusing on higher quality credits with lower default risk
Executing a consistent repeatable process
Emphasizing risk control via rigorous portfolio analysis, diversification/position limits, and proactive selling

Strategy Facts

Assets Under Management (As of 3/31/19)	$3.9 billion
eVestment Universe	U.S. High Yield Fixed Income
Investment Vehicles	Separate Account Mutual Fund Also offered as a private fund

Portfolio Construction

Invests primarily in high yield bonds
Focus on higher quality credits exhibiting lower default risk and mature sectors
De-emphasize sectors with unfavorable risk-return relationships
Avoid purchasing securities rated CCC or below