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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
  • 25+ year track record with a focus on steady returns and principal protection
  • Consistent philosophy and low turnover among the research team
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High Quality / Strategic

STYLE

Bloomberg US Corporate High Yield

BENCHMARK

July 1, 1994

INCEPTION

$4.0 Billion

ASSETS UNDER MANAGEMENT

 As of 6/30/2024

U.S. High Yield Fixed Income

EVESTMENT UNIVERSE

Separate Account

Mutual Fund

Commingled Fund

INVESTMENT VEHICLES

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

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

Management Team

Garrick Bauer

Garrick T. Bauer, CFA

Managing Director, Portfolio Manager and Head of Credit

Career Summary
Wellington Management Company
Summit Investment Partners
PricewaterhouseCoopers

Education 
BS - Miami University
MBA - University of Virginia

Meet Garrick Bauer
Timothy Jossart

Timothy J. Jossart, CFA

Vice President, Portfolio Manager and Head of Leveraged Credit Research

Career Summary
Star Bank
PNC Bank

Education 
BBA - University of Wisconsin-Madison

Meet Timothy Jossart

Connect with Fort Washington

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