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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
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

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

Strategy Facts

As of 3/31/2022
Assets Under Management
$4.6 billion
eVestment Universe U.S. High Yield Fixed Income
Investment Vehicles Separate Account
Mutual Fund
Also offered as a private fund

Management

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

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