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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 Yield Fixed Income Commentary (PDF)

High Yield Fixed Income Fact Sheet (PDF)

High Quality / Strategic
Bloomberg US Corporate High Yield
Jul. 1, 1994


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 12/31/2023
Assets Under Management
$4.6 billion
eVestment Universe U.S. High Yield Fixed Income
Investment Vehicles Separate Account
Mutual Fund
Commingled Fund


Garrick Bauer

Garrick T. Bauer, CFA

Managing Director, Portfolio Manager and Head of Credit

Career Summary
Wellington Management Company
Summit Investment Partners

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

BBA - University of Wisconsin-Madison

Meet Timothy Jossart

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