High Yield

Our specialized expertise, long-term investment focus, and risk-aware mindset help differentiate our high yield strategies.

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Understand our approach to high yield investing.

Our high yield strategies are managed with a time-tested investment approach. Our flagship US High Yield strategy launched more than two decades ago. Since then, we have introduced several US and global high yield strategies to meet a variety of outcomes.  

 

The strategies are managed with a relative value-oriented and opportunistic total return style. We employ a fundamental, bottom-up credit research investment process, which is complemented by proprietary top-down macroeconomic analysis and risk monitoring. This disciplined bottom-up approach emphasizes the analysis of fundamentals, valuation, sentiment and technical. 

Mindset behind the management.

Our high yield portfolios are managed with the belief that:  

Global, specialized research capabilities.

High yield is a credit-intensive asset class and security selection tends to drive returns. Therefore, we focus on bottom-up selection supported by specialized research from our dedicated global high yield credit and distressed debt teams.

Dislocation creates opportunity.

Using a business cycle-based approach, we actively adjust the risk exposures and positioning in an effort to capitalize on dislocations across the market and around macroeconomic inflection points.

Diversification helps mitigate risk.

Consistent with this sentiment, we focus on managing risk by constructing a liquid and diversified portfolio across issues, issuers, industries and credit quality.

Fundamental research is our cornerstone.

 

Fundamental research is the foundation of our process. Our multi-pronged, global research includes dedicated credit, loan, special situations and distressed credit teams. The seasoned credit research team includes industry experts that further specialize by high yield and investment grade issuers. Dedicated leveraged loan research provides an asset class focus and expands the research coverage to loan-only issuers, while the special situations and distressed credit team helps mitigate risk and uncover potential opportunities. 

Explore our featured strategies.