Credit Opportunities – Long Only
Overview

 

Objective

The strategy seeks high risk-adjusted returns over full business and credit cycles 

Benchmark

• Bloomberg US Corporate High Yield Caa Index (primary)

• Credit Suisse Event Driven Distressed Hedge Fund Index (secondary)

Investment Style

• Total return strategy focused on idiosyncratic idea generation

• Seeks compelling opportunities resulting from price dislocations across the credit markets

• Fundamental, research-driven process that leverages global credit research and distressed research teams

• Business cycle-based approach 

Universe

Actively managed long-only exposure to high yield bonds, bank loans, stressed/distressed, special situations, reorganizations and defaulted issuers

Inception Date

April 1, 2005

Vehicles & Minimums

Separate account minimum: $50 million

Characteristics
 
 
 

Source: Aegon AM. Percentages based on market value as of March 31, 2025. Numbers may not add due to rounding. The above information represents the top 10 largest long positions in the representative account based on the aggregate dollar value. The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for the account and the reader should not assume that investments in the securities identified and discussed were or will be profitable. All information is provided for informational purposes only and should not be deemed as a recommendation to buy the securities mentioned. Top 10 holdings excludes cash and cash equivalent positions. Click here for term definitions. 

 

**Effective June 1, 2022, credit quality calculations are sourced to Aegon AM and reflect a proprietary methodology. Credit quality calculations prior to June 1, 2022, may be different. Credit ratings for the portfolio reflect the Bloomberg Indices credit quality methodology which is the middle rating of the three agencies, if only rated by two agencies it uses the lower rating and if only rated by one entity it uses that rating. Ratings are calculated by applying the methodology to available ratings from rating agencies. If the rating is NR on a structured security, the methodology will look to both DBRS and Kroll and use the lower rating; if rated by one, use that rating; else it will remain NR. Average Quality excludes cash and securities that are not rated. The credit quality of a security or group of securities does not ensure the stability or safety of the overall portfolio. NR includes securities that are not rated by S&P®, Moody’s®, or Fitch and may contain bonds, equities and/or bank loans.
Portfolio managers
Jim Schaeffer
Global Head of Leveraged Finance

Jim Schaeffer is global head of leveraged finance and serves as a portfolio manager for the various leveraged finance strategies.

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Rishi Goel
Global Head of Special Situations and Distressed Credit

Rishi Goel is global head of special situations and distressed credit and a senior portfolio manager.

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Andrew Maslan
Portfolio Manager

Andrew Maslan is a portfolio manager and distressed research team leader responsible for identifying new investment opportunities and providing insight and research on global stressed, distressed and special situation securities. 

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Important Disclosures

Offered by Aegon Asset Management US

All investments contain risk and may lose value. Investing in distressed loans and bankrupt companies are speculative and may be subject to greater levels of credit, issuer, or liquidity risks, and the repayment of default obligations contains significant uncertainties; such companies may be engaged in restructurings or bankruptcy proceedings. Bank loans are often less liquid than other types of debt instruments and general market and financial conditions may affect the prepayment of bank loans and such prepayments cannot be predicted with accuracy. There is no guarantee that the liquidation of any collateral from a secured bank loan would satisfy the borrower's obligation or that such collateral could be liquidated if necessary. Investments in companies engaged in mergers, reorganizations or liquidations may involve special risks as pending deals may not be completed on time or on favorable terms. Equities may decline in value due to both real and perceived general market, economic and industry conditions. Certain derivative instruments may involve certain costs and risks such as liquidity, interest rate, market, and credit. Investing in derivatives could result in significant losses. Derivatives often involve a high degree of financial risk because a relatively small movement in the price of the underlying security or benchmark may result in a disproportionately large movement in the price of the derivative and are not suitable for all investors. No representation regarding the suitability of these instruments and strategies for a particular investor is made.