Philosophy & Process

We believe that the key to delivering superior risk-adjusted returns lies in controlling credit risk.

To do this we combine rigorous, bottom-up credit analysis with an active, top-down management approach that ensures a strong overall credit profile and broad portfolio diversification. We employ a value-oriented approach to investing that leverages our strong fundamental research capabilities, and we seek to take advantage of market inefficiencies and anomalies on an opportunistic basis in order to capture excess credit spread. We place a strong emphasis on issuer, industry and sector diversification, and we tend to focus on larger companies, as they tend to be more resilient in times of difficulty, and their securities tend to be more liquid. Portfolios are actively managed and trading tends to focus on taking aggressive action to eliminate weakening credits and on selectively realizing investment gains.