Defensive High Yield

Inception Date:

Investment Philosophy

The objective of the Defensive High Yield strategy is to preserve capital while generating high levels of current income. The strategy has a track record spanning over 20 years, generating alpha over the broad ICE BAML High Yield Index and more defensive ICE BAML BB-B Rated Index with durability through down markets.

Differentiated profile characteristics of the Defensive High Yield strategy:

  • Focus on Single-B and above credit quality rated bonds that are typically senior in a company’s capital structure
  • Downside sell discipline with detailed covenant review, including change of control
  • Identify relative value opportunities and upgrade candidates