Investment Philosophy

Our investment philosophy is to generate superior returns over a full market cycle, while preserving capital in periods of market stress.

We respect capital and have a powerful commitment to risk control.

We do not engage in speculative investing . We invest in companies based on our intensive fundamental credit research and rigorous assessment of management. Our goal is to capture the high current income stream of the securities in which we invest while avoiding credit losses, such that we can maximize client returns on a risk-controlled basis.

Client service and open communication are cornerstones of our business. We work closely with each of our clients to understand their investment objectives and volatility tolerance.


Cornerstones of our High Yield Investing

• Our core high yield holdings are typically a mix of BB and B rated securities.
• Our analysis shows that using disciplined credit research to identify the best investment alternatives within the BB/B rated segment, enables investors to achieve maximum return for appropriate risk.
• We believe CCC and lower rated securities can have a place as a tactical allocation to a portfolio when risk premiums warrant it. But given the asymmetric return profile of these lower rated securities (much more downside risk than upside potential), rarely are they an appropriate investment through a full market cycle.