High yield is no longer just about the US – the European and emerging market high yield markets have grown rapidly in depth and breadth, enabling investors to take a truly global and diversified approach to the asset class.
We have invested in global high yield since 2003, capitalising on the location of our investment teams in both New York and London. Most recently we have expanded our coverage also to emerging markets credit. While bottom-up security selection remains the primary driver of performance, the strategies global investment universe enables us to add considerable value through top-down country and sector allocation.
Two separate strategies belong to our global high yield family. Developed Markets High Yield strategy focuses on the developed nations’ high yield corporate markets while Global High Yield strategy has the flexibility to invest in emerging market debt.