The Muzinich European Credit Alpha Strategy aims to generate attractive positive returns in most market conditions. We believe a dynamic strategy that combines long and short positions across a broad investment universe offers the potential for significant alpha generation. This long/short, total-return credit strategy predominantly invests across European credit markets in strong conviction trades. The strategy is based around three main books: Core Long, Arbitrage and Overlay Portfolio. The strategy uses a diverse range of instruments including cash instruments (bullet or callable bonds), floating and fixed- rate instruments, senior, subordinated and hybrid debt, loans and derivatives.