For Institutional Investors in the US

US High Yield

Driven by a fundamentally based investment process, the strategy seeks to temper the downside risks associated with the high-yield asset class over a full market cycle

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Overview

ABOUT THIS STRATEGY

We believe a bottom-up, fundamentally driven investment process that is focused on free cash flow and confirming management intentions to transform and improve balance sheets can generate risk-adjusted outperformance over time. Through our comprehensive global research process and dynamic approach to managing through the credit cycle, we seek to deliver a less-volatile client experience within the high-yield asset class over full market cycles.

INVESTMENT APPROACH

High Conviction
We believe a high conviction approach is essential to unlocking competitive excess returns and monitoring high-yield risk for our clients. We are focused on taking the appropriate amount of risk throughout the credit cycle by actively managing market exposure and portfolio composition.

Research Driven
Our analysts cover issuers across the credit quality spectrum and capital structure, enabling a complete picture of fundamental credit risk. Analysts function as sector experts and risk managers alongside portfolio managers to identify potential outperformers.

Global Resources
This U.S. strategy benefits from our team of global credit experts. Instead of separate teams, we operate as one team globally looking at companies.

Featured Insight

Fixed Income Perspectives

Quarterly insight from our fixed income teams to help clients navigate the risks and opportunities ahead.

Read More

PORTFOLIO MANAGEMENT

Tom Ross, CFA

Tom Ross, CFA

Global Head of High Yield | Portfolio Manager

Industry since 2002. Joined Firm in 2002.

Seth Meyer, CFA

Seth Meyer, CFA

Head of Fixed Income Strategy | Portfolio Manager

Industry since 1998. Joined Firm in 2004.

Brent Olson

Brent Olson

Portfolio Manager

Industry since 1997. Joined Firm in 2017.

Performance

RETURNS (%) (As of 12/31/2022)
Composite Gross Composite Net Bloomberg U.S. Corporate High Yield Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/1996)
Composite Gross 3.95 -14.38 -14.38 -0.95 2.00 3.91 7.18
Composite Net 3.79 -14.94 -14.94 -1.59 1.34 3.27 6.51
Bloomberg U.S. Corporate High Yield Bond Index 4.17 -11.19 -11.19 0.05 2.31 4.03 6.31
Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
For a complete list of holdings as of the most recently available disclosure period, contact us.
RETURNS (%) (As of 02/28/2023)
Composite Gross Composite Net Bloomberg U.S. Corporate High Yield Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/1996)
Composite Gross 2.43 2.86 -8.15 0.45 2.61 4.04 7.25
Composite Net 2.27 2.75 -8.75 -0.20 1.95 3.39 6.58
Bloomberg U.S. Corporate High Yield Bond Index 1.83 2.47 -5.46 1.34 2.87 4.09 6.36
Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
For a complete list of holdings as of the most recently available disclosure period, contact us.

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
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