Global High Yield
Pursuing an optimal balance of two distinct opportunity sets.
Our Global High Yield portfolios are designed to benefit from prudent allocation decisions between our High Yield and Emerging Markets Debt strategies.
We believe our capability in both these asset classes — honed by years of collaborative experience — gives us unique insight into market opportunities and market risk.
Uncovering opportunities in both the high yield and emerging debt markets is driven by careful consideration of the macroeconomic factors impacting countries and industries. This perspective is complemented by deep fundamental research into the individual credits and the diligent use of quantitative risk management systems.
We seek to ensure that our clients benefit from our team’s expertise in the two asset classes through tactical allocations based on relative value analysis. We actively seek to capture asset allocation alpha based on the relative value of strategies and sectors, leveraging the depth of our portfolio management teams’ collective experience.
We believe an optimized weighting is determined through opportunity and risk evaluation and may be customized based on investor guidelines.
Strategy Highlights
In building our actively managed Global High Yield portfolios, we tactically allocate between our flagship Emerging Markets Debt and High Yield strategies. We:
- Leverage our Investment Committee’s global investment viewpoint to determine allocations between asset classes
- Actively allocate between these well diversified, stand alone portfolios
- Assess and manage macro risks that might impact portfolio return
Primary Investments:
- U.S. and Non-U.S. high yield corporate bonds
- Leveraged loans, convertibles and private placements
- Emerging markets sovereign debt
- denominated in USD and local currency
- Emerging markets corporate debt
- denominated in USD and local currency
Strategy Inception Date:
August 1996
