Discuss medium and long-term investment outlook and define investment framework for all asset classes at monthly Investment Policy meeting
Determine market outlook over next twelve months and risk/return profiles of various credit quality, security type, capital structure and liquidity sectors
Focus on avoiding excesses and taking advantage of market dislocations
Determine industry credit quality outlook over next twelve months and risk/return profile of investment in each industry
Focus on industries with improving credit fundamentals; avoid industries with structural weaknesses
Focus on cash flow generating companies
Assess downside risk of business positioning/strategy
Evaluate appropriateness of capital structure
Evaluate credit risk in each level of capital structure
Evaluate legal issues and covenant protections in each security
Regularly review sector, industry and company selection for consistency with broader outlook and original investment hypothesis
Continually revisit valuations
Confirm risk assumptions through our attribution system
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