Safe, Good, and Cheap Investments: We believe that investing in high quality businesses in attractive industries is always the “first line of defense” and the most effective way to provide downside protection and mitigate volatility.
Strong Credit Selection: The foundation of our investment approach is based on extensive bottom-up fundamental credit research and analysis. We focus our investments on what we believe to be the strongest companies within the high yield and senior loan markets. We believe strong and focused credit selection will drive superior downside protection and attractive long-term investment performance.
Macro and Technical Overlay: We augment our bottom-up fundamental credit research with a top-down macro and technical overlay to better assess relative and absolute value and strategically position our portfolios through macroeconomic and market cycles.
Catalyst Identification: We conduct thoughtful analysis of potential catalysts in conjunction with disciplined pricing of negative event risk and positive optionality to help evaluate relative and absolute value and manage risk.
Position Sizing: We proactively and opportunistically scale in and out of positions to maximize value and right-size positions based on market conditions and liquidity considerations.
Tactical Portfolio Management: Our tactical portfolio positioning is driven primarily by a top-down view of market conditions and improves our ability to play “defense” and “offense” as market conditions warrant.