The investment team employ a bottom-up approach within a repeatable, data driven investment process. By seeking to avoid many of the risks that a large number of macro focused high yield funds are subject to, the team have a highly dynamic security selection process.

Bottom-up credit selection forms the focal point of the investment process and the investment team conducts a rigorous analysis of an issuer’s solvency and ability to meet its debt obligations before any investment is made. The team conduct in-depth research into issuers’ business models and assess multiple fundamental factors both on a historical and forward looking basis to derive how future credit quality may evolve.

Investment themes help to provide the top-down lens which bottom-up decisions are viewed through. These themes will be formed based on consideration of the macroeconomic backdrop as well as consumer trends, technology, demographics, regulation and other secular drivers that may impact the investment landscape at a regional, country, sector or issuer level.

The unconstrained remit of the strategy provides the portfolio manager with the freedom to avoid unwanted risk concentrations by region, currency or sector that exist from time to time in credit benchmarks.