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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.

Fixed Income
Capabilities

Flexible.
Thoughtful.
Connected.

Find out more

Portfolio Management

Tom Ross, CFA
Tom Ross, CFA

Head of High Yield | Portfolio Manager

Industry since 2002. Joined Firm in 2002.

Brent Olson
Brent Olson

Portfolio Manager

Industry since 1997. Joined Firm in 2017.

Brad Smith
Brad Smith

Portfolio Manager

Industry since 2010. Joined Firm in 2010.

Performance

RETURNS (%) (As of 09/30/2024)
Composite Gross Composite Net Bloomberg US Corporate High Yield Bond
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/1996)
Composite Gross 4.86 8.72 16.29 1.82 4.15 4.77 7.48
Composite Net 4.69 8.19 15.55 1.17 3.48 4.10 6.81
Bloomberg US Corporate High Yield Bond 5.28 8.00 15.74 3.10 4.72 5.04 6.66
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 11/30/2024)
Composite Gross Composite Net Bloomberg US Corporate High Yield Bond
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/1996)
Composite Gross 2.08 9.56 13.60 2.55 4.07 4.87 7.46
Composite Net 1.92 8.91 12.88 1.89 3.40 4.20 6.79
Bloomberg US Corporate High Yield Bond 2.23 8.66 12.71 3.70 4.72 5.06 6.64
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.
Calendar Year Returns (%)
Composite Gross Composite Net Bloomberg US Corporate High Yield Bond
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Composite Gross 12.44 -14.38 6.44 6.63 16.19 -2.22 6.99 13.79 -0.60 1.52
Composite Net 11.72 -14.94 5.76 5.94 15.45 -2.85 6.30 13.06 -1.26 1.01
Bloomberg US Corporate High Yield Bond 13.45 -11.19 5.28 7.11 14.32 -2.08 7.50 17.13 -4.47 2.45
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.

Documents

Related Insights

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