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High Yield Opportunistic

Summary

Summary

HIGHLIGHTS


  • Managed by a firm with more than 45 years of experience in high yield

  • Collaborative team structure leverages collective firm-wide insights

  • Investment process combines top down macro views with bottom up security selection

  • Employs both fundamental credit research and quantitative valuation analysis

  • Multi-dimensional risk management system limits industry and issuer concentration

KEY FACTS as of 05/31/2019


Strategy Inception Date
Dec 1998
Strategy AUM
$8.2 B
Benchmark
ICE BofAML U.S. High Yield Constrained Index
eVestment Universe
US High Yield Fixed Income

PORTFOLIO PARAMETERS


  • Invests primarily in high yield bonds (80% minimum)
  • May include tactical allocations of up to 20% in any combination of off-index sectors such as investment grade bonds, bank loans, convertibles, and equities.
  • Quantitative risk management system monitors interest rate exposures, and portfolio duration is closely managed relative to the index
  • Maximum of 25% in any one industry
  • Maximum of 5% in any one issuer

Vehicles


  • This strategy is available as a:
  • Separate Account
  • ERISA CIT
  • Mutual Fund
  • UCITS

PORTFOLIO MANAGERS

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

18 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Managing Director & Portfolio Manager

11 Years of Industry Experience

Supported By 67 Investment Professionals with 15 Years Avg. Industry Experience

Related Content

U.S. High Yield: Lessons from the Recent Volatility
February 11, 2019

Rather than trying to anticipate short-term price moves, we believe investors would be better served by focusing on the asset class’s long-term history of risk-adjusted returns.

High Yield: Holding Up in 2018
August 6, 2018

So far in 2018, high yield has outperformed investment grade, with lower-rated issues leading the way.

 

Taking the Bias Out of Your High-Yield Portfolio

"Upper-quality" high-yield mandates do not always produce high-quality returns.

Portfolio

Portfolio

Portfolio Breakdownas of 05/31/2019

Type Portfolio Index
High Yield Bonds 84.4% 100.0%
Bank Loans 6.4% -
Equity 4.3% -
Investment Grade Bonds 3.4% -
Convertibles 0.9% -
Other 0.4% -
Cash 0.2% -

Credit Quality Distributionas of 05/31/2019

Type Portfolio Index
BBB 3.6% 0.9%
BB 37.3% 47.0%
B 42.4% 38.4%
<B 15.2% 13.7%
Not Rated 1.5% 0.1%

CHARACTERISTICS as of 05/31/2019

Portfolio Index
Portfolio Index
Average Coupon 6.41% 6.38%
Average Maturity 6.66 Years 5.78 Years
Average Effective Duration 4.25 Years 3.83 Years
Average Yield to Worst 6.92% 6.76%

Performance

Performance

High Yield Opportunistic Institutional Composite

Average Annual Returns as of 04/30/2019

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
Gross of Fees 9.78% 5.93% 8.37% 6.00% 11.10% 7.93%
Net of Fees 9.60% 5.40% 7.83% 5.47% 10.55% 7.39%
ICE BofAML U.S. High Yield Constrained Index 8.90% 6.71% 7.77% 4.85% 10.18% 6.82%

Calendar Year Returnsas of 04/30/2019

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
Gross of Fees -4.18% 9.46% 16.98% -1.33% 4.45% 10.75% 17.63% 4.16% 15.42% 52.05%
Net of Fees -4.66% 8.92% 16.40% -1.84% 3.92% 10.20% 17.05% 3.64% 14.85% 51.32%
ICE BofAML U.S. High Yield Constrained Index -2.27% 7.48% 17.49% -4.61% 2.51% 7.41% 15.55% 4.37% 15.07% 58.10%

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