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Bank Loan




  • Managed by a firm with more than 45 years of experience in leveraged credit investing
  • 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
  • In-depth covenant, collateral, and structural analysis are key components of the process
  • Multi-dimensional risk management system limits industry and issuer concentration 

KEY FACTS as of 02/28/2020

Strategy Inception Date
Dec 2007
Strategy AUM
$9.8 B
CS Leveraged Loan Index
eVestment Universe
US Floating-Rate Bank Loan Fixed Income


  • Invests primarily in senior secured floating rate bank loans (80% minimum)

  • May include tactical allocations of up to 20% in any combination of second lien loans, unsecured loans, and other types of debt or short term investments. 

  • May include up to 25% in loans and securities of non-U.S. domiciled borrowers

  • Invests substantially all assets in the U.S. dollar-denominated loans and securities; non-U.S. dollar investments are typically hedged back to the U.S. dollar

  • Maximum of 25% in any one industry


  • This strategy is available as a:
  • Separate Account
  • Commingled Trust
  • Mutual Fund


Jeffrey D. Lapin
Jeffrey D. Lapin, J.D.

Partner & Lead Portfolio Manager

22 Years of Industry Experience

Kearney M. Posner
Kearney M. Posner, CFA

Managing Director, Portfolio Manager

20 Years of Industry Experience

Collaborating with 26 Additional Portfolio Managers 26 Credit Research Analysts & 9 Fixed Income Traders

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Portfolio Breakdownas of 02/28/2020

Type Portfolio Index
Bank Loans 87.0% 100.0%
High Yield Bonds 8.4% -
ABS 1.8% -
Equity 0.2% -
Investment Grade Bonds 0.0% -
Cash 2.6% -

Credit Quality Distributionas of 02/28/2020

Type Portfolio Index
BBB 2.4% 0.1%
BB 20.3% 25.4%
B 66.8% 64.2%
<B 9.8% 7.7%
Not Rated 0.8% 2.6%

CHARACTERISTICS as of 02/28/2020

Portfolio Index
Portfolio Index
Average Coupon 5.29% -
Average Effective Duration 0.43 Years 0.25 Years



Bank Loan Institutional Composite

Average Annual Returns as of 02/29/2020

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
Gross of Fees -1.57% 2.68% 3.52% 4.28% 5.25% 4.88%
Net of Fees -1.65% 2.17% 3.00% 3.76% 4.73% 4.36%
CS Leveraged Loan Index -0.83% 3.25% 3.81% 4.02% 4.87% 4.44%

Calendar Year Returnsas of 02/29/2020

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Gross of Fees 8.22% 0.55% 4.70% 10.78% 1.14% 1.74% 6.75% 11.01% 2.30% 9.09%
Net of Fees 7.68% 0.05% 4.18% 10.23% 0.64% 1.23% 6.22% 10.46% 1.79% 8.55%
CS Leveraged Loan Index 8.17% 1.14% 4.25% 9.88% -0.38% 2.06% 6.15% 9.43% 1.82% 9.97%

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