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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 08/30/2019

Strategy Inception Date
Dec 2007
Strategy AUM
$10.7 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
  • Cayman Fund


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

Partner & Lead Portfolio Manager

22 Years of Industry Experience

Steven Rocco
Steven Rocco, CFA

Partner & Director of Taxable Fixed Income

18 Years of Industry Experience

Alan Kurtz
Alan Kurtz

Portfolio Manager

19 Years of Industry Experience

Kearney M. Posner
Kearney M. Posner, CFA

Portfolio Manager

20 Years of Industry Experience

Collaborating with 23 Additional Portfolio Managers 26 Credit Research Analysts & 9 Fixed Income Traders

Related Content

Fixed Income: What You Need to Know about ABS and CMBS
August 19, 2019

Structured credit products offer the potential for effective portfolio diversification—and attractive valuations versus other asset classes.

Gauging the Opportunity in Short Duration Credit
January 28, 2019

Short-term securities such as corporate bonds, ABS, and CMBS, recently offered yields near multi-year highs, with lower volatility than core bonds.



Portfolio Breakdownas of 08/30/2019

Type Portfolio Index
Bank Loans 90.0% 100.0%
High Yield Bonds 4.5% -
ABS 0.9% -
Equity 0.2% -
Cash 4.4% -

Credit Quality Distributionas of 08/30/2019

Type Portfolio Index
BBB 1.4% 0.4%
BB 22.7% 27.1%
B 67.1% 62.2%
<B 8.2% 7.6%
Not Rated 0.7% 2.6%

CHARACTERISTICS as of 08/30/2019

Portfolio Index
Portfolio Index
Average Coupon 5.68% -
Average Effective Duration 0.33 Years 0.25 Years



Bank Loan Institutional Composite

Average Annual Returns as of 07/31/2019

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
Gross of Fees 6.36% 3.79% 5.22% 4.51% 5.98% 5.12%
Net of Fees 6.05% 3.27% 4.70% 3.99% 5.45% 4.60%
CS Leveraged Loan Index 6.24% 4.10% 5.21% 4.02% 5.94% 4.58%

Calendar Year Returnsas of 07/31/2019

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
Gross of Fees 0.55% 4.70% 10.78% 1.14% 1.74% 6.75% 11.01% 2.30% 9.09% 33.25%
Net of Fees 0.05% 4.18% 10.23% 0.64% 1.23% 6.22% 10.46% 1.79% 8.55% 32.60%
CS Leveraged Loan Index 1.14% 4.25% 9.88% -0.38% 2.06% 6.15% 9.43% 1.82% 9.97% 44.87%

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