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High Yield Opportunistic




  • 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 09/30/2019

Strategy Inception Date
Dec 1998
Strategy AUM
$9.1 B
ICE BofAML U.S. High Yield Constrained Index
eVestment Universe
US High Yield Fixed Income


  • 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


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


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 65 Investment Professionals with 16 Years Avg. Industry Experience

Related Content

High Yield Spreads Aren’t as Narrow as They May First Appear
October 18, 2019

While high yield bonds’ yield to maturity may be close to historic lows, credit spreads themselves are not, particularly when adjusted for favorable changes in credit quality and duration.

Our Answers to Six Key Valuation Questions
July 15, 2019

Here, we attempt to sort out the current investment environment—and whether select asset classes still present attractive opportunities.


Taking the Bias Out of Your High-Yield Portfolio

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



Portfolio Breakdownas of 09/30/2019

Type Portfolio Index
High Yield Bonds 84.8% 100.0%
Bank Loans 6.5% -
Investment Grade Bonds 3.6% -
Equity 2.5% -
Convertibles 0.7% -
Other 0.3% -
Cash 1.6% -

Credit Quality Distributionas of 09/30/2019

Type Portfolio Index
BBB 3.8% 1.6%
BB 38.1% 47.6%
B 42.0% 37.6%
<B 15.0% 13.2%
Not Rated 1.2% -

CHARACTERISTICS as of 09/30/2019

Portfolio Index
Portfolio Index
Average Coupon 6.34% 6.36%
Average Maturity 6.53 Years 5.90 Years
Average Effective Duration 3.66 Years 3.43 Years
Average Yield to Worst 6.35% 5.87%



High Yield Opportunistic Institutional Composite

Average Annual Returns as of 10/31/2019

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
Gross of Fees 12.91% 8.48% 6.49% 6.08% 8.86% 7.87%
Net of Fees 12.44% 7.94% 5.96% 5.55% 8.32% 7.34%
ICE BofAML U.S. High Yield Constrained Index 11.76% 8.32% 6.04% 5.18% 7.67% 6.78%

Calendar Year Returnsas of 10/31/2019

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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