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Aiming to generate a high level of income by primarily investing in a diversified portfolio of credit securities.


Our disciplined and robust process, attention to risk management, independent research and integrated team approach are all vital components.

Fraser Lundie

Head of Credit

Truly global

We explore high-yield and investment-grade opportunities worldwide.

Across the capital structure

We search the capital structures of issuers for instruments that offer superior relative value.

Selecting securities, not just issuers

Security selection can be equally as important as issuer selection in identifying strong relative-value opportunities

Experienced team

A skilled, integrated team whose principal members have worked together since 2004.

Investment approach

Exposure to the team’s best long-only investments, combined with strategies that defend against market volatility, should generate positive absolute returns through the cycle. To achieve this, the portfolio is split into return-seeking and defensive buckets:

  • Best selection: high-conviction, long-only investments in corporate bonds, loans, convertible bonds and derivatives. Comprises two-thirds of the overall portfolio
  • Defensive: a range of bearish strategies that aim to defend against market falls. Comprises one-third of the overall portfolio.

We believe that global, relative-value investing throughout the capital structures of issuers can deliver strong returns through the cycle.

Through top-down analysis, we determine our risk appetite and the return prospects of different regions and sectors. These findings direct our disciplined, bottom-up research, in which we seek exposure to issuers with attractive credit risks and aim to determine which securities in their capital structures provide superior relative value.

Our global approach, in which we invest throughout the US, Europe and the emerging markets, provides us with access to an expansive set of opportunities and sources of liquidity.


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