Fixed income

U.S. High Yield Bond Strategy

The strategy pursues total return, a high level of current income, and capital appreciation by investing in below-investment-grade debt securities across the credit-quality spectrum and capital structure.

Competitive advantages

Clock

Investment horizon

The team uses a six-month investment horizon to anticipate market inflection points.

Adjust

Multiple levers

The team strategically allocates, by objective, to a variety of alpha sources through security selection, sector allocation, and duration and curve positioning.

Trade

Unbiased approach

The team seeks diversified and unbiased sources of alpha in an effort to generate compelling returns over a market cycle.

Investment approach

A consistent approach for thriving in inconsistent fixed income markets

Dedicated sector specialists

The team utilizes a specialist model in which each of the portfolio managers offers significant expertise in a given sector of the global fixed income markets. The team is able to source opportunities and navigate risks by leveraging the best ideas of the diverse team.

Primary research

The team believes primary research conducted by dedicated sector specialists in partnership with our substantial global fixed income research team is the optimal approach to uncover a wide range of investment outcomes.

Relative value focus

The team finds that fixed income markets offer alpha opportunities to active managers that effectively employ a relative value framework to sector, issue selection, duration, and yield curve decisions.

Focused on intentional risk

The team employs robust portfolio construction in combination with comprehensive risk control to take intentional risks and to minimize surprises, which leads to consistent alpha generation over a market cycle.

1 of 4

Composite performance

Average annual returns Add Minus

Average annual returns

(as of 3/31/2024)
1M
3M
YTD
1Y
3Y
5Y
10Y
Inception
Composite (Gross)
1.52
1.92
1.92
10.90
2.62
4.95
5.15
7.92
Composite (Net)
1.48
1.81
1.81
10.35
2.08
4.37
4.55
7.31
Benchmark
1.19
1.51
1.51
11.06
2.21
4.01
4.36
6.49

Performance is historical and does not guarantee future results. For more information, please refer to the GIPS composite report found in the documents section.


Calendar year Add Minus

Calendar year

2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Fund
11.73
-10.71
6.92
7.50
12.63
-1.93
7.55
15.20
-3.75
4.34
Benchmark
13.47
-11.21
5.35
6.07
14.41
-2.27
7.48
17.49
-4.61
2.51

Performance is historical and does not guarantee future results. For more information, please refer to the GIPS composite report found in the documents section.


Our team
Meet the investment team

The team employs a sector specialist model whereby tenured investment professionals are supported by rigorous credit research to source opportunities across global fixed income markets.

View Team Arrow Bottom Left
Chris

Chris Lee

Portfolio Manager

Arrow Bottom Left
Michael

Michael Schueller

Portfolio Manager

Arrow Bottom Left
Contact Us

We look forward to helping you with your investment needs

 

More Contact Options Chevron Small Down

*This composite index consists of the ICE BofA U.S. High Yield Master II Unconstrained Index prior to 1 June 2005 and the ICE BofA U.S. High Yield Constrained Index (formerly ICE BofA U.S. High Yield Master II Constrained Index) since 1 June 2005. Copyright 2020. ICE Data Indices, LLC. All rights reserved.