Investment Approach

• Concentrated high yield portfolio primarily focused on the traditional U.S. high yield investment opportunity set.
• Independent, fundamental, bottom-up credit selection process, combined with forward-looking research to identify potential total return ideas.
• Seeks to capitalize on price inefficiencies that create attractive relative value opportunities across issuers due to size, credit quality, and geography.
• Flexibility to search across the full capital structure to uncover high conviction ideas and access smaller, under-researched credit issuers.
• Disciplined risk management practices.