Investment Approach

• Focus on BB/B securities, with a measured allocation to lower-quality bonds when valuations are compelling.
• Proprietary fundamental research is key — emphasis on industries that enjoy stable cash flow and rational competitive environments.
• Extensive analyst interaction across sectors and asset classes promotes broad credit perspective.
• Disciplined risk management practices employed in conjunction with broad portfolio diversification to manage risk profile.
• Full integration of Environmental, Social, and Governance (ESG) factors in the investment process to seek to enhance investment decisions.