Investment Approach

• Focus primarily on corporate bonds denominated in euros.
• Integrate proprietary credit and capital markets research to identify market inefficiencies.
• Seek to add value primarily through individual security selection, sector rotation and term-structure positioning.
• Credit research is the most important element of our corporate bond process and includes credit analysis and relative value assessment.
• Risk management is central to our process with diversification by issuer and industry the most important elements in our approach to risk management.