Newfleet Asset Management, LLC
Institutional Investors
High Yield
(as of June 30, 2012)
Philosophy
The objective of our High Yield fixed income discipline is to enhance portfolio return over time through superior credit selection. Newfleet blends top down macro-economic analysis with bottom up issue research to build portfolios. We employ a comprehensive research approach to uncover opportunities and avoid credit problems. We seek companies that have good downside protection and are mispriced. We have a secondary focus on under-rated securities.

Portfolio
Characteristics		PortfolioBarclays
HY 2% Issuer Cap
Weighted Average Price$103.04$101.39
Coupon*7.66%8.18%
Yield to Maturity6.57%8.02%
Yield to Worst5.98%7.57%
Option Adjusted Duration3.774.11
Weighted Average Life4.655.31
Option Adjusted Spread479.18638.47
Moody's RatingBa3B2
S&P RatingBB-B+
Source: Barclays Capital
*Average coupon excludes cash equivalents

Top Ten
Credit Issuers in Portfolio		% of
Portfolio
Virgin Media Finance PLC3.6%
Ford Motor Credit Co LLC3.1%
Constellation Brands Inc2.4%
International Lease Finance Corp2.2%
Cascades Inc2.2%
BE Aerospace Inc2.1%
CCO Holdings LLC / CCO Holdings Capital Corp2.1%
Range Resources Corp2.1%
Ally Financial Inc2.0%
Concho Resources Inc2.0%
Percentages reflect only credit issues with maturity of one year or greater

Sector
Weightings		% of
Portfolio		Barclays
HY 2% Issuer Cap
Communications21.9%15.7%
Consumer Cyclical18.3%15.4%
Financial13.7%12.0%
Consumer Non-Cyclical14.8%11.7%
Energy8.5%10.1%
Capital Goods7.0%9.1%
Utilities3.2%8.5%
Basic Industry3.6%8.3%
Technology4.1%6.1%
Transportation0.0% 1.8%
Industrial (Other)0.2%1.3%
Cash4.7%0.0%
   
Source: Barclays Capital
Totals may not add up to 100% due to rounding.

Sector Weightings
Source: Barclays Capital
Totals may not add up to 100% due to rounding.

Quality
Breakdown		% of
Portfolio		Barclays
HY
Aaa4.7%0.0%
Aa0.0%0.0%
A0.0%0.0%
Baa5.6%0.0%
Ba41.6%40.7%
B41.7%43.0%
<B6.4%16.1%
NR0.0%0.3%
Source: Barclays Capital
Newfleet Composite Ratings
Totals may not add up to 100% due to rounding.
Quality Breakdown
© Newfleet Asset Management LLC 2013.