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High Yield Strategy

The strategy may be appropriate for investors seeking diversification and the potential rewards associated with investing in high yield, fixed income securities. The investment process strives to add value through issue selection, sector/industry selection, and opportunistic trading. The strategy will generally overweight sectors and industries with well-valued companies whose business profiles are viewed to be improving.

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Portfolio Attributes

Inception Date 1/1/2012
Benchmark Bloomberg U.S. High Yield 2% Issuer Capped Bond Index
Non-U.S. Exposure Maximum 15%

Maximum Industry Exposure

 25%

Maximum Issuer Exposure

 5%

Portfolio Managers Industry Start Date

  • David L. Albrycht, CFA
    President and Chief Investment Officer

    1985

  • Eric Hess, CFA
    Senior Managing Director, Portfolio Manager, and High Yield Sector Head

    2006

  • Matthew Kearns, CFA
    Portfolio Manager, U.S. and Euro High Yield

    1997

  • William J. Eastwood, CFA
    Senior Managing Director, Portfolio Manager, and Head of Trading

    1995

Documents

Important risk considerations

Credit & Interest: Debt securities are subject to various risks, the most prominent of which are credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt securities may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.
High Yield-High Risk Fixed Income Securities: There is a greater level of credit risk and price volatility involved with high yield securities than investment grade securities.
ABS/MBS: Changes in interest rates can cause both extension and prepayment risks for asset- and mortgage-backed securities. These securities are also subject to risks associated with the repayment of underlying collateral.
Foreign Investing: Investing internationally involves additional risks such as currency, political, accounting, economic, and market risk.
Bank Loans: Loans may be unsecured or not fully collateralized, may be subject to restrictions on resale and/or trade infrequently on the secondary market. Loans can carry significant credit and call risk, can be difficult to value and have longer settlement times than other investments, which can make loans relatively illiquid at times.