DDJ U.S. Opportunistic High Yield Strategy

The investment objective of the DDJ U.S. Opportunistic High Yield Strategy is to outperform the broader high yield market by primarily targeting middle market opportunities in the lower tier (rated single B and below) of the non-investment grade credit markets. The Opportunistic High Yield strategy employs a deep value approach with the flexibility to invest in a wide range of securities consisting of liquid and illiquid high yield bonds, syndicated loans, direct private loans, certain defaulted securities, mezzanine debt, convertible bonds, preferred equity, and other equity-linked securities. Portfolios are generally concentrated in 60-80 issuers across a wide range of industries primarily located in the United States and Canada with a relatively larger allocation to high conviction investments.