Upper Tier U.S. High Yield
Management & Investment Process
Management
The investment team leverages high degrees of experience and knowledge within a disciplined investment process. Learn more about the Team.
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David J. Breazzano
Head of Team, Portfolio Manager
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40
- Years Industry
Experience
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Roman Rjanikov
Portfolio Manager
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18
- Years Industry
Experience
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Investment Process
The strategy seeks to exploit inefficiencies in the upper-tier segment (rated B- and above) of the high yield market. Polen Capital Credit incorporates ESG considerations in the investment process and aims to construct a fixed income portfolio with a yield advantage relative to the applicable benchmark.
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Bottom-up Fundamental Research
- Analyze entire company, not just an individual bond/loan tranche
- 360-degree view of business – customers, suppliers, competitors
- Identify sustainable competitive advantages
- ESG factors evaluated for each investment
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Minimize Credit Losses
- Calculate and continuously monitor company’s total enterprise value
- Focus on loan-to-value and cash flow
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Legal Protections
- Understand contractual protections in debt agreements
- Assess “waterfall of value” and downside scenarios
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Portfolio Construction
- Security selection drives performance
- No macro bets or themes
- Minimize credit losses and portfolio volatility
- Concentrated portfolios – overweight high confidence positions
- Long-term investment horizon
- Monitor to provide for appropriate diversification and liquidity
- ESG integration consistent with client views
- Limited exposure to CCCs and/or leveraged loans
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Other Strategies Managed
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