Upper Tier U.S. High Yield

Management & Investment Process

  • Management

  • The investment team leverages a high degree of experience and knowledge within a disciplined investment process. 

    • David J. Breazzano

      Head of Team, Portfolio Manager

      • 40

      • Years Industry
    • Roman Rjanikov

      Portfolio Manager

      • 18

      • Years Industry
  • 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.

    • 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
    • Minimize Credit Losses
      • Calculate and continuously monitor company’s total enterprise value
      • Focus on loan-to-value and cash flow
    • Legal Protections
      • Understand contractual protections in debt agreements
      • Assess “waterfall of value” and downside scenarios
    • 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 CCC-rated bonds and/or leveraged loans