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
      Experience

  • Roman Rjanikov

    Portfolio Manager

    • 18

    • Years Industry
      Experience

• 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