Credit

Investment Philosophy

Our fixed income investment approach combines bottom-up research with top-down sector selection to consistently seek favorable, risk-adjusted results. We believe that the volatility of market prices exceeds that of fundamental asset values. This dislocation creates opportunities for investors with the skilled personnel, infrastructure and insight necessary to identify relative value generated by market inefficiencies.

Credit Strategy Highlights

  • Inception Date: 01 January 2001

  • Focuses primarily on sector rotation, individual security selection, and to a lesser extent, duration and yield curve management

  • Benchmarked against ICE BofA 85% Investment Grade / 15% High Yield Index

  • Invests primarily in US dollar-denominated investment grade bonds

  • Has broad flexibility to invest in other asset classes and sectors, including high yield, structured, US Treasury and US agency securities

  • When allocating to high yield securities, the strategy generally has a bias toward securities with a B or above rating (or its equivalent) at time of purchase

Portfolio Managers

Experienced Team

PPM is an investment-led organization which utilizes a team-based approach to manage the assets of the portfolio. Portfolio managers work closely with asset class specialists, research analysts and traders to generate ideas and to gain greater insight on the market environment as they make investment decisions.

photo of Mark Redfearn
Mark Redfearn, CFA

Senior Managing Director, Portfolio Manager

photo of Michael Kennedy
Michael Kennedy, CFA

Senior Managing Director, Portfolio Manager

photo of Matt Willey
Matthew Willey, CFA, CPA

Senior Managing Director, Portfolio Manager and Head of Quantitative Research

Our Insights