High Yield

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.

High Yield Strategy Highlights

  • Inception Date: 01 October 2007

  • Focuses primarily on individual security selection and portfolio diversification

  • Benchmarked against the ICE BofA US High Yield Constrained Index, which imposes a 2% issuer constraint and includes deferred interest bonds and payment-in-kind securities

  • Invests primarily in US dollar-denominated high yield corporate securities

  • Has broad flexibility to allocate to other asset classes, including investment grade securities, structured securities, floating rate loans and equity

Investment Solutions

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 Adam Spielman
Adam Spielman

Senior Managing Director, Head of Leveraged Credit

photo of  Karl Petrovich
Karl Petrovich

Managing Director, Portfolio Manager

photo of John Broz
John Broz

Vice President, Portfolio Manager

Our Insights