High Yield Fixed Income

The GIA High Yield Fixed Income strategy consists of broadly diversified U.S. dollar denominated portfolios of predominantly U.S. and developed economy domiciled companies. The strategy focuses on securities rated below investment grade or investment grade, and whose yields are high for their credit quality. The securities universe includes U.S. and developed market high yield, emerging markets corporate and quasi-sovereign debt, investment grade corporate bonds and other income-oriented securities.

Key Attributes

  • Bottom-up, fundamentally-driven investment approach
  • Credit research focused on creditworthiness and relative value.
  • Limited exposure to macro risks (interest rates, currency)
  • Apply macroeconomic and geopolitical overlay
  • Risk factor analysis guides portfolio exposures.
  • Active risk management and portfolio review
  • Average credit quality BB/B
  • Currency: U.S. dollars
GIA-High-Yield-Fixed-Strategy-Overview
Fact Sheet

Little Fixer Uppers
(Move Over Joanna and Chip)

No reason to build a new house if the neighbors have already done it for you. Meerkats are great at digging, but they typically just move in to burrows already dug by other animals, such as ground squirrels. They often have as many as 15 entrances and exits with all sorts of chambers and tunnels, some more than six feet deep. There are separate chambers for sleeping and going to the bathroom. A meerkat mob usually has several burrow systems and will relocate every few months.