About Us

Investment process

The investment process is followed with strict discipline from analysis, to approval, to ongoing monitoring.

Analyst Review

Initial assessment

  • Opportunities are reviewed and updated daily by all participants
  • Relative value vs. peers and existing capital structure
  • Industry characteristics
  • Potential for improvement and vulnerabilities identified

PM review

Portfolio analysis

  • Impact on portfolio yield
  • Impact on portfolio risk profile
 

Analyst / PM deep dive

Formal review

  • Cash flow modeling and asset coverage analysis
  • Discussion with management team
  • Review of credit agreements and collateral, if applicable
  • Analyst forms expectations for the business and financial profile of the issuer
  • Inclusion of review and terms into proprietary portal (earnings reviews, initial assessments, company updates)

Credit review

Decision

 

  • Analyst presents assessment and recommendation to portfolio managers
  • Portfolio managers consider whether to proceed
  • Purchases may require the consent of a majority of portfolio managers

Ongoing surveillance and compliance

Portfolio monitoring

  • Portfolio is monitored for compliance
  • Surveillance is continuous and reviews are done quarterly
  • Investments not meeting analyst or market expectations may be assigned to a watch list
  • In many cases, sales may be authorized by a single portfolio manager
 

Note: The research process above is provided for illustrative purposes only, and no assurance can be given that it will be applied to any portfolio at any given time.
Source: Guardian as of June 30, 2017.

Note: The investment process above is provided for illustrative purposes only, and no assurance can be given that it will be applied to any portfolio at any given time.
Source: Guardian as of June 30, 2017.