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 and investment process illustrated above are provided for illustrative purposes only, and no assurance can be given that they will be applied to any portfolio at any given time.