Expertise & Collaboration
Our experienced credit specialists take a collaborative approach to strategy and security selection, focusing on fundamental research and discerning analysis.
Location: Waltham, MA
Head of Team: David Breazzano, Head of Team, Portfolio Manager
Average Team Member Experience: 18 years (as of 09-30-2024)
Our Investment Philosophy
Exploit Structural Inefficiencies & Mispriced Risk
Maintain Flexibility to Uncover Relative Value Opportunities
Perform Fundamental Analysis & Extensive Due Diligence
Execute Long Holding/Compounding Period
Meet the Team
CREDIT
Our Strategic Approach
Credit Investment Philosophy
We strive to generate attractive risk-adjusted returns by employing a disciplined, bottom-up investment process with strict adherence to downside protection. Through rigorous due diligence with an emphasis on preserving a margin of safety, we believe that we can construct concentrated portfolios that can outperform broad high yield indices over a full credit cycle.
Credit Investment Process
1: Leveraged Credit Universe
- 2,000+ issuers of high yield bonds, syndicated loans, and private debt
2: Sourcing
- Secondary debt securities
- Select primary issues
- Originate other investment opportunities
3: First Pass
- Classify investment thesis
- Sound initial risk-versus-reward
- Strong downside protection
4: Deep Dive
- Validate investment thesis
- Due diligence and competitive analysis
- Compelling loan-to-value and robust legal protections
- ESG factors evaluated
5: Portfolio Construction
- Disciplined accumulation
- Overweight high-confidence positions
- Long-term investment mentality
6: Active Monitoring
- Regularly challenge thesis
- Adjust position weightings
- Proactive credit management