Credit · Polen Capital

Leveraged Credit Franchise

Leveraged credit market inefficiencies create opportunities. Our active, high-conviction strategies aim to capitalize on them to deliver a significant, durable yield advantage.

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Expertise & Collaboration

Our experienced credit specialists take a collaborative approach to investment strategy and security selection, focusing on fundamental research and discerning analysis.

Location Waltham, MA & London, UK
Head of Team David Blake
Our Investment Philosophy

A disciplined, bottom-up process with strict adherence to downside protection.

01

Exploit Structural Inefficiencies & Mispriced Risk

Identify areas of the leveraged credit market where structural dynamics create mispriced risk and compelling entry points.

02

Maintain Flexibility to Uncover Relative Value

Allocate across the full credit spectrum — high yield bonds, loans, structured credit, and private credit — to capture the best risk-adjusted opportunities.

03

Perform Fundamental Analysis & Extensive Due Diligence

Rigorous due diligence into credit quality, cash flow sustainability, capital structure, and legal protections.

04

Execute Long Holding / Compounding Periods

Long holding periods aim to deliver a compounding yield advantage while minimizing transaction costs and reinvestment risk.

Our Strategic Approach

Leveraged Credit Approach

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.

1
Idea Generation
Screen the universe for structural inefficiencies and mispriced risk across high yield bonds, leveraged loans, and private credit.
2
Fundamental Research
In-depth credit analysis including business quality, cash flow, capital structure, covenants, and legal protections.
3
Portfolio Construction
Build concentrated, high-conviction portfolios with rigorous position sizing and diversification controls.
4
Risk Management
Continuous monitoring with proactive management of macro and market risks to protect capital and preserve margin of safety.
Featured Capability

Collateralized Loan Obligations (CLOs)

A Distinct Capability Founded On a Rich History

With over 25 years of experience investing in high yield markets and private credit, Polen Capital extends its capabilities to Collateralized Loan Obligations (CLOs). Led by CLO-industry veterans with a distinguished track record, we craft income solutions designed to offer durable and compelling returns.

Learn more about our CLO capabilities
25+
Years of credit expertise
20
Investment professionals
Global
Waltham, MA & London, UK
Featured Capability

European High Yield

A Focus on Generating Consistent, Risk-Adjusted Returns

Why European High Yield?

We believe the European high yield market has evolved from niche to noteworthy, demonstrating resilience through various economic conditions and market shocks. Its growth to become a broad, liquid opportunity set for active managers reflects a maturing of European capital markets.

Our approach blends bottom-up insights with a macro lens.

Fundamentals
Competitive moat, growth prospects, cash flow generation, balance sheets, capital structure, covenants
Valuation
Absolute and relative value, capital upside potential, income yield, market technicals
Conviction
Confidence in the business, view of management, view of sponsor, margin for error
Market Factors
Credit/default cycle, absolute valuations, geopolitical risk, inflation & interest rate risk

We believe non-investment grade, middle-market companies exist in an inefficient area of the market, providing us with a source of attractive investment opportunities.

David Blake
Head of Leveraged Credit Team

Polen Capital Credit, LLC, a wholly-owned subsidiary of Polen Capital Management, LLC, is an investment adviser registered with the SEC. The information is provided for illustrative purposes only. Opinions and views expressed constitute the judgment of Polen Capital as of the period indicated, may involve a number of assumptions and estimates which are not guaranteed and are subject to change without update. Although the information and any opinions or views given have been obtained from or based on sources believed to be reliable, no warranty or representation is made as to their correctness, completeness, or accuracy. Opinions, estimates, forecasts, and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without update, including any forward-looking estimates or statements which are based on certain expectations and assumptions. The views and strategies described may not be suitable for all clients. This information does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. Past performance does not guarantee future results and profitable results cannot be guaranteed.

Interested in Leveraged Credit?

Learn more about our credit strategies or connect with our team.

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