1Q2024 - Credit Opportunities Fund Commentary

While we anticipate volatility during the remainder of the year, current yields are compelling. We continue to identify attractive opportunities across each segment of the leveraged credit market.

Read the full commentary & disclosures here   

  • The Polen Credit Opportunities Fund  (the “Fund”)  returned 3.27% versus the 1.51% return of the ICE BofA U.S. High Yield Index (the “Index”).
  • Stubborn inflation and resilient economic growth led to lower forecasts for U.S. Federal Reserve rate cuts in 2024, driving interest rates higher.
  • Credit spreads tightened for high yield bonds and leveraged loans, contributing to lower-rated credits' outperformance.
  • The top contributors to the Fund’s absolute performance over the first quarter were Aveanna Healthcare and Specialty Steel.
  • The most significant detractors from absolute performance were American Tire Distributors and Asurion.
  • We view the current environment as favorable for an active approach like ours to capitalize on the best relative value opportunities across the leveraged credit market, regardless of credit rating.

Read the full commentary & disclosures here 

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