2Q2023 – Opportunistic High Yield Commentary

Despite the uncertain environment, we still maintain a constructive view of the market

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  • During the second quarter, the Polen Capital U.S. Opportunistic High Yield Composite outperformed the ICE BofA U.S. High Yield Index.
  • Leveraged credit markets benefited from easing banking sector concerns, as well as better than expected economic data and earnings.
  • Polen Capital did not make any significant changes to portfolio positioning during the quarter.
  • We believe current yield levels are very attractive and more than compensate investors for the increased risk.
  • We continue to identify attractive opportunities across each segment of the leveraged credit market. We believe the current environment is favorable for an active manager like Polen Capital to potentially generate significant alpha for our clients

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