Public Credit

Emerging Markets Distressed Debt – Seeks to provide superior long-term capital appreciation through proactive, distressed investing in emerging markets corporate, sovereign or quasi-sovereign entities. Strategies target stressed/distressed and defaulted bonds which are typically large, global Eurobond issues, governed by U.S. or U.K. law, underwritten in public capital markets and generally U.S. dollar denominated. Opportunities are identified by our proprietary, fundamental research and both liquid/stressed and distressed/defaulted credits are evaluated to benefit our various mandates. Positions are then sized relative to market liquidity. Alpha generation takes place through bottom-up, intensive credit evaluation/monitoring combined with the top-down perspective of a highly experienced team of career-dedicated emerging markets investors. Portfolios are hedged typically using sovereign credit default swaps.

Emerging Markets Debt – Our underlying approach to investing in long-only emerging markets debt securities is built upon both a qualitative and quantitative process designed to identify opportunities which are mispriced versus their underlying fundamental value. For both sovereign and corporate investments, rigorous fundamental based valuation tools are employed to provide a foundation for identifying those credits which are on an improving trend and more importantly, in our view are mispriced relative to an internal credit score. We manage EMD strategies focused on USD Sovereign Debt, Local Markets Sovereign Debt, Corporate Debt, High Yield Corporate Debt and Asset Allocation.