Investment Process

Disciplined team oriented fixed income investment process
In addition to risk management, we approach the financial markets with a focus on Fundamentals, Technicals, and Valuation (FTV) at each stage of our investment decision process
Draw on the breadth of understanding of the full spectrum of credit risk from government securities to distressed debt
Security selection focused on relative valuation, balancing risk/reward to find the most compelling total return opportunities

Fundamentals	Technicals
Global and regional economic outlook Fiscal and monetary policy Industry/Sector themes Fundamental credit profile analysis	Liquidity/flow of investors Dealer inventories Market sentiment Other supply/demand considerations

Valuation
Absolute yields/spread levels Inter-market/country spreads Intra-market spreads Relative value

Portfolio Management/Trading	Fundamentals
Overall portfolio responsibility Sector and quality allocation Manage portfolio risk Client relations	Update on industry outlook Review portfolio holdings Update financial models and forecasts

Portfolio Management/Trading	Credit Strategy Overlay
Market technicals Relative value Trading Monitor holdings	Review sector weightings Ensure consistency Portfolio constraints Portfolio manager strategy Industry analyst view Identify opportunities

Credit Research/Distressed Debt
Credit analysis Valuation analysis Monitor holdings

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