Our investment strategy combines macro,
bottom-up analysis as well as field trips.
Our investment evaluation process combines top-down and bottom-up analysis, together with site visits. We combine various factors in our analysis. We closely observe various macroeconomic trends, central bank policies, political dynamics and bond supply risk.
In addition we closely monitor issuers’ financial and operating performance, both from a historical and forecast perspective. In this, we focus on FCF forecasts and other financial metrics, relative value, and recovery value analyses. We maintain daily contact with an extensive network of active traders and sell-side analysts from top global research houses.
Time spent on-the-ground with issuers on site visits enables us to further our understanding of the opportunities and risks fundamental to their businesses, as well as the countries they operate in. Our investment evaluation process is thorough yet efficient, and therefore enables us to maximize value both from long-term fundamentals and short-term technicals.
Our portfolio primarily comprises bonds with BB or B ratings, with select exposure to CCC corporates, where we see value opportunities associated with factors such as mispriced country risk, market under-appreciation, or turnaround potential.