Investment Overview

Intelligent Integration of top-down and bottom-up construction, using an active approach to take advantage of credit dislocations and flexibility to allocate and diversify across risk-reducing and opportunistic asset classes.
The Multi-Asset Credit Strategy seeks to provide the following:
Income Generation: Exposure to a diversified range of higher-yielding credit asset classes and risk factors
Protection Against Rising Rates: Low duration profiles of high yield and leveraged loans may provide a level of protection from rising rates
Dynamic Asset Allocation: An active approach to take advantage of credit dislocations and the flexibility to allocate to diversifying and risk-reducing asset classes
Ease Governance Budget Constraints: No need to select or monitor multiple managers or to time market entry and exit points
Customization: Access to a variety of risk/return and liquidity profiles that can match to a scheme's particular needs
 

Portfolio Construction

Core Portfolio: Allocations to Global High Yield Bonds and Leveraged Loans: 60-100%
Global High Yield Bonds: 20-80%
Global Leveraged Loans: 20-80%
Tactical Investments: Ability to tactically invest in risk reducing and/or opportunistic asset classes. Maximum 40%.
Cash
Global Sovereign Bonds
Global Investment Grade Credit
Structured Credit
Preferred Securities
Convertible Bonds
Emerging Market Debt
Ex-Ante Tracking Error Total: 200-500 bps
Asset Allocation: 100-200 bps
Credit Selection: 100-200 bps
Yield Curve Positioning: 0-100 bps
 

Investment Team

Jeffrey D. Mueller
Portfolio Manager - Global High Yield
14 years of industry experience
3 year at Eaton Vance
BBA, University of Wisconsin at Madison
Justin H. Bourgette, CFA
Associate Director of Customized Solutions, Portfolio Manager
13 years of industry experience
11 years with Eaton Vance
MS, Boston University
BS, Worcester Polytechnic Institute
John P. Redding
Portfolio Manager - Leveraged Loan
33 years of industry experience
20 years with Eaton Vance
BS, University at Albany
 

Benchmark

Primary Benchmark: 50% ICE BofAML Developed Markets High Yield ex-Subordinated Financial Index - Hedged USD (HYDF) and 50% S&P/LSTA Leveraged Loan Index
Secondary Benchmark: ICE BofAML 3-Month LIBOR