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:
Enhanced Yields: 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
Customisation: 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
12 years of industry experience
1 year at Eaton Vance
BBA, University of Wisconsin at Madison
Justin H. Bourgette, CFA
Portfolio Manager - Customized Solutions
10 years of industry experience
10 years with Eaton Vance
MS, Boston University
BS, Worcester Polytechnic Institute
John P. Redding
Portfolio Manager - Floating Rate Loan
31 years of industry experience
18 years with Eaton Vance
BS, University at Albany

Benchmark

Blended benchmark is 50% BAML Global High Yield ex Subordinated Financial Index - Hedged USD (HYDF) and 50% S&P/LSTA Leveraged Loan Index