High Yield Fixed Income

Red Headed Stranger
Rebecca Ward
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About High Yield Fixed Income

The strategy, managed by a team with deep experience investing together through multiple market cycles, utilizes the full breadth of the firm’s fundamental research capabilities to identify companies across the market cap spectrum in order to exploit inefficiencies resulting in a differentiated portfolio.

Investment Process

Investment Objective:

Seeks to outperform the ICE BofA US High Yield BB-B Index over a full market cycle.

Investment Overview:

An actively managed portfolio of high yield bonds selected through rigorous fundamental analysis focused on cash flow generation allows us to take advantage of inefficiencies in market prices while reducing portfolio risks. We believe our team approach focused on quality companies can generate competitive returns with lower risk than the broader high yield market. In our view, the key to success is to know when a high yield bond of a good company becomes a good high yield bond investment.

Strategy Summary

as of 3/31/2021
Asset Class
US Fixed Income
Investment Style
Bottom-Up Security Selection
Portfolio Benchmark
ICE BofA U.S. High Yield BB-B
Commingled Fund
Open
Separate Account
Open

Additional Information

Media Spotlight

Mark Giambrone Discusses Midterm Elections and Markets on Fox Business
November 7, 2018
View on FoxBusiness.com
Mark Giambrone Discusses Market Trends on CNBC
November 6, 2018
View on CNBC.com>

Portfolio Characteristics

as of 3/31/2021
Portfolio
ICE BofA US High Yield BB-B
Average Credit Quality
B+
BB-
Average Weighted Coupon
5.7
5.6
Average Maturity
6.6
4.9
Effective Duration (yrs)
3.9
4.2
Yield to Worst
5.1
3.9
Current Yield
5.7
5.4

Performance

Annualized Portfolio Returns as of 3/31/2021
Qtr*
1 Year
3 Year
5 Year
10 Year
High Yield Fixed Income- Gross Returns
2.24%
30.26%
8.55%
8.24%
6.65%
High Yield Fixed Income- Net Returns
2.12%
29.76%
8.05%
7.74%
6.15%
ICE BofA US High Yield BB-B
0.29%
21.10%
6.79%
7.47%
6.31%
Merrill Lynch BB/B
5.69%
6.49%
6.29%
8.07%
6.66%

* Most recent quarter returns are not annualized. Past performance does not guarantee future results and there is no assurance that the Strategy will achieve its investment objective.

Disclosure

Sources for data noted above are from APX, BondEdge, Merrill Lynch and Bloomberg Index Services Limited as of the date specified.

Barrow Hanley gross returns are shown before investment management fees and custody expenses. Index returns do not reflect transaction costs, management fees, and other expenses. Performance is expressed in U.S. currency. Net returns are calculated using a model fee. The model fee is based on the highest tier of our standard fee schedule. Barrow, Hanley, Mewhinney & Strauss, LLC claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

Merrill Lynch index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its Third Party Suppliers and has been licensed for use by Barrow, Hanley, Mewhinney & Strauss, LLC. ICE Data and its Third Party Suppliers accept no liability in connection with its use.

All institutional product information has been provided by Barrow, Hanley, Mewhinney & Strauss, LLC. Any questions about this material or requests for additional information may be made directly to the firm by contacting us here.

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