High Yield Fixed Income

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About High Yield Fixed Income

The strategy, managed by a team with deep experience investing together, 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

date format is mm/dd/yyyy
as of 06/30/2026
Asset Class
U.S. Fixed Income
Investment Style
Bottom-Up Security Selection
Portfolio Benchmark
ICE BofA U.S. High Yield BB-B
Separate Account
Open

Additional Information

Media Spotlight

Mark Giambrone Discusses Midterm Elections and Markets on Fox Business
November 7, 2018
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Mark Giambrone Discusses Market Trends on CNBC
November 6, 2018
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Characteristics

as of 06/30/2026
date format is mm/dd/yyyy
BH HY
ICE BofA U.S. High Yield BB-B
Coupon (%)
7.15
6.53
Current Yield (%)
7.41
6.6
Duration (Years)
2.22
3.07
Maturity (Yrs)
5.22
4.85
Average Quality
B1
Ba3
YTW (%)
7.92
6.51

Performance

Annualized Returns as of 06/30/2026
date format is mm/dd/yyyy
Qtr*
1 Year
3 Year
5 Year
10 Year
BH High Yield Fixed Income - Gross Returns
2.89%
6.84
%
10.01
%
5.55
%
6.78
%
BH High Yield Fixed Income - Net Returns
2.78%
6.35
%
9.50
%
5.05
%
6.28
%
ICE BofA U.S. High Yield BB-B
2.45%
6.02
%
8.36
%
3.94
%
5.48
%

* Most recent quarter returns are not annualized. Past performance is not indicative of future results. The value of an investment can go down as well as up as a result of market and currency fluctuations.

Portfolio Characteristics

as of 3/31/2023
Portfolio
ICE BofA US High Yield BB-B
No items found.

Performance

Annualized Portfolio Returns as of 3/31/2023
Qtr*
1 Year
3 Year
5 Year
10 Year
No items found.
No items found.
No items found.

* 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



Investing involves risk including the possible loss of principal. The investment capabilities described herein involve risks due, among other things, to the nature of the underlying investments. All examples herein are for illustrative purposes only and there can be no assurance that any particular investment objective will be realised or any investment strategy seeking to achieve such objective will be successful. Please refer to the fund prospectus for more detail on risks. Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.

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