Credit Funds

Absalon Global High Yield

  • Invest with conviction in 75-125 issues
  • Unconstrained by an index – no relative bets
  • Investing across US, European and EM corporate debt
  • Zero weight unattractive sectors/geographies
  • Credit selection primary driver of returns 

We aim to build a portfolio with an above average yield at below average prices focusing on out-of-favour areas of the market where the risk of default is often overestimated, but where the issuer is on a stable/improving trend.  A large percentage of the portfolio will be invested outside the index. Historically this approach has produced superior returns with substantially lower default rates when compared to a passive or more index-orientated approach and provides investors with genuine diversification benefits.

The team aims to deliver an annual outperformance relative to the Bank of America ML Global High Yield Index (Euro hedged) over the cycle (3-5 years). This outperformance is designed to be principally driven by bottom up credit selection as duration is managed with a preference to be +/- 1 year of the index.

 

Absalon Emerging Markets Corporate Debt

  • Invest with conviction in 75-125 positions
  • Unconstrained by an index – no relative bets
  • Focused on hard currency exposure
  • No limits on Investment Grade/High Yield weightings
  • Zero weight unattractive sectors/geographies
  • Credit selection primary driver of returns

The strategy adopts a similar investment philosophy as the Absalon Global High Yield fund with a distinct focus on value which is then adapted to reflect the broader scope of the Emerging Market debt universe (Investment Grade and High Yield).

The team aims to deliver an annual outperformance relative to the JP Morgan CEMBI BD (Euro hedged) over the cycle (3-5 years). This outperformance is designed to be principally driven by bottom up credit selection as duration is managed with a preference to be +/- 1 year of the index.

 

 

 

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