Opportunistic investments in non-investment grade corporate bonds for enhanced yield and capital appreciation.
AMI's High Yield Fixed Income Strategy seeks to provide both income and capital growth by targeting opportunities beyond the constraints of traditional benchmarks. We believe that high yield indices are structurally flawed, as they overweight the most indebted issuers. Instead, our approach emphasizes smaller issuers, special situations, and a bias toward higher-quality BB-rated credits. Through rigorous bottom-up security selection, complemented by disciplined top-down risk management, we aim to deliver strong risk-adjusted returns while actively monitoring portfolio holdings for changes in fundamental quality.
Focus on BB-rated credits, with selective exposure to smaller issuers and special situations overlooked by benchmarks.
Strategy targets both attractive current income and long-term capital appreciation.
Aims to outperform through prudent credit selection rather than reliance on market beta.
Inception Date | January 1, 2013 |
Investment Philosophy | Active management targeting misunderstood opportunities to generate alpha |
Target Universe | Investment grade bonds, high yield bonds, convertible bonds |
Portfolio Construction | Concentrated portfolio of between 20-50 registered bonds |
Typical Duration | 2-5 years |
Benchmark | ICE Bof A BB-B 1-10 year US High Yield Index |
Risk Management | Rigorous bottom up Analysis, top down risk management |
Key Differentiator | Focus on downside capture |
Cash Position | Under 2% |
Investment Style | Quality high yield |