Our Global High Yield strategy provides diversified exposure to below-investment-grade corporate bonds across developed markets, with flexibility to invest across the capital structure in fixed-rate, floating-rate, and hybrid instruments. The strategy is designed to address investors’ need for higher income and improved risk-adjusted returns relative to traditional fixed-income, while contributing diversification and lower duration compared with many investment-grade benchmarks.

We employ a disciplined, active investment process centered on bottom-up fundamental research, complemented by macro and valuation perspectives to manage external risks. A large team of sector-focused analysts and portfolio managers covers issuers across regions and industries, supported by BSP’s broader global credit platform for sourcing and information flow. Risk management emphasizes position sizing, diversification, and a clear sell discipline, including re-underwriting credits after price declines and drawing on special situations expertise where necessary. For clients, the strategy aims to provide a balanced profile of income and total return, with an emphasis on default loss mitigation and consistent application of ESG and risk frameworks.

Our U.S. High Yield strategy invests in below-investment-grade bonds issued by U.S. companies, with flexibility to invest across the capital structure in fixed-rate, floating-rate, and hybrid instruments. The strategy is designed to provide access to one of the deepest and most liquid high yield markets globally, targeting a combination of current income, total return, and diversification for fixed-income portfolios.

The investment approach combines dedicated U.S. high yield expertise with insights from BSP’s global credit platform. We rely on detailed bottom-up credit work, supported by macro views that inform sector positioning and risk budgets. The team maintains flexibility to allocate across senior unsecured bonds, subordinated debt, and select distressed or special situations where the risk-reward profile is compelling. Close relationships with issuers, underwriters, and intermediaries support idea generation and execution. For investors, the strategy aims to mitigate default risk through rigorous credit selection and risk controls, while capturing the higher coupons and potential capital appreciation associated with the U.S. high yield universe.