Bowling with bumpers
On this my second blog post and going forward, I intend to share a little of how the High Yield Bond Team thinks about the investing process and how we look at current events. As Kamyar has spoken to in an earlier post, credit selection is a key driver of outperformance and this is especially so for high yield where companies typically have more leverage and feel the effects of poor earnings more acutely. A truism that we’ve talked about at length with clients is that outperformance in high yield relies a great deal upon avoiding defaults, also known as a permanent impairment of capital.
