Leveraged Finance Global High Yield

Investment Objective

 The investment objective of PGIM Fixed Income's Global High Yield Strategy is to outperform the Bloomberg Barclays Global High Yield Index or a similar index by +125 bps.

Investment Philosophy

The Global High Yield Strategy places an emphasis on high yield opportunities around the world, in multiple countries and currencies.

Investment Process

PGIM Fixed Income employs a disciplined, three-step investment process to manage Global High Yield Portfolios:

  1. Leverage firm resources to define the current global backdrop and risk appetite

  2. Security selection, portfolio construction, risk budgeting

    Macroeconomic & Fundamental Research

    Market strategists provide continual macroeconomic assessment

    Research team evaluates all issuers in the universe. Focus on downside protection:

    • Asset Quality
    • Capital Structure
    • Covenants
    Arrow Right

    Relative Value Analysis

    Portfolio managers evaluate and maximize relative value among approved universe:

    • Choose regions & select countries that reflect macro perspective
    • Choose fundamentally strong credits with best relative value
    Arrow Right

    Portfolio Construction

    Credit Analysts, portfolio managers, and risk managers provide continuous oversite:

    • Actively monitor all credits
    • Closely monitor industry and issuer exposures
  3. A rigorous process is employed to monitor risk at all levels

Senior Portfolio Managers

 

Robert Cignarella

CFA, Head of Leveraged Finance

 

Jonathan Butler

Head of European Leveraged Finance