Interdisciplinary Investing

Integrating Diversity at Scale

WHAT WE AIM TO DELIVER

Portfolio construction that
is designed to generate

attractive returns independent of macro outcomes and without “calling the market,” while considering macro factors at all times.

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Culture of collaboration and transparency

enables us to be a strategic and solutions-oriented thought partner to our investors, delivering value above and beyond investment returns.

We seek to create customized investment products at scale to fit specific risk/return goals.

Strong risk management culture

and rigorous underwriting systems preserve capital while seeking to generate consistent performance.

Superior hedging, trading and portfolio construction enabled by timely evaluation of macro, idiosyncratic, market, and other risk factors/scenarios.

OUR INVESTMENT UNIVERSE


Our dedicated investment teams draw on their deep expertise and use an interdisciplinary approach to identify opportunities across 12 investment strategies spanning five thematic groups.

19

Investment Professionals 

Fundamental investing across the capital structure, using longs and shorts in debt and equity of global corporates and financials.
  • Long/short credit
  • Capital structure relative value
  • Curve trades
  • Index relative value

5

Investment Professionals 

Fundamental investing in stressed and distressed companies, using longs and shorts in both debt and equity.
  • Multi-faceted approach does not rely on conventional distressed cycle
  • Invests in both traditional and non-traditional distressed opportunities, including:
    • Bankruptcies, restructurings and litigations
    • Liquidations
    • Turnarounds
    • Stressed capital structures and recapitalizations
    • Sectors undergoing thematic dislocations or transformations

9

Investment Professionals 

Fundamental, global stock-picking approach targeting low net directionality in idiosyncratic and mispriced securities.
  • Absolute return strategy aimed at generating long and short alpha
  • Individual stock selection based on bottom-up fundamental research
  • Targeting low net market exposure with tactical investments in tail hedges

15

Investment Professionals 

Investing in structured credit of underlying consumer and corporate assets as well as debt and equity of specialty finance companies and real estate.
  • Asset-backed securities: Consumer and commercial ABS as well as private investments in finance companies
  • Synthetic structured credit: Pools of corporate credit, often in derivative form, to capitalize on “legacy assets” or dislocations
  • Mortgages: Mortgage bonds and mortgage-related assets; private investments in mortgage businesses
  • Commercial real estate: Equity and debt in commercial real estate or investments in operating businesses with real estate exposure
  • Collateralized Loan Obligations (CLOs)

5

Investment Professionals 

Global relative value trading in volatility, cash and derivative instruments, including basis trading.
  • Volatility and cross markets: Volatility and equity derivatives trading across asset classes; non-directional approach
  • Index and bond basis: Trading in credit derivatives and bonds; exposure to basis and relative value relationships
  • Convertibles: Opportunistic trading in convertible bonds and related equity-based instruments

8

Investment Professionals 

Investing in liquid securities utilizing short-term and long-term quantitative signals based on fundamental underpinnings.
  • Risk-balanced portfolio performs well through market cycles
  • Near-zero correlation to broader market indices
  • Hundreds of signals maximize breadth and robustness
  • Proprietary models improve risk management and add incremental alpha

OUR DISTINCTIVE CAPABILITIES

Fundamental Research

Dedicated team of 30 research and sector specialists with deep and specialized industry expertise develop high conviction, non-consensus views.

Nimble inter-disciplinary approach to pursue a broad spectrum of opportunities.

Portfolio Construction

Non-siloed and collaborative approach across markets, instruments and liquidity spectrum, integrating diverse strategies and disciplines.

Allocation of investments systematically and dynamically across multiple funds and products.

Dedicated Execution

Significant counterparty to dealers providing privileged access to dealer balance sheets and deal flow.

Best pricing due to scale, long term relationships and dedicated execution.

Quantitative Strategies

Continuously innovate to capture early mover premiums by blending cutting-edge technology with human judgment.

Analyze and capture opportunities across 10,000+ investments daily with accuracy, confidence and speed.

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Client Service

Provide easy to access performance/risk data and knowledge/insights via best-in-class servicing and communications.

Custom Solutions

Third party risk aggregation, online investor portal, regular and custom analytics.

Risk Management

Ability to rapidly aggregate/ disaggregate full complement of risk and performance drivers and have “all eyes” transparency across firm.

Operations

“Institutional-strength” scalable infrastructure to maintain robust and flexible operations and enable seamless allocations across investment funds.