We are in the midst of a global shift in demographics as the Baby Boom generation ages and faces retirement, causing a need for reduced volatility in their investments.  We believe this creates real issues for future money flows.  We …

We’ve always viewed default risk as one of the primary risks in high yield investing.  Unlike stocks, bonds have an end date and value via their maturity date and maturity price of par.  There may be a lot of price …

The US dollar and bond markets will continue to benefit from a flight to quality trade keeping rates much lower than expected by many.  However, this is not because we see the US economy performing exceptionally well; rather, just less …

As we noted last week, we have made some strategy adjustments as we work to help improve liquidity and dampen volatility.  Along those lines, we have implemented a sell discipline.  While as active managers we are always monitoring our holdings …

Investing is a dynamic process and managers must adjust to the market in which they find themselves.  We have done just that with some recent strategy adjustments.  To address the liquidity issues and concerns within the high yield market, we …