While most corporate high-yield funds, both passive and active, are concerned with beating or hugging their benchmarks regardless of risk, our risk-management focus is also guided by a clear definition of opportunity. This allows the “TCD” strategy to shine in turbulent times.

Rigorous fundamental analysis targeting corporate issuers with stable and improving balance sheets.

Our macro risk-focused “guardrail approach” keeps the strategy cyclically aware, away from industries in secular decline, and adverse to overpaying when spreads are overly tight. This meant that coming into 2020, the fund was particularly short maturity and cash-rich and able to capitalize when distress selling offered good credits for excellent yields.