Investment Overview

Intelligent Integration of top-down and bottom-up construction, using an active approach to take advantage of credit dislocations and flexibility to allocate and diversify across risk-reducing and opportunistic asset classes.
The Multi-Asset Credit Strategy seeks to provide the following:
Income Generation: Exposure to a diversified range of higher-yielding credit asset classes and risk factors
Protection Against Rising Rates: Low duration profiles of high yield and leveraged loans may provide a level of protection from rising rates
Dynamic Asset Allocation: An active approach to take advantage of credit dislocations and the flexibility to allocate to diversifying and risk-reducing asset classes
Ease Governance Budget Constraints: No need to select or monitor multiple managers or to time market entry and exit points
Customization: Access to a variety of risk/return and liquidity profiles that can match to a scheme's particular needs

Portfolio Construction

Core Portfolio: Allocations to Global High Yield Bonds and Leveraged Loans: 60-100%
Global High Yield Bonds: 20-80%
Global Leveraged Loans: 20-80%
Tactical Investments: Ability to tactically invest in risk reducing and/or opportunistic asset classes. Maximum 40%
Global Sovereign Bonds
Global Investment Grade Credit
Securitized Credit
Preferred Securities
Convertible Bonds
Emerging Market Debt
Ex-Ante Tracking Error Total: 200-500 bps
Asset Allocation: 100-200 bps
Credit Selection: 100-200 bps
Yield Curve Positioning: 0-100 bps

Investment Team

Jeffrey D. Mueller

Portfolio Manager - Global High Yield

15 years of industry experience

4 years with Eaton Vance

BBA, University of Wisconsin at Madison

Justin H. Bourgette, CFA

Associate Director of Customized Solutions, Portfolio Manager

14 years of industry experience

12 years with Eaton Vance

BS, Worcester Polytechnic Institute

MS, Boston University

John P. Redding

Portfolio manager - Leveraged Loan

35 years of industry experience

22 years with Eaton Vance

BS, State University of New York - Albany



Primary Benchmark: 50% ICE BofAML Developed Markets High Yield ex Subordinated Financial Index - Hedged USD and 50% S&P/LSTA Leveraged Loan Index
Secondary Benchmark: ICE BofAML US Dollar 3-Month Deposit Offered Rate Constant Maturity Index