Disciplined and consistent strategy since 2015, successfully navigating multiple credit cycles.

In-depth bottom-up analysis combined with top-down, counter-cyclical positioning.

Flexible across the credit spectrum—investment grade, high yield, loans, preferred shares, convertible bonds, and more—depending on the fixed income environment and risk/reward profile.

Unconstrained by duration and credit quality, with the willingness to invest in unrated bonds where positive risk/reward exists.

Business-first mindset: we see ourselves as business analysts before security analysts.

Leverage our past management experience for deeper insight into corporate operations.

Culture of independent credit research, guided by an extensive 13-factor research report checklist.

Internal credit risk ratings may diverge from public agencies where our analysis reveals unique opportunities.

Aim to build a large defensive barrier against losses by establishing a wide margin of safety within every investment we make.