Investment PhilosophyOur investment philosophy is based on the following:
- Distressed conditions create opportunities to acquire assets at less than intrinsic value - in an inherently inefficient market.
- We add value primarily through bottom-up security selection and constant monitoring.
- We generally grow positions over time as events affirm investment thesis.
Investment ApproachThe investment approach encompasses the following:
- The strategy seeks to provide a high absolute level of total return, including both capital appreciation and current income, without reference to any specific benchmark.
- The Distressed Debt strategy employs a contrarian, value-driven approach that uses fundamental analysis to identify securities of issuers experiencing financial or operating difficulties or operating in troubled industries that represent attractive risk-reward characteristics.
- The team expects that portfolios generally will have 25 to 50 issuers in a variety of industries.
- The investment focus will be primarily in the U.S. market, including Canada.