Idiosyncratic (Low Credit Quality/High Liquidity)

Strategy

• Investments whose returns are driven by unique catalysts to the name or sector, such as specific events, supply and demand imbalances, changes in fundamentals, policy changes and other distinctive credit events

Characteristics

• Event driven
• Mispriced fundamental credit
• Cross-market relative value
• Typical investment horizon of 6 to 12 months

Fundamental Advantage

• Decades of experience in high yield municipal market investing, idiosyncratic credit analysis, and structuring and financing techniques
• Flexible mandate allows capture of cross-market dislocations