Technical (High Credit Quality/High Liquidity)

Strategy

• Opportunities driven by the concentration of passive, long only, tax-exempt investors, undercapitalized dealer community, new issue supply imbalances and changes in interest rates, market momentum and volatility

Characteristics

• Secondary and new issue dislocations
• Basis trades
• Cross-asset relative value
• Typical investment horizon of less than 6 months

Fundamental Advantage

• Extensive trading experience in liquid markets
• Deep understanding of catalysts for change in momentum and liquidity
• Extensive sourcing network