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We run two basic investment strategies and one overlay.

Income Strategy

The objective of the strategy is to deliver a stable stream of returns with limited drawdown. This is achieved by investing mainly in a broadly diversified EM high yield fixed income portfolio in order to limit specific credit risk and maintain a high level of liquidity. The strategy seeks to extract a high level of recurrent income, while benefiting from specific capital appreciation gains at micro or macro level.

Value / Recovery Strategy

The objective of the strategy is to deliver high returns dependent upon the turnaround of distressed assets and deep value instruments. The strategy is mainly focused on emerging markets. This involves active to passive participation in debt restructuring committees, commitment of capital in deep value assets whose recovery is expected through the realization of identified catalysts. The strategy is characterized by lower liquidity but in exchange bears, in general, less short-term market risk and more idiosyncratic and concentration risk.

Tactical Overlay

The strategy involves investments in liquid and benchmark instruments in emerging and developed markets in order to participate in short-term market trends and hedge global macro and fat-tail risks when identified.