High Yield Debt: Three experts present

Presented by

Bernard Lalière, DPAM | Jerry Cudzil, TCW | David Ennett, Artemis Investment Management | Martin Hurst, IPE

About this talk

3 experts, 3 angles, followed by panel discussion. DPAM: The core of our active strategy is the search for undervalued bonds and attractive yields within the global and European High Yield markets. We use a conviction-based fundamental bottom-up approach and a top-down macro-economic analysis, which we combine with an ESG focus. Artemis Investment Management: We will discuss the opportunity in investing on a truly active basis in Global High Yield. We will cover the importance of active management in terms of high yield return dynamics, index composition, and avoiding a backward looking approach to ESG risk management. TCW: We will focus on our value-based approach to manage credit risks through the cycle, meaning: (1) Generating an efficient risk/return profile by using a disciplined cost averaging approach to… (2) patiently position for inflection points in High Yield which are often violent and illiquid while... (3) minimising credit losses through a disciplined asset-based lending philosophy The expert speakers: • Bernard Lalière, head of high yield, DPAM A professional with more than 23 years of experience, Bernard co-managing DPAM’s Global and European high yield strategies since then. • Jerry Cudzil, specialist portfolio manager and head of credit trading, TCW. Jerry oversees the Fixed Income group’s trading of investment grade corporate bonds, high yield bonds, leveraged loans and credit derivatives. • David Ennett, fund manager, Artemis Investment Management David joined Artemis in February 2019 from Kames Capital, where he was head of high yield.

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