Opportunistic High Yield

The objective of the Opportunistic High Yield style is to generate residual returns through tactical allocation of capital toward the best risk-return opportunities available in the US dollar denominated high yield corporate debt market.

The portfolio will primarily invest in US dollar denominated, cash paying debt that are rated in the upper and middle tiers (BB-B rated) of the corporate debt marketplace. PENN will tactically invest in debt rated below B, stressed debt, distressed debt, convertible bonds and convertible preferred securities in situations where, in our view, the return opportunity exceeds the risk of downside loss.