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Ken Liu Email
VP . Post Advisory Group
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Post has managed its Traditional High Yield strategy since 1993. Traditional high yield securities are primarily rated from BB- to B+ and carry the lowest risk in the high yield spectrum. Investments in this strategy normally include liquid, dollar-denominated securities with an issue size of at least $100 million. Post's Traditional High Yield composite is highly diversified, with internal limits of 15% per industry and 5% per issuer - but in practice exposure is normally under 10% and 3%, respectively. The objective of this strategy is to outperform the benchmark over a full market cycle with below-market volatility. The High Yield Plus strategy has been employed by Post since 1992. It is a tactical combination of high quality, medium quality, and lower quality high yield issues with an overall average quality rating of B to B-. On a very limited basis, the High Yield Plus strategy may invest in private debt, bridge loans, non-U.S. investments and lower quality "stressed" securities. It also may engage in currency hedging for non-U.S. investments. Volatility is reduced through diversification, intensive credit research and a relatively short average life (about five years). The objective of this strategy is to outperform the benchmark with below-market volatility. Post has managed assets in its Strategic funds since 1992. This strategy invests primarily in fixed income securities across the credit spectrum to obtain an overall average quality rating of B to B-. There is a limited amount of private debt, levered equity, bank loans, currency hedging and lower quality securities that may be purchased in this strategy. Volatility is reduced through diversification, intensive credit research and a relatively short average life (about five years). The objective of this strategy is to outperform the benchmark. The Distressed Strategy emphasizes bottom-up credit research to locate and purchase securities trading at a substantial discount to underlying intrinsic value. The strategy is a value oriented strategy that seeks to preserve capital and maximize returns through investments in bankrupt companies, stressed and distressed securities, and other "special situations" investments such as asset liquidations, litigation plays and restructured equities. The Total Return strategy is a multi-strategy credit strategy designed to provide consistent superior returns, while protecting principal. The strategy incorporates a highly research-intensive process and invests opportunistically across corporate asset classes, including stressed and distressed securities, undervalued equities, high yield bonds and bank debt, short selling of debt and equity securities, capital structure arbitrage and event driven investing. Capital preservation is a fundamental priority, as the strategy's objective is to generate risk adjusted returns which are uncorrelated to the major indices while maintaining lower volatility. The Leveraged Loan Strategy has the investment objective of achieving a risk-adjusted high rate of return through investments in senior secured bank loans of below investment grade companies or derivatives on such loans (e.g., total return swaps), supplemented by investments in other below investment grade fixed income assets. Moderate leverage is typically used in this strategy. Approximately 75%-85% of a portfolio in this strategy will be invested in par bank loans of U.S. companies, first secured loans with an average rating of BB-. About 15%-25% of a portfolio in this strategy will be opportunistically invested in second lien loans, floating rate notes, high yield bonds and short-term bonds.Post Advisory Group Address
2049 Century Park EastLos Angeles, CA
United States