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High Yield Credit

Highland is one of the largest and most experienced global alternative credit managers offering a variety of credit-oriented products and long-only credit strategies that provide exposure to the liquid, corporate high yield credit market. High yield credit includes bank loans (also known as leveraged loans). Highland has been investing in high yield credit since 1993, and managing dedicated long-only high yield credit commingled funds and separate accounts since 2000. We are one of the largest managers of bank loans in the world, with approximately $13 billion in bank loan assets under management. Highland’s long-only high yield credit investment philosophy is a value-oriented, long-term view that combines several elements:

  • Bottom-up fundamental analysis from our large credit research team – focusing on capital preservation through a deep understanding of issuer characteristics, underlying collateral, industry and competitive forces and structure
  • Top-down technical analysis with proprietary sector and risk allocation – linking real-time macro perspectives with portfolio positioning
  • “Alpha-by-avoidance” – we believe that what separates great managers from good managers is how they identify and avoid or sell potential losers

High-Yield-Credit-Process

Highland’s long-only strategy is a total return focused approach that provides exposure to the broader below-investment grade corporate credit markets, and targets returns that are intended to exceed benchmarks such as the Credit Suisse Leveraged Loan Index. This strategy is available via commingled funds, separate accounts and retail funds. Additionally, with separate accounts, Highland can create customized mandates with investments across all asset classes, particularly:

  • Bank loans
  • High yield bonds
  • Stressed loans
  • Distressed credit
  • CLOs

For more information on Highland’s high yield credit business, please contact InvestorRelations@HighlandCapital.com.

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