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    Credit portfolio trading: Extracting value from high yield

    Credit portfolio trading extracting value from high yield

    August 01, 2024 Fixed income

    In less liquid bond markets like high yield, a lack of liquidity and the analytical burden associated with researching esoteric bonds can lead to persistent underperformance against a broad high yield index. We believe that a systematic approach, that treats credit portfolio trading as an alpha source, can offer a solution. Credit portfolio trading has been a core aspect of our systematic approach to high yield since 2012.

    Summary:

    • Liquidity and analytical burdens plague high yield strategies
    • Credit portfolio trading seeks to address illiquidity
    • A systematic approach may help high yield investors
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