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Investment Philosophy

We believe that the leveraged finance market in Europe is now entering a maturity stage which allows investors to manoeuvre effectively. This includes both the growth in the size of the bank loan and high yield markets as well as the growth of the credit default swap market. With growing liquidity, active investors can now take long and short positions and trade differentials in search for consistent and risk-adjusted absolute returns.

We view our strategy simply as fundamental credit analysis. Once we have formed our credit view, we then choose the best position in the company's capital structure to implement that view and trade long or short positions, or both. Some of these positions are longer term core positions where both carry and capital appreciation contribute to returns. Others are more short term trading positions where capital gains are the majority of the return contribution.