Global High Yield Full Discretion – Hedged to USD
Overview
Strategy Details
Available Vehicles
- Institutional Separate Account
Portfolio Managers
Matt Eagan, CFA
Portfolio Manager, Head of Full Discretion
Brian Kennedy
Portfolio Manager
Peter Sheehan
Portfolio Manager
Eric Williams
Portfolio Manager
Associate Portfolio Manager3
Chris Romanelli, CFA
Portfolio Manager, Associate Portfolio Manager, High Yield Corporate Strategist
About the Team
High-conviction, active credit investors focused on results.
Investment Strategy
- High conviction, active credit manager
- High yield strategy seeking to exploit cross-sector opportunities across global high yield markets
- Repeatable, deep value equity-like approach to fundamental research and issue selection
- Allocations to out-of-benchmark securities can help to provide value and diversification
- Risk awareness tools overlay fundamental investment process
- May invest up to 10% in non-US dollar denominated securities
- May invest up to 5% in equity securities
- Maximum of 5% per non-government issuer (GSEs excluded)
- Maximum of 25% per industry
Composite Performance
Cumulative Total Return (%)
As of 9/30/2025| Period | Gross | Net | Index |
|---|---|---|---|
| 3 Months | 3.28% | 3.16% | 2.61% |
| Year-To-Date | 7.80% | 7.42% | 7.09% |
Annualized Total Return (%)
As of 9/30/2025| Period | Gross | Net | Index |
|---|---|---|---|
| 1 Year | 9.18% | 8.68% | 7.66% |
| 3 Years | 11.66% | 11.14% | 11.60% |
| 5 Years | 5.20% | 4.70% | 5.15% |
| 10 Years | 5.98% | 5.47% | 6.05% |
| Since 3/1/2016 | 6.52% |
Period Performance (%)
As of 9/30/2025| Year | Gross | Net | Index |
|---|---|---|---|
| 2024 | 10.48% | 9.96% | 9.24% |
| 2023 | 11.76% | 11.24% | 12.97% |
| 2022 | -13.56% | -13.99% | -11.38% |
| 2021 | 3.65% | 3.13% | 3.04% |
| 2020 | 11.85% | 11.29% | 6.48% |
| 2019 | 12.19% | 11.64% | 14.54% |
| 2018 | -2.28% | -2.77% | -1.90% |
| 2017 | 9.21% | 8.67% | 7.99% |
| 2016 | 14.51% | 14.04% | 16.21% |
| 2015 | -5.08% | -5.55% | -2.03% |
Documents
3Associate Portfolio Managers do not have discretion over the strategy.
Important Disclosures
Performance data shown represents past performance and is no guarantee of future results. Current performance may be lower or higher than quoted. Returns are shown in US dollars and are annualized for one and multi-year periods. Gross returns are net of trading costs. Net returns are gross returns less effective management fees.
KEY RISKS: Credit Risk, Issuer Risk, Interest Rate Risk, Liquidity Risk, Non-US Securities Risk, Currency Risk, Prepayment Risk and Extension Risk. Investing involves risk including possible loss of principal.
Diversification does not ensure a profit or guarantee against a loss.
There is no guarantee that the investment objective will be realized or that the strategy will generate positive or excess return.
Investment vehicles may not be available to all investors and are subject to eligibility.
The Composite includes all discretionary accounts with market values at least $5 million managed by Loomis Sayles with the objective of maximizing total rate of return, allowing greater than 50% in high yield, and is benchmarked against a global high yield index that is hedged to US dollar. Loomis Sayles’s security level research and significant allocations to non-index sectors are primary alpha sources for this product. The Composite inception date is October 1, 2012. The Composite was created in February 2014.