High Yield Beta

The High Yield Beta Strategy offers an efficient, disciplined and consistent approach designed to deliver competitive results versus both active and passive high yield options. The strategy is designed to overcome the challenges in today's high yield marketplace by providing liquid, cost-effective beta exposure that covers the full credit quality spectrum of the broad U.S. high yield market. The strategy targets the returns of the Bloomberg Barclays U.S. Corporate High Yield Index over a full market cycle, but differs from a "pure" index strategy in that it relaxes the constraints of a traditional index approach. The strategy also seeks to maintain volatility levels in line with the benchmark and to carefully manage default risk.