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Short Duration High Yield

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Institutional Strategy > Fixed Income > Short Duration High Yield

Short Duration High Yield

A strategy that seeks to generate high current income by investing in short duration high yield fixed income securities

  • Disciplined repeatable process managed by an experienced and stable investment team
  • Two sources of added value: avoidance of credit deterioration and relative value analysis
  • Comprehensive credit analysis driven by proprietary “Credit Best Practices” with a risk management overlay and ESG framework

Overview

Investment Philosophy

  • Investment process seeks high current income while aiming to protect capital
  • Focus on B and BB opportunistic use: BBB and CCC credit tiers, floating rate corporate loans
  • Short duration is a natural extension of the team's existing high yield capabilities
  • Risk management consistent with client objectives and constraints

 

Investment Process

  • Universe

    All corporate securities rated below BBB-, which is comprised of approximately 1,000 issuers, focusing on bonds maturing and trading yield to call inside of 5 years.
  • Eliminate

    Less liquid issuers, defaulted and distressed securities and outliers and high-default potential issuers.
  • Relative Value Screen

    Driven by longstanding "Credit Best Practices" checklist. Approximately 500 issuers.
  • Best Ideas

    Credit analysis capabilities are complemented by a technology-driven set of proprietary analytical processes to identify, select and monitor portfolio positions. We leverage a customized database containing detailed information on over 2,000 U.S. and Euro-denominated credits. We select 100-150 issuers to own in client portfolios.

Integrating Environmental, Social and Governance in Municipal Fixed Income

Jim Lyman, Director of Research for Municipal Fixed Income outlines our impact approach though investing in projects that support socially and environmentally sustainable communities, such as mass transit, affordable housing, and school classrooms, with a bias toward underserved communities.
Visit www.nb.com/esg for more.

Management

Russ Covode
Senior Portfolio Manager
32 Years of industry experience
15 Years with Neuberger Berman
Dan Doyle, CFA
Senior Portfolio Manager
36 Years of industry experience
7 Years with Neuberger Berman
Christopher Kocinski, CFA
Senior Portfolio Manager
14 Years of industry experience
14 Years with Neuberger Berman
Joe Lind
Senior Portfolio Manager
21 Years of industry experience
2 Years with Neuberger Berman