Overview
Overview
The MacKay Shields’ Global Fixed Income team seeks to achieve attractive risk-adjusted returns by identifying diversified sources of alpha across the fixed income market. The portfolio is designed to seek total return by allocating across a broad opportunity set, including high yield.
Diversified Sources of Alpha
Seeks diversified sources of alpha to generate compelling risk adjusted returns.
Differentiated Investment Process
Uncovers value through deep fundamental research and security selection while utilizing macroeconomic analysis to inform risk taking.
Focus on Disciplined Risk Management
Emphasis on rigorous security analysis to help mitigate downside risk, with portfolio level risk controls to monitor volatility.
Philosophy
Philosophy
The Global Fixed Income (GFI) Team’s philosophy is grounded in rigorous fundamental analysis seeking to generate compelling risk adjusted returns with capital preservation.
The GFI Team believes an integrated investment process combining top-down macroeconomic analysis with rigorous fundamental research can generate attractive risk-adjusted returns over a market cycle.
- Macroeconomic analysis guides portfolio exposures by identifying opportunities and mitigating economic risks
- Relative value security selection across diversified sources of alpha
- Rigorous security analysis seeks to mitigate downside risk, with strong risk controls to manage volatility versus client benchmarks
Process
Process
The Global Fixed Income (GFI) team derives alpha from deep fundamental research and security selection while utilizing macroeconomic analysis to inform risk taking.
The top-down analysis is rooted in macroeconomic research. A central tenet of the top-down approach is the recognition that monetary policy, as guided by the major developed market central banks, is the single largest contributor to credit creation and financial conditions. By understanding the importance of macroeconomic influences on the different stages of the economic cycle the team is better able to position portfolios over a full cycle. The bottom-up component of the process seeks diversified sources of alpha by focusing on two important goals; 1) assessing and quantifying the downside risk of each and every investment under consideration, and 2) evaluating and measuring its total return potential. Importantly, this analysis is considered within an absolute and relative framework. Furthermore, this approach to security selection helps shape and influence the ultimate sector weightings within portfolios. The portfolio managers will ultimately determine an investment’s suitability for a given portfolio, which is influenced by the specific portfolio style, guidelines and risk parameters.
Team
Team
MacKay Shields
Boutique offering a range of fixed income strategies including investment-grade high yield, bank loans and municipals as well as fundamental and systematic equities.
Neil Moriarty
Senior Managing Director, Co-Head of Global Fixed Income
Michael DePalma
Senior Managing Director, Co-Head of Global Fixed Income
Zachary Aronson
Managing Director
Lesya Paisley
Managing Director
Cameron White
Director