Investment Philosophy - High Yield
Bradford & Marzec LLC High Yield philosophy incorporates the use of only the higher quality tiers of the High Yield universe (BB and B) in an effort to maximize total returns in a high yield portfolio during normal economic periods, but minimize loss of principal during periods of rapid credit deterioration. Within this framework the average credit quality of the portfolio is shifted according to our assessment of the present state of the economic cycle. In this manner we endeavor to enhance returns in favorable economic environments when credit conditions are improving, and protect principal by adopting a more defensive average credit quality when the economic cycle is deteriorating.

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