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CC&L High Yield Bond

Investment Objective

  • Seeks to provide income and the opportunity for capital appreciation over the longer term by investing primarily in high-yield bonds or other income producing securities.
  • Generate returns equal to the return of the benchmark plus 1.25% per annum over a market cycle.
  • The benchmark will be comprised of the following: 30% Bank of America Merrill Lynch BB US High Yield Index, 30% Bank of America Merrill Lynch BB US High Yield Index (hedged CAD), 30% FTSE Canada Corporate BBB Bond Index and 10% Bank of America Merrill Lynch BB-B Canada High Yield Index.


  • Higher yield than traditional fixed income strategies.
  • Suitable for de-risking strategies i.e. as an alternative to equity.
  • Equity-like returns with lower volatility than equities.
  • ESG considerations integrated into the strategy.

Investment Philosophy

  • Economic fundamentals drive markets.
  • Inefficiencies in the high yield bond market create opportunities to add value through active management.
  • Detailed fundamental research and prudent security selection can lead to attractive risk adjusted returns.

Investment Process

  • Credit research: Detailed credit research is used to identify undiscovered opportunities in the high yield debt market.
  • Investment criteria: Emphasis is placed on issuers with strong asset coverage, unique business model, sustainable competitive advantage or a compelling restructuring plan. Insights from CC&L’s fundamental equity team supplement fixed income research. 
  • Proprietary corporate security selection: Each company is assigned a company total return forecast based on bottom-up factors including, but not limited to, a company’s operating profile, quality and incentives of management, and financial profile.
  • Concentrated portfolio: Portfolio is focused on highest conviction investment opportunities.

Portfolio Construction & Risk Management

  • Investment decisions are implemented within a rigorous risk management framework.
  • Risk exposures are identified and considered at both security and total portfolio levels.
  • Dedicated trading experts are solely focused on identifying the best implementation strategy. 
  • Robust controls measure and monitor active risk for every client, every day.

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