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Co-managed by Philippe Berthelot and Vincent Marioni, the new fund aims to reap the performance potential of high yield credit bonds
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The high yield private debt market is a genuine opportunity these days for investors looking for new sources of economic return amid a backdrop of low economic growth among developed nations. Invested in credit bonds [1] with a “High Yield” rating [2] and chiefly issued in euros, the new Natixis Euro High Income Fund [3] streamlines and diversifies the portfolio over a minimum recommended investment period of 3 years.
The Natixis Euro High Income Fund is for all investors: professional players and non-professionals.
High Yield: an asset class with strong potential
The Natixis Euro High Income Fund investment universe boasts some major advantages:
Research at the heart of the investment process
With a higher volatility than Investment Grade bonds, the High Yield asset class requires some extremely thorough expertise in selecting the issuers. The two co-managers, Philippe Berthelot, CFA, and Vincent Marioni, EFFAS, both have over 15 years’ experience with this class of assets, and can draw on the expert knowledge of the internal research team of 11 credit analysts at Natixis Asset Management. Sector specialists in all ratings, the analysts seek out the sturdiest issuers offering attractive risk/return ratios.
Stringent diversification criteria
In addition to the "bottom up" [5] management process operated on the portfolio, the management team deploys maximum internal holding criteria by sectors and issuers for the best possible diversification of the portfolio. Since it was created the Natixis Euro High Income Fund portfolio has comprised between 60 and 80 securities, and managed funds stood at EUR 104 million on March 25, 2011.
Next Finance , April 2011
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[1] Corporate or subordinated bonds
[2] Rating less than BBB- (Standard & Poor’s Ratings Services), Baa3 (Moody’s Investors Service, Inc.) or equivalent for Fitch Ratings.
[3] A compartment of Natixis International Funds (Lux) I, a SICAV under Luxembourg law created in November 2010.
[4] Source: Merrill Lynch Indices HP00, December 2001 to January 2011.
[5] The general term for an investment process in which microeconomic aspects take priority over macroeconomic factors ("top down"), i.e. in which each investment transaction is carried out in respect of the intrinsic qualities of a particular issuer.
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