Why It’s Relevant
Returns anchored to events, not to markets
The framework highlights situations where credit risk has already improved but bond prices lag the adjustment, supporting a more controlled assessment of corporate credit exposure.
The risk is already gone before you enter
Most credit strategies carry the event risk — will the capital raise complete, will the refinancing close. This strategy enters only after those questions are answered. The position is sized for a cleaner, more bounded risk than existed before.
A return stream equities don't replicate
Spread compression and carry on bonds of fundamentally improved issuers. The driver is balance-sheet change, not rates, not equity markets, not macro direction. In 2020, the strategy entered three positions during the COVID drawdown and finished the year without loss.
Every position is explainable
Each trade is anchored to a specific, documented event. Entry, catalyst, repricing thesis, exit — all on record. The investment committee rationale is built into the process, not written after the fact.
Market Insights
Selected research notes on macro regimes, risk dynamics, and portfolio implications across market cycles.
