Q4 2025 Structured Credit Value Commentary
Despite macro uncertainty and a prolonged government shutdown, the U.S. economy remained resilient in 2025, as additional interest rate cuts contributed to curve steepening.
Learn MoreObjective
Aims to provide a high level of income and capital appreciation and seeks low volatility and sensitivity to changes in credit spreads and interest rates through a securitized product portfolio.
Why This Strategy?
Team
Jay Menozzi and Boris Peresechensky, who have extensive experience investing in the securitized fixed income markets, have been working together since 2005.
Philosophy
Our bottom-up intrinsic value investing approach, characterized by higher yield, low volatility, and consistent returns, is designed to take advantage of opportunities across the inefficient securitized fixed income universe.
Process
Leveraging the team’s deep expertise, we source and execute across sectors, utilizing our two-step intrinsic valuation process to uncover bonds with latent value that can accrue to the portfolio over time, regardless of market environment.