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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Mar 31, 2026
The core investment thesis of the Seix High Yield Bond SMA is that high yield corporate bonds are supported by a favorable combination of improved income levels, resilient corporate fundamentals, and technical conditions that will deliver attractive risk-adjusted returns despite macro volatility. During the first quarter of 2026, the strategy outperformed its benchmark, the ICE BofA U.S. High Yield Cash Pay Index, by 50 basis points, returning -0.64% net compared to the benchmark's -0.53% decline (gross return was -0.03%). Key performance contributors included financials, paper & packaging, and building construction, while energy, cable satellite, and restaurant/food/beverage/supermarkets detracted. The high yield market faced significant headwinds in early 2026, driven by a rapid reassessment of artificial intelligence disruption risks in software-heavy sectors and geopolitical conflicts in the Middle East that pushed crude prices up by 75%. This energy shock rekindled inflationary fears and caused interest rate expectations to shift away from easing toward potential tightening. Despite these pressures, the manager maintains a constructive outlook, highlighting that proactive corporate refinancing has extended maturities and mitigated default risks, while elevated all-in yields provide a protective cushion against future rate volatility.
High yield corporate bonds offer attractive risk-adjusted returns supported by stable issuer fundamentals, extended maturity profiles, and strong all-in yields that cushion against ongoing interest rate and geopolitical volatility.
We remain constructive on the outlook for high yield corporate bonds. We believe the asset class is supported by a favorable combination of improved income levels, resilient issuer fundamentals, and technical conditions that continue to underpin demand. While macro uncertainty and periodic volatility are likely to persist, we believe high yield is well-positioned to deliver attractive risk-adjusted returns over time.
Neutral / Balanced
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