Separately Managed Account Leveraged Credit

Polen U.S. High Yield BB/B SMA

U.S. High Yield Credit

Our Polen Credit U.S. High Yield BB/B strategy targets the higher-rated segment of the U.S. high-yield universe and seeks to generate outperformance primarily through security selection.

Strategy Snapshot
Inception Date 11-01-2012
Strategy Assets —
Range of Issuers 80–110
Style Leveraged Credit
Benchmark ICE BofA U.S. Cash Pay High Yield Constrained (BB-B)
Portfolio Management

Experience in Leveraged Credit Investing

Roman Rjanikov
Portfolio Manager
24 years of industry experience
Performance

Composite returns.

QTR
YTD
1 Yr
3 Yr
5 Yr
10 Yr
Inception
Polen Credit U.S. High Yield BB/B (Gross)
2.67%
2.45%
6.43%
8.17%
3.73%
5.75%
5.32%
Polen Credit U.S. High Yield BB/B (Net)
2.61%
2.34%
6.20%
7.93%
3.50%
5.48%
5.01%
ICE BofA U.S. Cash Pay High Yield Constrained (BB-B) Index
2.43%
2.04%
5.97%
8.34%
3.92%
5.45%
5.21%

Past performance is not indicative of future results. Returns are shown gross and net of fees, after transaction costs and commissions, and include reinvested income. Periods over one year are annualized. The U.S. High Yield BB/B Composite inception date is November 1, 2012. Please review the accompanying GIPS Composite Report for the complete methodology.

Portfolio

Portfolio overview.

Top ten issuers

Issuer
Weight
TransDigm
2.0%
Burger King
1.9%
Yum! Brands
1.9%
Patrick Industries
1.8%
Hilton Worldwide Finance
1.7%
Thor Industries
1.7%
AMN Healthcare
1.6%
Clear Channel Outdoor Holdings
1.6%
Mcgraw-Hill Global Education
1.6%
Charter Communications
1.6%
Total
17.5%

Portfolio characteristics

Characteristic
Strategy
Number of Issuers
96
Top 10 Issuers
17.5%
Top 25 Issuers
38.4%
Average Coupon
5.8%
Average Blended Yield
6.1%
Average Price
$98.9
Adj. Effective Duration
2.8 years

Asset type allocation

Senior Unsecured Notes64.6%
Secured Notes22.2%
Term Loans7.3%
Cash & Equivalents3.7%
Holdco/Subordinated Debt2.2%

Credit quality allocation

BBB2.9%
BB73.6%
B23.5%
Risk Statistics

Risk-adjusted returns.

Since inception · As of 06-30-2026

vs. ICE BofA BB-B US Cash Pay High Yield Constrained Index

Strategy
Benchmark
Alpha
-0.33
—
Beta
1.04
1.00
Sharpe Ratio
0.47
0.53
Upside Capture Ratio
100.23%
100.00%
Downside Capture Ratio
103.58%
100.00%
Information Ratio
-0.17
—
Standard Deviation
6.84%
6.50%
Materials

Strategy materials.

PDF
SMA Factsheet
Q2 2026
PDF
Quarterly Commentary
Q2 2026
PDF
GIPS Composite Report
Current

Invest in U.S. High Yield BB/B.

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Important Disclosures

Past performance is not indicative of future results. Returns are presented gross and net of management fees, after transaction costs and commissions, and include reinvested income. Periods over one year are annualized. Please review the GIPS Composite Report for the complete performance record and methodology.

The ICE BofA U.S. Cash Pay High Yield Constrained (BB-B) Index is shown for comparison. An investor cannot invest directly in an index; index performance does not reflect management fees, transaction costs, or taxes.

Issuer weights and allocations represent a representative account as of the date shown, may change, and are not recommendations to buy or sell any security.