Separately Managed Account Leveraged Credit

Polen U.S. High Yield SMA

U.S. High Yield Credit

Our Polen U.S. High Yield strategy aims to outperform a broad U.S. high yield benchmark over a full credit cycle, with alpha primarily driven by security selection.

Strategy Snapshot
Inception Date 07-31-2020
Strategy Assets —
Range of Issuers 60–120
Style Leveraged Credit
Benchmark ICE BofA U.S. High Yield
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
Inception
Polen U.S. High Yield (Gross)
3.27%
2.89%
6.70%
9.16%
4.07%
5.51%
Polen U.S. High Yield (Net)
3.19%
2.72%
6.36%
8.80%
3.76%
5.20%
ICE BofA US High Yield Index
2.45%
1.89%
5.74%
8.78%
4.13%
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 Composite was created July 31, 2020. Please review the GIPS Composite Report for the complete performance record and methodology.

Portfolio

Portfolio overview.

Top ten issuers

Issuer
Weight
Cable & Wireless Communications Limited
3.6%
CoreWeave
2.6%
Mcgraw-Hill Global Education
2.5%
SCIH Salt Holdings
2.0%
Asurion
1.9%
Jane Street Group
1.9%
Advantage Solutions / Advantage Sales & Marketing
1.8%
Teine Energy
1.8%
Specialty Steel
1.8%
AMN Healthcare
1.7%
Total
21.5%

Portfolio characteristics

Characteristic
Strategy
Number of Issuers
105
Top 10 Issuers
22%
Top 25 Issuers
41.1%
Average Coupon
7.0%
Average Blended Yield
7.2%
Average Price
$98.9
Adj. Effective Duration
3.2 years

Asset type allocation

Senior Unsecured Notes54.8%
Secured Notes38.8%
Holdco/Subordinated Debt2.8%
Term Loans1.4%
Cash & Equivalents1.4%
Equity0.8%

Credit quality allocation

BBB4.3%
BB51.9%
B33.4%
CCC6.3%
CC1.3%
C0.1%
D0.9%
NR1.9%
Risk Statistics

Risk-adjusted returns.

Since inception · As of 06-30-2026

vs. ICE BofA US High Yield Index

Strategy
Benchmark
Alpha
0.00
—
Beta
0.99
1.00
Sharpe Ratio
0.31
0.32
Upside Capture Ratio
98.55%
100.00%
Downside Capture Ratio
97.91%
100.00%
Information Ratio
-0.01
—
Standard Deviation
6.78%
6.56%
Materials

Strategy materials.

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

Invest in U.S. High Yield.

Speak with our team to learn more about the SMA or other vehicle options.

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. High Yield 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 selected account as of the date shown, may change, and are not recommendations to buy or sell any security.