Investment Strategies › Leveraged Credit › U.S. Opportunistic High Yield › SMA
Separately Managed Account Leveraged Credit

Polen U.S. Opportunistic High Yield SMA

U.S. High Yield Credit

The Polen U.S. Opportunistic High Yield strategy seeks overall total return consisting of a high level of current income together with long-term capital appreciation.

Strategy Snapshot
Inception Date 03-31-1998
Strategy Assets —
Range of Issuers 50–90
Style Leveraged Credit
Benchmark ICE BofA US High Yield Index, S&P UBS Leveraged Loan Index
Portfolio Management

Experience in Leveraged Credit Investing

Ben Santonelli
Portfolio Manager
22 years of industry experience
John Sherman
Portfolio Manager
22 years of industry experience
Performance

Composite returns.

As of 06-30-2026
QTR
YTD
1 Yr
3 Yr
5 Yr
10 Yr
Inception
Polen Credit U.S. Opportunistic High Yield (Gross)
2.07%
1.68%
3.12%
6.83%
4.34%
6.68%
7.53%
Polen Credit U.S. Opportunistic High Yield (Net)
1.95%
1.45%
2.66%
6.37%
3.85%
6.19%
6.82%
ICE BofA US High Yield Index
2.45%
1.89%
5.74%
8.78%
4.13%
5.70%
6.11%
S&P UBS Leveraged Loan Index
1.85%
1.36%
4.29%
7.57%
5.93%
5.48%
4.91%

Past performance is not indicative of future results. Performance is calculated after transaction costs and commissions, includes reinvested income, and is shown gross and net of fees. Periods over one year are annualized. The U.S. Opportunistic High Yield Composite inception date is March 31, 1998. Please review the accompanying GIPS Composite Report for the complete methodology.

Portfolio

Portfolio overview.

Top ten issuers

Issuer
Weight
Material Sciences
3.5%
Baffinland Iron Mines
3.3%
Specialty Steel
3.2%
Shearer's Foods
2.4%
Dexko Global
2.3%
AthenaHealth Group
2.2%
Covetrus
2.1%
Caliber Collision
2.1%
TransDigm
2.1%
Duravant
1.9%
Total
25.1%

Portfolio characteristics

Characteristic
Strategy
ICE BofA U.S. High Yield
Number of Issuers
104
854
Top 10 Issuers
25%
11%
Top 25 Issuers
49%
20.2%
Average Coupon
8%
6.7%
Average Blended Yield
8.5%
7.1%
Average Price
$96.8
$98.4
Adj. Effective Duration
2.7 years
3 years

Asset type allocation

Senior Unsecured Notes37.3%
Secured Notes36.8%
Term Loans17.5%
Holdco/Subordinated Debt4.5%
Equity2.9%
Cash & Equivalents1.0%

Credit quality allocation

BB23.6%
B42.4%
CCC21.7%
CC0.3%
C0.1%
D3.4%
NR8.5%
Risk Statistics

Risk-adjusted returns.

Since inception · As of 06-30-2026

vs. ICE BofA US High Yield Index

Strategy
Benchmark
Alpha
1.61
—
Beta
0.77
1.00
Sharpe Ratio
0.60
0.45
Upside Capture Ratio
84.61%
100.00%
Downside Capture Ratio
69.22%
100.00%
Information Ratio
0.16
—
Standard Deviation
7.78%
8.73%
Materials

Strategy materials.

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

Invest in U.S. Opportunistic High Yield.

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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. High Yield Index and S&P UBS Leveraged Loan Index are 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.