AXA Global High Income Z Gr Inc

Willis Owen Research Commentary

Co-managers James Gledhill and Carl Whitbeck aim to produce long-term high yield returns, while avoiding capital losses, from a broadly diversified portfolio of sub-investment grade bonds. Their process has clearly defined steps that blend economic views and bottom-up fundamental bond analysis along with rigorous risk management. Geographic and sector exposure are secondary drivers, with positions determined by the preference for companies with sound business models and predictable cash flows. The managers are not afraid to invest a significant portion of the portfolio in lower-rated securities (CCC) with higher yields, if they are considered stable enough to avoid default before maturity. We believe this strategy delivers an attractive yield without taking on a lot of risk.

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