We believe the corporate bond market offers return potential that can only be captured through in-depth credit research, which forms the cornerstone of our investment process. In seeking to generate consistent returns without incurring undue risk, we focus on proprietary, in-depth fundamental research (free cash flow and balance sheet analysis), capital structure and covenant analysis, a detailed review of management and industry trends, building well diversified portfolios, and risk controls.
We believe that the fixed income markets are efficient with respect to interest-rate risk, but that bond markets regularly misprice securities that are exposed to credit, default and liquidity risks. Logan Circle further believes that focusing on security and sector selection within a duration-neutral portfolio is the most effective strategy to exploit these inefficiencies. Proprietary, bottom-up, fundamental research coupled with nimble trading is the best technique to identify the relative value of the individual securities and market sectors. Utilizing this approach, we seek to construct client portfolios with attractive risk / reward characteristics.
The Investment team utilizes a five step process for security selection as it pertains to the Long Duration Government/Credit Fixed Income strategy.
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