We favor transparent companies that give us a strong degree of understanding of their business, fundamentals, and downside risk in turbulent markets.
It’s really not what we own, but what we don’t own that differentiates ourselves from other bank-loan managers. We hold positions in less than 10% of the benchmark issuers.
We believe the attributes of larger, more liquid issues provide downside risk protection and a margin of safety relative to smaller and less liquid companies.
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