What do Swiss cheese and high yield covenants have in common? A lot of holes!
Unfortunately for investors, the covenants are not supposed to have holes. They are meant to preserve a lender’s claim value. In this update, Lale Topcuoglu, Senior Fund Manager and Head of Credit on the JOHCM Multi-Asset Value team, explores why covenants are important and why investors should care about them.
Past performance is no guarantee of future performance. The value of investments and the income from them may go down as well as up and you may not get back your original investment. The information contained herein including any expression of opinion is for information purposes only and is given on the understanding that it is not a recommendation. The Fund’s objective is to offer regular income generation consistent with long-term capital growth. The annual management charge is deducted from the capital of the Fund. This will increase the income from the Fund but may constrain or erode potential capital growth.
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