MHY

MHY aims for income and capital appreciation over the medium to long term through actively managing a global portfolio of high-yield bonds. It invests up to 80% in bonds rated lower than BBB by S&P Global Ratings or Fitch Ratings. The portfolio can allocate up to 30% in bonds rated below B3 by Moodys or lower than B- by S&P or Fitch, while up to 20% can be invested in investment-grade securities. In selecting securities, the Sub-Adviser takes a bottom-up approach by evaluating each issuer globally. The focus is on solvency, utilizing multiple fundamental factors such as sustainable free cash flow, leverage, and debt-to-enterprise value ratios. These metrics are evaluated both in terms of historical performance and future projections.