iM Global Partner, a network of dynamic investment boutiques, and its partner Polen Capital, have launched the iMGP Global High Yield Fund, targeting opportunities in global high yield markets.
The fund is sub-managed by Polen Capital and brings together the firm’s US and European high yield teams. It is co-managed by Ben Pakenham and Roman Rjanikov.
The portfolio is expected to maintain an average credit rating of at least B-, with the majority of exposure in the BB and B rating categories. It will typically hold securities from around 70 to 120 issuers.
The managers apply a bottom-up, fundamental research process to identify mispriced or overlooked opportunities with an embedded margin of safety, while a top-down macro view informs portfolio construction without overriding security selection. Through the cycle, the strategy targets a yield premium of 100 to 200 basis points relative to its reference index.
Key features of the fund include a high-conviction portfolio of approximately 70–120 issuers globally, a targeted yield premium versus the benchmark, and a macro-informed approach to portfolio construction.
European high yield focus of iMGP fund launch
Julien Froger, MD, head of Europe, iM Global Partner said: “This new strategy enhances our Partner’s leveraged credit offering by capturing the full breadth of the global high yield market in a single portfolio. By combining proven expertise from both sides of the Atlantic within Polen Capital’s robust and well-established credit platform, we are giving investors access to a truly diversified source of return. This launch comes at a pivotal moment, as elevated yields and a broader opportunity set create compelling conditions for active managers.”
Ben Pakenham, portfolio manager, Polen Capital, said: “Relying on a single region risks concentration and missed opportunities. The diversity, depth, and liquidity of the global high yield landscape allow us to source returns from many different credits. That broad perspective is invaluable in building a resilient, income-focused portfolio.”
Roman Rjanikov, portfolio manager, Polen Capital, said: “By uniting U.S. and European expertise, we create a perspective that’s greater than the sum of its parts. This blend of skill sets allows us to analyse credit opportunities from every angle and construct portfolios that are truly diversified, resilient, and ready to adapt to changing market conditions.”
