Macro credit relative value
Beta management
Sector strategy
Security selection
Credit asset allocation • Cross currency, developed vs emerging markets, investment grade vs high yield, corporate vs secured, physical vs synthetic • Quantitative and qualitative • Units of risk
Credit strategy process • Directional credit risk • Credit cycle, valuation and tactical • Units of risk
Credit industry sector process • Identify independent business and value cycles • Fundamentals and relative value
Global analyst model • Identify opportunities across regions, ratings and balance sheets • Proprietary cashflow models and internal ratings • Landmine checklist
