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Corporate Credit

Bank Loans, High Yield, CLOs, Private Debt, and Opportunistic Credit


Our unified corporate credit investment team is responsible for all of Guggenheim’s corporate credit strategies including investment grade corporate bonds, high yield corporate bonds, bank loans, private debt, and opportunistic credit.

All of our corporate credit strategies are distinguished by a research- and negotiation-intensive approach that capitalizes on Guggenheim’s substantial sourcing, research, structuring, and legal resources.

Unified Platform

By analyzing a broad set of opportunities up and down the capital structure, we gain keener insight into the dynamics of a company’s cash flow generation, enterprise value, and other business fundamentals. This enables us to develop a thorough understanding of which securities may deliver the best packages of risk and return.

Deep Resources

With 120+ investment professionals, Guggenheim’s corporate credit team is one of the largest and most experienced in the industry. Our investment team includes a large group of in-house legal professionals who work to identify risks and secure the most favorable terms for our portfolio holdings.

Deal Structuring Expertise

Our upper middle-market and private debt expertise enables a research- and negotiation-intensive approach across investments. Our broad-based leadership in the credit market enables us to uncover complex and underfollowed investment opportunities where we seek to drive better investment outcomes and generate higher yield without taking undue credit risk.

Peer Rankings*

 

U.S. Bank Loans Returns

Top 1% of Competitor Universe
Since Inception


U.S. Bank Loans Sharpe Ratio

Top 1% of Competitor Universe
Since Inception


High Yield Returns

Top 15% of Competitor Universe
Since Inception


CLO Manager of the Year
CLO Manager of the Year - 2012 & 2015

Related Fixed Income Strategies


Fixed-Income Investment Philosophy and Process

 

Key Investment Professionals

Matthew Bloom

Head of Corporate Credit Research, Corporate Credit Investment Committee Member

Kevin Gundersen, CFA

Portfolio Manager, Corporate Credit Investment Committee Member

Thomas Hauser

Portfolio Manager, Corporate Credit Investment Committee Member

Alastair McKeever

Portfolio Manager, Corporate Credit Investment Committee Member

Zachary Warren

Portfolio Manager, Corporate Credit Investment Committee Member


Learn More

Explore the Private Debt and Opportunistic Corporate Credit pages to learn more about the alternative strategies managed by the Corporate Credit team.


 

Contact Us

Contact Guggenheim Investments for more information about this strategy or to learn more about our capabilities.

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Important Disclosures

*As of 12/31/2018. US Bank Loans ranking based on gross returns for Guggenheim’s US Bank Loans Composite versus 12 competitors in the eVestment Alliance US Floating-Rate Bank Loan Fixed Income universe. For the last 1-, 3-, 5-, 7- and 10-year periods, US Bank Loans ranked in the top 4%, 47%,9%, 5% and 20%, respectively, versus 84, 83, 82, 64 and 46 competitors, respectively. Data taken from eVestment Alliance on 01/18/2019. US Bank Loans ranking is based on the preliminary results. High Yield ranking based on gross returns for Guggenheim’s High Yield Traditional Composite versus 134 competitors in the eVestment Alliance US High Yield Fixed Income universe. For the last 1-, 3-, 5- and 7-year periods, High Yield ranked in the top 56%, 35%, 26%, and 21%, respectively, versus 210, 200, 186 and 163 competitors, respectively. Data taken from eVestment Alliance on 01/18/2019. Guggenheim Investments composite peer rankings represent percentile rankings which are based on monthly gross of fee returns and reflect where those returns fall within the indicated eVestment Alliance (EA) universe. EA provides third party databases, including the institutional investment database from which the presented information was extracted. The EA institutional investment database consists of over 1,500 active institutional managers, investment consultants, plan sponsors, and other similar financial institutions actively reporting on over 10,000 products. Only information regarding full year performance and rankings is presented as Guggenheim Investments believes performance for a full year period is an important factor. Additional information regarding EA rankings for year to date and since inception performance of the composites is available on EA’s website.

Creditflux: The Creditflux “CLO” awards are performance-based awards presented to a CLO selected from the CLO universe, which includes US and European CLOs, and where possible differentiates between vintages. In 2011, 293 CLOs were submitted by approximately 50 CLO managers, and in 2012, 300 CLOs were submitted by 66 managers. In 2013, 394 US and 193 European arbitrage CLO transactions were reviewed in the study. Performance is evaluated across the lifetime of a deal up to the end of the year preceding the award year. Through the use of its proprietary ParPlus formula in 2011 and its liquidation IRR in 2012, Creditflux judges the best performing deals to be those that have safeguarded debt investors’ principal and interest, while generating excellent returns for equity investors. The awards are calculated using data supplied directly by managers, but all finalists are checked against the performance data in CLO Master. For validation purposes, only CLOs in CLO Master will be eligible for an award.

The Creditflux “Manager of the Year” award measures performance across a manager as a whole. The universe of managers is divided into European and US managers and again into those firms with more than $2bn of CLOs under management and those with $2bn or less under management. Managers must submit all of their deals or be penalized. A US CLO is a par-based cash securitization of at least $100 million of assets of which at least 60% are US corporate credit instruments and a European CLO is a par-based cash securitization of at least $100 million of assets of which at least 60% are European corporate credit instruments.

Creditflux 2015: With the exception of two awards voted for by investor attendees at the symposium (the investors’ choice awards), all the Creditflux Manager Awards are given according to rigorous, quantifiable and relevant measures of performance. The credit hedge fund awards are based on a methodology that rewards performance weighted by volatility relative to a fund’s redemption profile. Funds that promise liquidity need to deliver stable returns; those that lock up investors’ capital need to achieve greater absolute performance. CLO performance is measured in terms of liquidation IRR which is the total return equity investors would have received if their CLO had been liquidated on 31 December 2014. This takes account of equity distributions and the net asset value of the portfolio, and rewards managers that have delivered the best returns to equity while giving a cushion to debt investors. Data for the awards calculations is submitted by managers and supported by figures from CLO-i. Manager of the year award is based on average ranking for each manager across all award categories where present. Funds not submitted for the relevant category are assumed to have fourth-quartile performance. Managers must be present in four or more award categories.

Past performance is not a guarantee of future results. Investing involves risk, including the possible loss of principal. There is no guarantee that any investment strategy will achieve its investment objectives or is suitable for all investors. Diversification does not ensure profit nor protect against loss. Every asset class is subject to various risks that affect their performance in different market cycles. Fixed income investments are subject to certain risks including market, interest-rate, issuer, credit, and inflation risk. Equity investments are subject to market risk or the risk of loss due to adverse company and industry news, or general economic decline. Alternative investments are subject to market risk, currency risk, foreign investment risks, liquidity risks, higher fees and expenses, regulatory restrictions, and volatility due to speculative trading and use of leverage.




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Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Real Estate, LLC, GS GAMMA Advisors, LLC, Guggenheim Partners Europe Limited and Guggenheim Partners India Management.