These strategies invest in senior secured floating rate loans, generally secured by the company’s assets. The loans are senior to all other debt, aiming to offer strong downside protection and a defensive route to generate yield.
Liquid Loans can also invest in fixed rate assets, up to a limit of 20% (with a 5% maximum in unsecured fixed-rate notes).
The strategies’ managers construct a high conviction portfolio of 100 to 125 “best ideas” from this opportunity set. The high level of choice, both at the asset class and issuer-level, combined with disciplined credit-selection by the team, seeks to lead to strong investment and portfolio outcomes.
- United States
Floating rate loans have a low duration profile and can act as a natural hedge to rising interest rates.
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