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Group ratings: the euro high yield warriors

European high yield has undergone a tricky spell. In this week's data crunch we highlight the firm's that are standing tall in the tough conditions.

Muzinich & Co

Muzinich & Co is a New York headquartered corporate credit specialist. Thomas Samson manages the Muzinich Europeyield Hedged fund. He has managed the fund since the beginning of 2013 and over the past three years to September has returned 21.78%. In September, the fund benefited from good credit selection on telecoms as well as an overweight to homebuilders and real estate, whilst broadcasting detracted from performance.

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Muzinich & Co

Muzinich & Co is a New York headquartered corporate credit specialist. Thomas Samson manages the Muzinich Europeyield Hedged fund. He has managed the fund since the beginning of 2013 and over the past three years to September has returned 21.78%. In September, the fund benefited from good credit selection on telecoms as well as an overweight to homebuilders and real estate, whilst broadcasting detracted from performance.

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Axiom Alternative Investments

Adrian Paturle manages the Axiom Obligataire fund. The main strategy of the fund is to purchase Tier 1 and 2 securities issued by European financial institutions. As such, it is a much more specialised fund in the sector. Recently, it has been hurt by its position in Deutsche Bank. Paturle’s stance on Deutsche Bank is that whilst it has huge profitability and capital issues, he is confident their credit is robust with solvency ratios well above regulatory thresholds.

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Henderson Global Investors

The Henderson HF Euro High Yield Bond fund is managed by Stephen Thariyan and Tom Ross. Thariyan began managing the fund in November 2012, and Ross joined him in August 2015. The past three years has seen the Z2 GBP share class return 27.42%. Just over 70% of the fund is concentrated in BB and B rated debt. The fund’s largest sector exposure is to basic industries, at 15.3% of the portfolio. The largest country exposure is to the UK.

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Candriam

Nicolas Jullien, Patrick Zeenni and Philippe Noyard manage the Candriam Bond Euro High Yield fund. Zeenni and Noyard have more than 10 years' experience in the sector. Jullien joined them in January 2013. The past three years has seen the C Cap share class return 25.34%. The fund took advantage of price movement to increase exposure to mid-range bonds. It reduced its underweight to basic materials and metals at the short end of the yield curve.

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