iM Global Partner strengthens Oyster Range with US credit bond fund

iM Global Partner has launched a fund, Oyster US Core Plus, within the fixed income offer of its Oyster range, replacing the Oyster Global Flexible Fixed Income fund.

The management of this vehicle is based on the historic Dolan McEniry Core Plus strategy. Launched more than 20 years ago, this strategy now represents more than USD4 billion in assets for both institutional clients and high net worth individuals. 

Its objective is to search for value in US credit bonds and to offer a balance between risk and return through investment in quality credit issuers trading at wide spreads. The portfolio managers approach fixed income markets as lenders, focusing first and foremost on free cash flow credit analysis of companies. 

As a "bottom-up" manager, Dolan McEniry runs all its strategies based mainly on internal fundamental credit research and analysis. Composed of at least 75 per cent US investment grade credit and a maximum of 25 per cent US high yield credit, the Oyster US Core Plus fund is a concentrated portfolio looking to generate significant and stable cash flows with a long-term investment horizon. The fund typically has between 25 and 45 issuers in the portfolio, illustrating Dolan McEniry’s concentrated and active approach. On the contrary, the fund is managed to be duration neutral to its benchmark, the Bloomberg Barclays US Intermediate Credit Index.

Philippe Uzan, CIO, Asset Management at iM Global Partner, explains: “Dolan McEniry's management approach is a perfect illustration of our ambition for the Oyster Sicav, to build an active, high value-added range, offering to clients a conviction management approach.

“During the recent months as market volatility has increased, opportunities have arisen for bond managers such as Dolan McEniry to invest at wider credit spreads. The size and the depth of US corporate bond market (nearly three times bigger than the Euro corporate bond market) offers to European investors strong active management opportunities while the hedging currency costs are the lowest in the last eight years.”