Expertise & Collaboration
Our experienced credit specialists take a collaborative approach to investment strategy and security selection, focusing on fundamental research and discerning analysis.
Location: Waltham, MA
Head of Team: David Breazzano, Head of Team, Portfolio Manager
Average Team Member Experience: 18 years (as of 09-30-2024)
Our Investment Philosophy
Exploit Structural Inefficiencies & Mispriced Risk
Maintain Flexibility to Uncover Relative Value Opportunities
Perform Fundamental Analysis & Extensive Due Diligence
Execute Long Holding/Compounding Periods
Meet the Team
CREDIT
Our Strategic Approach
Credit Investment Philosophy
We strive to generate attractive risk-adjusted returns by employing a disciplined, bottom-up investment process with strict adherence to downside protection. Through rigorous due diligence with an emphasis on preserving a margin of safety, we believe that we can construct concentrated portfolios that can outperform broad high yield indices over a full credit cycle.
Credit Investment Process
1: Leveraged Credit Universe
- 2,000+ issuers of high yield bonds, syndicated loans, and private debt
2: Sourcing
- Secondary debt securities
- Select primary issues
- Originate other investment opportunities
3: First Pass
- Classify investment thesis
- Sound initial risk-versus-reward
- Strong downside protection
4: Deep Dive
- Validate investment thesis
- Due diligence and competitive analysis
- Compelling loan-to-value and robust legal protections
- ESG factors evaluated
5: Portfolio Construction
- Disciplined accumulation
- Overweight high-confidence positions
- Long-term investment mentality
6: Active Monitoring
- Regularly challenge thesis
- Adjust position weightings
- Proactive credit management
CAPABILITIES
CLO Expertise
Expanding our offering within leveraged credit markets.
A Distinct Capability Founded on a Rich History
With over 25 years of experience investing in high yield markets and private credit, Polen Capital extends its capabilities to Collateralized Loan Obligations (CLOs). With this capability, we seek to offer a specialized solution built on decades of expertise and a steadfast commitment to managing downside risk. Led by CLO-industry veterans with a distinguished track record, we craft income solutions designed to offer durable and compelling returns.
CLOs are structured finance vehicles that raise money from investors by issuing two types of tranches—debt and equity—to fund the purchase of a diverse pool of underlying corporate loans. The CLO manager actively manages these loans, as in an investment fund. Each tranche represents varying levels of risk and return to meet the needs of different investors.
Meet Our CLO Experts
We believe non-investment grade, middle-market companies exist in an inefficient area of the market, providing us with a source of attractive investment opportunities.
Our Team
An Experienced, Research-Driven Team
Featured
Recent Perspectives
Thought CapitalPolen Capital’s guide to targeting debt instruments that offer a significant yield premium, without exposure to incremental credit risk
Polen Capital Credit, LLC, a wholly-owned subsidiary of Polen Capital Management, LLC, is an investment adviser registered with the SEC. Please find Polen Capital Credit, LLC ‘s Form ADV linked here.
The information is provided for illustrative purposes only. Opinions and views expressed constitute the judgment of Polen Capital as of the period indicated, may involve a number of assumptions and estimates which are not guaranteed and are subject to change without update. Although the information and any opinions or views given have been obtained from or based on sources believed to be reliable, no warranty or representation is made as to their correctness, completeness, or accuracy. Opinions, estimates, forecasts, and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without update, including any forward-looking estimates or statements which are based on certain expectations and assumptions. The views and strategies described may not be suitable for all clients. This information does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction.
Past performance does not guarantee future results and profitable results cannot be guaranteed.