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Key documents
Objective
Invests in liquid stressed, distressed and special situation opportunities in the global loan and high yield credit markets.
Fund specific risks
For further terms related to the objective, investment policy and overall risk and reward profile please refer to the prospectus.
- Nature of Investments Risk: The Fund intends to take both long and short positions in corporate and sovereign credit. Therefore, the Fund is subject to
both credit and market risk. These investments include both Investment Grade, below Investment Grade, and unrated securities. The fact that securities are unrated or are rated below Investment Grade reflects a greater probability that adverse changes in the financial condition of the issuer and/or in general economic conditions may impair the ability of the issuer to make payments of principal and interest. - Investment in Unlisted Securities: The Fund may invest in unlisted securities. Because of the absence of any trading market for these investments, it may take longer, or may not be possible, to liquidate these positions. Accordingly, the ability of the Fund to respond to market movements may be impaired and the Fund may experience adverse price movements upon liquidation of its investments.
- Derivatives Risk: The Fund may utilize both exchange-traded and OTC derivatives, including, but not limited to, Total Return Swaps, futures, forwards, swaps, options and contracts for differences. These instruments can be highly volatile and expose investors to a high risk of loss, and particularly so to the extent uncleared.
- Liquidity Risk: In some circumstances, investments may be relatively illiquid making it difficult to acquire or dispose of them at the prices quoted on the various exchanges. At times it may be difficult to obtain price quotes at all. The Fund’s ability to respond to market movements may be impaired and the Fund may experience adverse price movements upon liquidation of its investments, or settlement of transactions may be subject to delay and administrative uncertainties.
- Short selling Risk: A short sale creates the risk of an unlimited loss. There can be no assurance that the security necessary to cover the short position will be available for purchase. Purchasing securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating the loss.
For share class information, please contact marketing@bluebay.com
Investment approach
- Our investment universe comprises restructuring, event-driven opportunities and stressed situations combined with core income
- We focus on identifying opportunities with a clear path to exit using bottom-up research and fundamental credit analysis
- Our team has both the resources and expertise to participate in and, in many cases, lead the restructuring process, which means we can provide our expertise from start to finish in order to drive a consensual restructuring
Market opportunity
The Fund invests in a diverse portfolio of opportunities, comprising liquid stressed, distressed and special situation investments in the global leveraged loan and high yield markets
Adam Phillips
Head of BlueBay Developed Market Special Situations, Developed Market Special Situations
Adam Phillips joined BlueBay Asset Management (which is now part of RBC Global Asset Management) in October 2020 as Head of Special Situations within Developed Markets. Adam has 30 years' experience in special situations and distressed investing having previously been Head of Investments at Blantyre Capital, European CIO of Marathon Asset Management and Head of European High Yield & Distressed at Lehman Brothers. Prior to that, Adam was Head of the Asian Distressed team at Standard Bank and he started his career at British & Commonwealth Merchant Bank in structured and property finance. Adam holds an MPhil in Land Economy from Cambridge University and BA in Economics from Heriot-Watt University.
Duncan Farley
BlueBay Senior Portfolio Manager, Developed Market Special Situations
Duncan joined BlueBay Asset Management (which is now part of RBC Global Asset Management) in March 2014 and was appointed BlueBay Portfolio Manager for the Event Driven Credit Fund in January 2018. Prior to his appointment as Portfolio Manager he was Head of Event Driven Research within the Global Leveraged Finance Group where his extensive credit experience was utilised to assist the High Yield team. Throughout his time at BlueBay a focus on restructuring opportunities has formed a major part of Duncan's responsibilities and the resulting investments a key driver of performance of the Event Driven Credit and High Yield funds. Before joining BlueBay, Duncan had amassed 16 years' experience in the European high yield and distressed debt markets, working for several leading investment firms, including King Street Capital Management where he spent four years as a senior credit analyst. He was also a senior analyst at Threadneedle Investments where his six year tenure coincided with the birth of the European High Yield market. Prior to his career in debt investment Duncan spent 11 years at KPMG attaining a senior manager role in Corporate Restructuring. Duncan holds a BA (Hons) degree in Accounting and Computing from the University of Kent and is a qualified ACA with the ICAEW.
A heritage rooted in alternative investments
For over 20 years we have responded to client demand, building a compelling range of long-only investment strategies enhanced by our expertise in derivatives whilst continuing to deliver the highly specialist long-short capabilities of our boutique beginnings.