High Yield Fixed Income

The strategy seeks to deliver competitive total returns by investing in undervalued securities of companies with attractive long-term outlooks. The team’s fundamental research looks across a firm’s capital structure, seeking out companies and securities that exhibit catalysts for unlocking value and improving investor confidence.

 

Philosophy

The team employs a research-driven process concentrated on security selection, investing in companies where they can clearly identify a catalyst for unlocking value. These companies generally exhibit the potential for a sustainable business model, a compelling value proposition, and/or strong cash flows. As part of the research process, the team seeks to pinpoint the most attractive part of a company’s capital structure to invest in to maximize risk-adjusted return while focusing on below-investment-grade bonds and bank loans.

Managed by

Dennis F. McCafferty, CFA

Portfolio Manager, Co-Head of High Yield and Floating Rate Income

Dennis is a managing director and portfolio manager at Manulife Investment Management, working on the company’s high-yield fixed-income, floating-rate, and special opportunities equity strategies. He has expertise investing across capital structures with a fundamental valuation approach, and focuses on distressed credit opportunities. Prior to joining the company, Dennis was a principal and senior analyst at Pardus Capital Management, a New York-based hedge fund. Earlier in his career, he served as a senior equity analyst at Griffen-Rose, an investment analyst at W.R. Huff Asset Management, and in various positions at Ford Motor Credit. Dennis holds the Certified Financial Analyst designation.

  • Education: B.S. in Finance, College of New Jersey; M.B.A., Villanova University
  • Joined the company: 2008
  • Began career: 1995
Dennis F. McCafferty, CFA

John F. Addeo, CFA

Senior Portfolio Manager, Global Chief Investment Officer, Fixed Income

John is the global chief investment officer for Manulife Investment Management’s fixed-income strategies (public markets), as well as senior portfolio manager on the high-yield and global credit products. Prior to joining the company, he was with MFS Investment Management, where he held progressive portfolio management roles, most recently as an investment officer for the high-yield bond group, while playing an integral role in that firm’s expansion into global credit. Earlier in his career, John held high-yield analyst roles at Eaton Vance and Keystone Investments, covering a wide variety of industries and gaining broad experience in public and private placement markets, restructurings, and liquidations. He holds the Certified Financial Analyst designation, and is a member of the CFA Society Boston.

  • Education: B.S., Siena College 
  • Joined the company: 2012
  • Began career: 1984
John F. Addeo, CFA

Caryn E. Rothman, CFA

Senior Portfolio Manager, Co-Head of High Yield and Floating Rate Income

Caryn is a managing director at Manulife Investment Management, serving as co-head on the high-yield and floating-rate income strategies and as sector lead for consumer and healthcare on the U.S. credit research team. Previously, Caryn was a senior research analyst for the fixed-income team, providing coverage on the retail, consumer products, food and beverage, restaurants, healthcare, and pharmaceuticals industries. Caryn is a value-oriented fundamental investor with over 20 years of experience investing across the full spectrum of leveraged credit opportunities. Caryn holds the Certified Financial Analyst designation, and is a member of the CFA Society Boston and the CFA Institute.

  • Education: B.A. in Economics, Wellesley College (1996); M.B.A., Babson College (2005)
  • Joined the company: 1996
  • Began career: 1996
Caryn E. Rothman, CFA

Vehicles

At Manulife Investment Management, we offer investment strategies through a variety of vehicles to suit a broad range of client needs. Contact our institutional sales or consultant relations team to find out if this strategy/vehicle is offered in your region. 

  • Separate accounts

    Our separate accounts and separately managed accounts (SMAs) are designed for institutions and high-net-worth clients seeking tailored investment solutions and direct ownership of securities. 

  • CITs

    Our professionally managed collective investment trusts (CITs) are available in certain qualified retirement plans.

  • Mutual funds

    Mutual funds are liquid, professionally managed portfolios which are available to both institutional and retail investors.


Key facts

  • Inception date

    November 1987

  • Strategy AUM (CAD)

    $1.56 billion

  • Benchmark

    BofA Merrill US High Yield Master II Index

  • Style

    High yield

  • Expected tracking error

    2x to 3x expected alpha

  • Average portfolio manager experience

    28 years

Important disclosures

All information shown is as of September 30, 2020, unless otherwise indicated. Strategy-level information may differ from vehicle-specific information. Not all vehicles are available in all locations and may be offered through affiliates of Manulife Investment Management.


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