The vast resources backing the strategy, deep credit team, and consistent process drive its appeal. We reaffirm our People and Process pillar ratings of Above Average. Michael Della Vedova and Rodney Rayburn have steered this strategy, since 2015 and 2019, respectively. While Rayburn has a limited track record as portfolio manager of a high-yield strategy, his experience with distressed and special situations, the consistency of the team’s approach, and the quality of his supporting cast give us confidence. Della Vedova, who joined the firm in 2009, has built a solid track record managing the Luxembourg-domiciled European High Yield strategy since September 2011. The managers are well supported by an additional six global high-yield portfolio managers and a deep bench of 18 dedicated high-yield credit analysts.