- Rates Relative Value
- Credit Relative Value
- Securitized Products
- Leveraged Credit
- Infrastructure Regulatory Capital
Launched in 1993 by William Michaelcheck (Founder & co-CIO), Mariner’s flagship fixed income relative value strategy, focuses primarily on interest rate and liquid credit markets. The multi-strategy seeks to achieve consistent risk-adjusted returns and capital preservation with low volatility and low correlation to traditional asset classes. The objective of the multi-strategy is to create value by actively allocating risk capital to individual, uncorrelated specialized portfolio management teams while also utilizing a Center Book strategy trading opportunistically and in high conviction trades. This framework provides investors with a diversified group of “alpha” focused managers in strategies that seek uncorrelated returns to the broader market.
Rates Relative Value
Catalyst Driven Rates: The Concordia G-10 Fixed Income Relative Value strategy has been in existence since 1998 and seeks to generate attractive risk adjusted returns with limited downside volatility and a low correlation to equity and bond indices. It targets opportunities derived from temporary mis-pricings of G-10 government fixed income securities and related derivatives.
Credit Relative Value
Event Credit: The Mariner Glen Oaks strategy is primarily an event-driven long/short credit strategy with an opportunistic, fundamental value-oriented approach to investing in the securities of companies experiencing financial stress or distress, in the U.S. or in Europe. The strategy’s primary focus is on underfollowed, “stressed” leveraged loans trading below par with potential liability-management event drivers for early principal repayment or improved terms.
Municipals: Concordia Municipals is a relative value and credit oriented strategy focused on municipal bonds and derivative markets across the ratings spectrum. The portfolio management team seeks to construct trades that will profit from the realignment of technical imbalances and from idiosyncratic credit opportunities. The portfolio management team has extensive investment experience in municipal markets through multiple market cycles.
RMBS & ABS: Launched in 2009, Galton Mortgages is a residential mortgage and consumer credit strategy that invests in the broad spectrum of Agency MBS and non-Agency MBS as well as consumer ABS, including off-the-run sectors of these markets as they are rebuilt or redefined in the post- crisis environment. The strategy seeks to generate performance primarily through net carry income of the portfolio, supplemented by opportunistic trading and asset allocation aimed at extracting illiquidity and complexity premiums that may be associated with certain assets.
Agency Mortgages: Galton Agency strategy is focused solely on investing in what we believe are undervalued sectors across the multi-trillion dollar Agency MBS universe. The strategy employs a disciplined relative value approach in an effort to identify undervalued sectors of the Agency MBS market and create a high carry, low duration portfolio. The strategy seeks to enhance income oriented returns through active trading and capital appreciation as a result of portfolio turn-over, asset selection and tactical positioning.
Mariner CLO Opportunities is an opportunistic, single-strategy that invests in Collateralized Loan Obligation liabilities and residual notes and seeks to generate returns over a finite life through a combination of high current income and capital appreciation.
Additionally, Mariner’s Leveraged Credit Team enjoys a 9-year history of investing in portfolios of leveraged loans and high-yield bonds, and currently manages seven (7) active CLO vehicles. Utilizing rigorous fundamental credit analysis and detailed capital structure and proprietary relative value modeling, the portfolio management team seeks to identify debt and equity positions with superior credit quality.
Infrastructure Regulatory Capital
Mariner’s regulatory capital strategy seeks to capitalize on bank deleveraging opportunities resulting from increasingly stringent global bank capital and liquidity standards. The objective of the strategy is to generate current income through investments in seasoned, secured loan portfolios of senior corporate and project debt corresponding to operational infrastructure companies and facilities located in OECD countries.