US Debt Capabilities

PPM’s mission is to deliver specific client solutions and service to investors around the world with the goal of meeting clients’ unique investment objectives. We have the expertise to provide client investment solutions in public fixed income, public equity, private equity and private debt. Our investment approach is guided by team-based values and our firm size allows us to remain nimble and investment-led.

PPM is an indirect, wholly owned subsidiary of Jackson Financial Inc., which is a subsidiary of Prudential plc (UK Parent). Furthermore, as a result of its ownership by the UK Parent, PPM is affiliated and related with other entities engaged in providing investment advisory and other related services such as Eastspring Investments, Inc. and Eastspring Investments Limited Singapore.

The UK Parent is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America, or with the Prudential Assurance Company, a subsidiary of M&G plc, a company incorporated in the United Kingdom.

PPM’s mission is to be indispensable to our clients. As part of one of the world’s leading financial organizations, we have the expertise, global reach and substantial resources to provide our clients with investment solutions in markets across the globe. We believe the following competitive advantages will allow us to continue to deliver results for our clients:

• Experience and Stability

• • PPM’s investment professionals benefit from significant industry experience as well as long tenure at the firm

• Credit-Intensive Research and Analysis

• • PPM has invested in scalable investment processes and infrastructure, ensuring an in-depth, bottom-up approach

• Relative Value Discipline

• • By taking a relative rather than absolute view on securities, sectors and asset classes, PPM’s fixed income professionals can better identify and capture market inefficiencies as well as remain disciplined in periods of both market exuberance and fear

• Sophisticated Risk Measurement

• • PPM’s risk management team created and maintains a sophisticated fixed income analytics platform with a variety of portfolio management tools to measure risk and help generate potential outperformance

• PPM uses a team-based approach to portfolio management, with portfolio managers working closely together to gain greater insight on the macroeconomic environment as they make investment decisions. Each portfolio manager is responsible for generating investment ideas, and the portfolio management team makes all final investment decisions.

• The portfolio management team is supported by their peers on the investment team, as well as the firm’s significant shared resources:

• • Fixed income research performs independent analyses and issues ratings and relative value recommendations
  • Quantitative research develops tools designed to help generate alpha on behalf of our clients
  • Trading provides critical insights into capital market developments and the structure of securities
  • Risk management uses a proprietary analytics platform for risk monitoring and transparency

• Portfolio managers consult with each team daily to filter market information, discuss new investment ideas, and seek to identify the best relative value opportunities.

• PPM believes the volatility of market prices exceeds the volatility of asset values, creating opportunities to identify alpha potential
• PPM is strategically committed to a relative value, fundamentals-based investment style
• PPM expects credit selection and asset class/sector rotation to primarily influence any excess returns

• Our investment process begins with cross-disciplinary idea generation, incorporating the expertise of credit analysts, traders and structured product analysts. Contribution to idea generation and relative valuation is grounded in each team’s respective area of expertise.

• • Credit analysts screen the government and corporate bond universe concentrating on issuer fundamentals such as financial leverage, interest coverage, free cash flow and business risks
  • Traders communicate new issue announcements and provide technically-driven perspectives
  • Structured product analysts identify value across mandates’ universes in noncorporate fixed income assets

• All three teams work in Chicago, facilitating open and frequent day‐to‐day interactions and idea sharing. The portfolio management team also participates in monthly strategy meetings to discuss macroeconomic and cross‐asset relative valuation, ongoing sector and security‐level ratings assessments, and other relevant topics.

Our mission is to deliver solutions and services to meet the unique investment objectives of our investors through a process that seeks to integrate all material factors that can impact the long-term risk and return implications of an investment, including those directly related to sound environmental, governance, and social (ESG) factors.

PPM’s analysts and portfolio managers generally assess the relevance of ESG factors to risk and return for the issuers that they cover, and incorporate such factors into their analyses, where considered material. Investment views are not based on ESG factors in isolation, rather ESG issues are analyzed in conjunction with all other factors that can influence the risk or return of an investment. Our integrated approach to ESG is applied across all investment strategies, although flexibility in implementing ESG integration is often required to allow for differences across markets, sectors and instrument types. While a variety of factors go into investment analysis, the overall principle guiding all investment decisions focuses on value.

In addition to information provided by issuers, PPM utilizes third-party ESG ratings and scores. These ratings are considered through our fundamental research and in applicable investment committee meetings. The ESG ratings we employ cover most publicly traded asset classes, such as equities and corporate bonds. For other asset classes where ESG ratings are not readily available, PPM will rely on the existing investment process and due diligence to reflect its internal assessment of ESG, whenever possible.