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OYSTER US Core Plus

Daniel Dolan
Managing Member of Dolan McEniry Capital Management, LLC
Partner of iM Global Partner since November 2016

Uncovering the most undervalued corporate bonds

Daniel Dolan, managing member of Dolan McEniry speaks to Peter Stockall about the company’s investment process and how they have managed to avoid any corporate bond defaults for more than 20 years.

Why should an investor buy your strategy?

Dolan McEniry works hard to uncover the most undervalued corporate bonds – those that we believe offer quality credit at attractive prices – to include in our portfolio. In doing so, the firm takes a lender's mentality rather than a trader's and focuses intently on managing downside risk while striving to maximize returns for our clients. We focus on free cash flow, considering it an indicator of the ability to generate long-term value and conduct credit analysis in-house, without relying on Wall Street research or the rating agencies. Simply put, we invest where we see value and believe that our process produces attractive risk-adjusted returns for our clients.

Peter Stockall,
Director Distribution Offshore & LATAM

Why do you have such a concentrated portfolio? Isn’t that risky?

Dolan McEniry strives to minimize risk through our bottom-up credit research rather than increasing the number of holdings in our portfolios. We aim to outperform our benchmarks and our peers and believe that a concentrated portfolio of our best ideas allows clients to benefit from our in-house analysis, while providing sufficient diversification.

Dolan McEniry works hard to uncover the most undervalued corporate bonds

Do you also invest in MBS and US Treasuries?

While our strategy is focused on corporate bonds, we do occasionally utilize U.S. Treasuries when we believe it is in the best interest of our clients. We do not invest in mortgage-back securities.

We believe it critical to invest in what we understand, and our core competence is corporate credit analysis

Do you own derivatives in your portfolio? Are there any other alternative investments you buy?

We believe it critical to invest in what we understand, and our core competence is corporate credit analysis. As such, we do not invest in derivatives or any other alternative investments. There is no magic formula to our approach - it’s clear, honest, and has guided us through multiple market crises.

Do you want to know more about OYSTER US Core Plus ?

The investment philosophy

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Fund performance

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Managed by

Founded in 1997 and based in Chicago (IL, USA), the firm manages US Corporate bond strategies, with a focused, fundamental value, long-term approach.

The firm had $7.8bn AUM at the end of April 2021.

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Past performance is no guarantee of future results. Investing is speculative and involves risk, including the possible loss of principal. The information provided is not an offer to buy or sell any investments, products or services, and should not be considered as solicitation or investment, legal or tax advice, a recommendation for an investment strategy or a personalized recommendation to buy or sell securities. Any opinions, forecasts, assumptions, estimates and commentary are current only as of the time made, are subject to change without notice and cannot be guaranteed for accuracy. Investors should make their own appraisal of the risks and should seek their own financial advice regarding the appropriateness of investing in any securities or financial instrument or participating in any investment strategy.