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Bentham’s Approach

Relative Value Approach

Choosing investments with the best value or yield for a given level of risk. Factors that are considered include credit risk, seniority, security structure and liquidity. The ability to invest in global markets and in a variety of currencies helps to ensure the best value investments are made.


A fundamental concept in credit portfolio management is diversification. Credit portfolios require more diversification than equity portfolios given the skewed nature of returns. Downgrades and defaults tend to be unexpected and occur in industry clusters. Diversity reduces portfolio volatility and mitigates the impact of defaults.


Investments with good liquidity are usually more easily traded at a lower cost than less liquid securities. Factors contributing to the liquidity of a security include broad distribution by investor type, transparent pricing and external credit ratings.