High Yield

Overview
Performance
Literature
Team

Approach

The High Yield strategy employs a total return approach, investing in below investment grade corporate securities. We believe that rigorous credit research, a keen awareness of economic and credit cycles, and security selection are critical to identifying superior investment opportunities and managing downside risk.

Key Benefits

Skill of Team and Strength of Platform: Dedicated team with experience through multiple economic and market cycles and deep knowledge of industry sectors and issuers, leveraging the resources of the broader fixed income platform
Balance of Risk and Return: The team employs multiple return drivers to help maximize both alpha and consistency of alpha
Nimbleness of Approach: We have an asset base large enough to support needed resources, but are not capacity constrained, and we are flexible and have the ability to take impactful positions in smaller issues that may be less efficiently priced

Performance

As of 10/31/24	1 Month	3 Month	YTD	1yr	3yr	5yr	10yr	Since Inception (1/01/99)
Gross	-0.43	2.48	7.18	15.72	2.50	4.14	4.90	6.59
Net	-0.48	2.33	6.67	15.05	1.91	3.55	4.34	6.04
Index*	-0.54	2.72	7.42	16.47	2.97	4.53	4.86	6.45

* Bloomberg U.S. High Yield 2% Issuer Cap Index

Past performance does not guarantee future results.

Periods greater than one year are annualized. Performance data is considered final unless indicated as preliminary. Monthly performance is based on full GIPS Composite returns. Access the GIPS page for full composite details.

The Composite performance information represents the investment results of a group of fully discretionary accounts managed with the investment objective of outperforming the benchmark. Information is subject to change at any time. Gross returns are presented after all transaction costs, but before management fees. Returns include the reinvestment of income. Net performance is shown after the deduction of a model management fee equal to the highest fee charged.

Literature

Voya High Yield Strategy Brief

Date: September 30, 2024

Includes Investment Commentary

Approved For: Financial Professional or Qualified Institutional Investor Use Only

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Investment Team

Randy Parrish, CFA

Head of Public Credit

Years of Experience: 34

Years with Voya: 23

Randy Parrish is a managing director and head of public credit at Voya Investment Management, overseeing the investment grade, emerging market and leveraged credit teams. Previously at Voya, Randy was head of high yield and served as a portfolio manager and analyst on the high yield team. Prior to joining Voya, he was a corporate banker in leveraged finance with SunTrust Bank and predecessors to Bank of America. Randy earned a BBA in business administration from the University of Georgia and is a CFA® Charterholder.

Mohamed N Basma, CFA

Managing Director, Head of Leveraged Credit

Years of Experience: 27

Years with Voya: 24

Mohamed Basma is a managing director, head of leveraged credit at Voya Investment Management. Mohamed also chairs the leveraged credit investment committee. Mohamed is currently a member of the board of directors of the Loan Syndications and Trading Association. Prior at Voya, he was managing director, head of senior loans and global CLOs for leveraged credit, responsible for all aspects of the team’s senior loan and global CLO business and the team’s CLO investing strategies. Prior to joining Voya, Mohamed was a senior auditor and consultant in the audit and business advisory group with Arthur Andersen, LLP, responsible for executing corporate audits and financial consulting engagements. Mohamed earned a BBA from American University of Beirut, Lebanon and an MBA from Arizona State University. He is a CFA® Charterholder.

Disclosures

Principal Risk

All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. High-Yield Securities, or "junk bonds", are rated lower than investment-grade bonds because there is a greater possibility that the issuer may be unable to make interest and principal payments on those securities. The strategy may use Derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses and have a potentially large impact on performance. Foreign Investing does pose special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic. Risks of foreign investing are generally intensified in Emerging Markets. As Interest Rates rise, bond prices may fall, reducing the value of the share price. Debt Securities with longer durations tend to be more sensitive to interest rate changes. Other risks include but are not limited to: Credit Risks; Other Investment Companies' Risks; Price Volatility Risks; Inability to Sell Securities Risks; and Securities Lending Risks.