Ivy works with PineBridge to offer new ‘high-yield, high-risk’ fund

By Susanna Moon

Chicago, May 18 – Ivy Investment Management Co. said it has collaborated with a sub-adviser to produce the Ivy PineBridge High Yield Fund, which invests in “high-yield, high-risk fixed income securities from both U.S. and foreign issuers.”

The fund is managed by IICO and sub-advised by PineBridge Investments and seeks to provide total return through high current income and capital appreciation, according to a company announcement.

The portfolio managers are John Yovanovic, managing director and head of high yield portfolio management for PineBridge; Jeremy H. Burton, senior vice president; and Dan Purser, managing director, based in Houston.

For the fund, the exposure to bonds rated CCC or lower is limited to a maximum of 1.2 times the amount of CCC or lower exposure in its benchmark, the Bloomberg Barclays U.S. Corporate High-Yield Bond index, the release said.

The fund has no bank loan exposure.

Ivy is an active manager based in Overland Park, Kan. PineBridge is an asset manager based in New York.

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