A Latin American asset manager has partnered with Brookvine as it tries to tap institutional and wholesale investors in Australia and New Zealand for its high yield fund.
Moneda Asset Management is the largest dedicated investor in Latin American high yield debt with USD$2.8 billion invested in the strategy, Brookvine said.
It is opening the Moneda Latin American Corporate Debt Fund to Australian investors.
The high yield bond fund invests in US dollar-denominated corporate credit of Latin American companies and has returned 12.5% p.a. since February 2000 inception under the leadership of portfolio manager Fernando Tisne.
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Brookvine chief executive Steve Hall said: "At a time when high yielding assets are hard to find, LatAm high yield is a unique way to unlock value from an overlooked asset class."
"Brookvine is excited to partner with Moneda, an independent, well established and successful fund manager run by a strong management team with a proven track record."
Moneda senior partner and head of fixed income LatAm Investments Fernando Tisne said the LatAm high yield universe offers higher yields while having lower leverage and higher corporate cash levels than in the US, with default rates in line with developed markets.
"Our investment philosophy is based on fundamental, long term and bottom-up analysis of companies across the region. We have been able to take advantage of credit opportunities in Latin America over the past 19 years by building a diversified portfolio through a deep fundamental analysis process and investing with patience," he said.
Moneda Asset Management has USD$9.4 billion in assets under management and is headquartered in Chile with offices in New York and Buenos Aires.
Brookvine offers fund managers services including fundraising, investor relations, fund administration, advisory and structuring. It has raised $12 billion for its fund manager partners since its 2001 inception.