High Yield Fixed Income

Wrong way bonds | Yes, high yield bonds’ true duration is…negative

blue bond certificate detail

Duration is a common tool of fixed income analysis, used to calculate how much a bond portfolio will gain or lose value in response to a change in interest rates. It works quite well for the various types of investment grade debt, and adaptations such as effective duration and convexity have been developed to formally incorporate the effect of embedded call options on those price movements.

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Our clients gain above-average income potential...

and repeatable opportunities to earn alpha given our ability to develop a proprietary information advantage in smaller high yield names. Our philosophy is grounded on the belief that industry selection, especially the avoidance of bubble industries from their inception, is a primary alpha driver. 

Our specialists and strategies are:


Our team's experience and cohesiveness reflects time-tested professional tenure and continuity


Our emphasis on small- and mid-cap issues enables us to seek higher incremental yield relative to risk.


Through adherence to our industry selection process, we've avoid the five most significant high yield industry bubbles and subsequent default waves since 1999.

“We believe that our strategy, which includes investing in small issues, is the most direct way to capitalize on local informational advantages in the lucrative realm of credit (where a disciplined approach can systematically add value) while simultaneously ‘selling’ liquidity to parties who systematically overvalue it.”

Robert Sydow, chief investment officer, portfolio manager, Mesirow High Yield Fixed Income


    Investment focus:  Below investment grade corporate securities

    Market capitalization:  Emphasis on small-to-mid sized capitalization companies

    Number of holdings:  75-125

    Position weight:  1-2%

    Benchmark:  Bloomberg Barclays U.S. Corporate High Yield Index

    Vehicles:  Separate account | Mutual fund | Collective investment trust

    Portfolio Managers:  Robert Sydow, Kevin Buckle, CFA, and Jim Lisko

    Inception:  3.1.1999


    Investment focus:  Syndicated leveraged loans issued by corporate borrowers, which includes both first and second lien loans

    Number of holdings:  60-100

    Position weight:  1-2%

    Benchmark:  Credit Suisse Leveraged Loan Index

    Vehicles:  Separate account | Commingled limited partnership

    Portfolio Managers:  Robert Sydow, Kevin Buckle, CFA, and Jim Lisko

    Inception:  8.2.2007


    Choice in investment vehicle

    Senior leaders

    Headshot of Robert Sydow

    Robert Sydow

    Chief Investment Officer | Fixed Income Management

    Headshot of Kevin Buckle

    Kevin Buckle, CFA

    Senior Managing Director | Fixed Income Management

    Headshot of James Lisko

    James Lisko

    Managing Director |Fixed Income Management



    The information contained herein should not be construed as a recommendation to purchase or sell any particular security or investment vehicle offered by Mesirow . The information included has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. Any opinions expressed are subject to change without notice. Mesirow Financial Investment Management, Inc. and its affiliated companies and/or individuals may, from time to time, own, have long or short positions in, or options on, or act as a market maker in, any securities discussed herein and may also perform financial advisory or investment banking services for those companies. A complete list of composites can be made available upon request. Information is provided in U.S. dollar denominations.

    It should not be assumed that any recommendations incorporated herein will be profitable or will equal past performance. Any stated performance results include the reinvestment of dividends and other earnings. The Mesirow name and logo are registered service marks of Mesirow Financial Holdings, Inc. Investment management services offered by Mesirow Financial Investment Management, Inc., an SEC-registered investment advisor. Securities offered through Mesirow Financial, Inc. member FINRA and SIPC.