FROM: Don Pierce, Chief Investment Officer
SUBJECT: Informational: GoldenTree Manager Update
RECOMMENDATION:
title
GoldenTree Manager Update.
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BACKGROUND:
Founded in 2000, GoldenTree is an employee-owned asset management firm with ~$40 billion of assets under management. The firm has approximately 250 employees (with 23 partners and over 60 investment professionals) across 6 offices globally, including New York, London, Singapore, Sydney, Tokyo and Dublin. The firm specializes in a fundamental value-based approach to the credit universe, with a focus on high yield bonds, leveraged loans, distressed debt, structured products, emerging markets and other credit-related asset classes.
GoldenTree currently manages over $500mm for SBCERA under our global fixed income asset allocation. The relationship began in 2008 with an investment in GoldenTree’s Credit Opportunities Fund and has evolved over time into a separately managed account covering multiple strategies, including distressed and structured products-focused opportunities. Since the inception of our separately managed account in 2011, our investment has generated a blended net annualized return of 9.84%.
COMMITTEE REVIEW:
This item was reviewed by the Investment Committee at its February 9, 2021 meeting.
BUDGET IMPACT:
None.
STRATEGIC PLANNING GOAL/OBJECTIVE:
Prudent Fiscal Management
STAFF CONTACT:
Thomas Kim
ATTACHMENTS:
Exhibit A: GoldenTree Presentation