Value-Oriented Approach

Marathon seeks to maximize risk-adjusted returns through deep fundamental research at the sector and issuer levels.

Marathon has actively invested in the High Yield market for over 25 years, with a process enhanced by our renowned global credit platform that delivers unique advantages:


Credit Selection


Portfolio Optimization




Invested in High Yield


Securities with Marathon Proprietary Research


Positions in High Yield

Established & Successful
Investment Process

With decades of experience in credit selection and alpha creation, Marathon's aptitude to identify attractively priced credits that offer the best risk-reward within the capital structure utilizes:

  • Active Sector Positioning
  • Relative Value Analysis
  • Technical Analysis
  • Index Arbitrage
  • Primary Market Participation
  • Portfolio Optimization

Marathon's High Yield team collaborates across our Integrated Corporate Credit platform:

    • 30+ corporate credit professionals specializing across industries, asset classes and geographies
    • Expertise across risk spectrum - performing, stressed and distressed
    • Information sharing with Leveraged Loan & CLO teams
    • Expertise in index architecture & data science
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Marathon's High Yield team utilizes a measured, and tactical approach to credit selection within the Corporate High Yield universe. Our dynamic investment strategies aim to achieve an optimal risk-return profile by conducting rigorous fundamental analysis at the sector and issuer levels across all High Yield sub-sectors.

Investment Strategies

High Yield

Actively managed and differentiated approach to portfolio construction that provides an opportunity to capture the Beta of the asset class while generating Alpha above index returns.

High Yield

Long-only, actively-managed High Yield strategy focused on delivering the total return and market beta of the High Yield market through a consistent, scalable and actively-managed process.


Marathon's significant expertise in portfolio construction enables us to utilize our core strategic principles in offering a Fund of One or Separately Managed Account for customized solutions to fit a variety of investment objectives, preferences, and market environments.

Investment Vehicles

  • Long-Only Funds
  • High Yield ETF: John Hancock High Yield ETF (JHHY)

  • Fund of One & Separately Managed Account

Contact Us

To contact Marathon's High Yield team, please reach out to one of the key contacts below:

For High Yield Transactions:

Michael Schlembach
Portfolio Manager - High Yield Bonds

For Investors:

Jason Friedman
Partner - Global Head of Strategy and
Business Development
jfriedman@marathonfund.com or