MULTI-ASSET CREDIT

Alpha Through Rigorous Credit Selection & Optimal Allocation

Marathon's all-weather Multi-Asset Credit program generates alpha through active management within each Public Credit asset class and through the embedded value of a dynamic optimal allocation process.

$200B+

Invested Across Multi-Asset Credit Pillars

3K+

Securities with Marathon Proprietary Research

25+ Years

Of Average Experience for our Public Credit PMs

Marathon's renowned Public Credit platform is comprised of specialized teams, within each asset class, that utilize rigorous fundamental credit selection, technical analysis, trading expertise, direct origination, and proprietary technology to drive performance.

Marathon's Multi-Asset Credit program employs a dynamic allocation process that optimizes positioning by analyzing quantitative and qualitative factors at the individual asset class level and at the aggregate portfolio level.

25+ years of leadership in the Public Credit markets across the four key pillars:

01.

Structured Credit

$60B+ invested

02.

High Yield

$50B+ invested

03.

Leveraged Loans & CLOs

$40B+ invested

04.

Emerging Markets

$50B+ invested

Marathon is Your Public Credit Investment Partner for the Long Run

Marathon's Public Credit Platform strategically collaborates to enhance performance utilizing:

  • Marathon's Global Credit Platform
  • Fundamental Credit Selection
  • Global Macro Overlay
  • Direct Origination Expertise
  • Sector/Asset Trends & Relative Value
  • Technical Analysis & Proprietary Technology
  • Trade Execution, Risks & Liquidity
  • Dynamic Allocation Process
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26+ Years of Excellence
and Leadership Across
the Spectrum of Credit

Marathon believes capturing attractive yields with a focus on risk management and preservation of capital is the best path to superior long-term investment results.
We execute on our investment programs through a variety of formats ranging from commingled funds to customized solutions with great pride in developing programs that achieve our clients investment goals.

Multi-Asset Credit

A Flexible, Dynamic, and Customizable Solution for Alpha Through Cycles

Marathon's Multi-Asset Credit Program provides our clients with an all-weather investment solution across the public credit landscape. Multi-Asset Credit is a dynamic, process-oriented program that encompasses a combination of each of our public credit strategies: Structured Credit, Leveraged Loans & CLOs, High Yield, and Emerging Markets. Marathon's Multi-Asset Credit program offers an enhanced risk-reward proposition through our expertise in generating alpha at the asset class level and at the portfolio construction level through our dynamic optimal allocation process benefitting from a robust quantitative and qualitative framework.

Flexibility, customization, and partnership serve as core attributes of Marathon's Multi-Asset Credit program providing our clients with an all-weather solution to creating an optimal Public Credit portfolio focused on alpha, income generation and downside protection through credit cycles.

High Yield

Value-Oriented Approach

High Yield

Value-Oriented Approach

Marathon utilizes bottom-up fundamental credit research, understanding of capital flows and technical conditions, including index arbitrage, and relative value analysis, to optimally identify attractively priced credits that offer the attractive risk-reward as we endeavor to deliver portfolio optimization and performance. Credit markets offer a wide array of opportunities to capture both current cash-flow and capital appreciation through when selected discounted bonds pulling to par.

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Leveraged
Loans & CLOs

Collaborative and
Consistent Approach

Leveraged
Loans & CLOs

Collaborative and
Consistent Approach

Marathon's Leveraged Loan & CLO program employs a fundamental bottoms-up credit selection process across the broadly syndicated loan universe. Our highly experienced team actively manages and carefully constructs portfolios focused on credit quality and diversification within the Leveraged Loan and CLO market. Marathon's credit research, proprietary risk models, in conjunction with our robust structural CLO analysis allows for active liability management to enhance our results. Our long-term track record, proven over two decades of market cycles, is supported by a robust infrastructure team, including risk management, asset management, financial controls, and legal expertise. Our team examines the broadly syndicated loan market and the CLO Market to find attractive opportunities to invest in loans, CLO debt tranches and CLO equity. Marathon manages CLOs through our CLO Equity Fund, a Loan Fund, and customized solutions.

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Emerging Markets

A Country First Approach

Emerging Markets

A Country First Approach

Marathon's Emerging Markets Program takes a rigorous and nuanced approach to investing within the EM hard currency fixed income universe. Marathon's dedicated EM team targets an optimal risk-return profile, with investments in sovereign, quasi-sovereign, and corporate opportunities. Our portfolios are carefully constructed within our dynamic framework, capitalizing on the team's deep expertise in portfolio management and index architecture. Marathon offers actively managed Long Only Funds and customizable solutions to meet our clients' investment objectives.

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Structured Credit

Dynamic Income Generation

Structured Credit

Dynamic Income Generation

Marathon's Structured Credit Program is driven by our tactical approach to fundamental credit selection with a strategic asset allocation process that is highly developed. Cycle tested, post-GFC Marathon was selected by the U.S. Treasury to manage capital in the Public-Private Investment Program (“PPIP”) and was the #1 performing manager. Our integrated Structured Credit team has dedicated investment professionals specializing across RMBS, CMBS, CLOs and ABS. Our analytical approach is informed by comprehensive analysis derived from our proprietary machine learning technology (“m2PT”), generating alpha through rigorous collateral underwriting, loan performance and optimal positioning within the capital structure. Utilizing active asset management, our team carefully constructs portfolios with a focus on downside protection that seeks to maximize Sharpe ratio and portfolio diversification, while decreasing market correlation. Marathon offers a diverse range of investment strategies, including a High Yield Structured Credit Fund and customizable solutions.

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