Paul Ignatius Carey

Fountain Capital Management specializes in managing high yield bond portfolios focusing on the higher credit quality sectors of the High Yield bond market. They build portfolios of companies in growing industries with improving credit profiles. Fountain seeks to add value over a full market cycle by identifying more credit quality upgrades than the market and by avoiding downgrades and defaults. Fountain's Short Duration High Yield strategy invests in the BB and B rated segments of the non-investment grade market. The strategy focuses on seasoned credits with maturities of 7 years or less. Portfolio duration is typically around 2 years. Fountain invests in bonds of companies with improving fundamentals in growing industries. A top-down approach is used to identify and overweight industries with the highest and most sustainable growth prospects or to underweight or avoid industries where there is a higher risk of downgrades and defaults. Fountain uses a bottom-up approach to identify companies within favored industries that have strong free cash flow, established debt service records and asset values well above debt levels. Only bonds that are rated at least B3/B- by either Moody's or S&P are purchased. Fountain analysts perform all credit research in-house. Sales typically occur when the company experiences deterioration of credit fundamentals, management or management philosophy change, or if the security becomes overvalued. Fountains Total Return High Yield strategy invests in the non-investment grade sector of the corporate bond market. This strategy seeks to maximize total return while limiting risk by concentrating on the middle to higher credit quality sectors of the high yield universe. Only bonds that are rated at least B3/B- by either Moody's or S&P are purchased. The firm believes investing in the bonds of companies with improving credit fundamentals in growing industries allows them to experience more upgrades and fewer downgrades than the market. Over a full market cycle this strategy is designed to capture excess return with lower than market volatility. Fountain uses the same top-down sector selection process, bottom-up security selection process and sale discipline as they use in their Short Duration High Yield strategy.

Functions as a College/University

Functions as a College/University

Provides brokerage services