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Article: Profile: Seneca Gravitates To Double-Bs, But Remains Open To Lower Rated Names.(Seneca Capital Management)
- Article from:
- High Yield Report
- Article date:
- February 20, 2006
- Author:
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The high yield team at Seneca Capital Management managed to generate profits last year by largely staying true to its high quality mandate. At the same time, however, the team kept a close, opportunistic eye on the lower reaches of the credit spectrum, according to portfolio manager Tom Haag.
But for the most part, focusing on higher quality credits is the name of the game for San Francisco-based Seneca. "As a rule, we consider ourselves a high quality high yield manager," said Haag, explaining that throughout the course of a credit cycle, Seneca tends to maintain an average quality rating in the double-B ratings range. "When we're being more aggressive, we can ...