To truly understand Polygon's strategies, you have to consider our motivation. We believe we are in the business of maximizing investment returns, rather than building AUM. Our focus is concentrated on structural alpha, the bedrock of opportunity on which strategy is built. That is our primary consideration and everything follows from there.

Distressed Securities

Polygon's distressed strategy focuses primarily on non-control distressed securities, loans and other assets, investing in a wide range of credit-related instruments across capital structures, industries and geographies. We believe that superior risk-adjusted returns, where dependence on the credit cycle is not a significant driver of results, can be generated through investments in companies undergoing, or expected to undergo, restructurings or similar corporate events. In contrast to other distressed strategies, we believe that the ability to invest both long and short across any part of a particular company's capital structure gives us the flexibility to invest where we think the opportunities are the most attractive and to avoid less attractive sub-sections of distressed opportunities. We also attempt to minimise competition with other capital sources by focusing on both "on-the-run" distressed opportunities as well as privately sourced investments with higher barriers to entry. We generally favour a more concentrated portfolio and a research approach which combines rigorous fundamental analysis with event and legal analysis specific to restructurings. We seek to leverage our substantial investing expertise in European and global restructuring situations, along with our fundamental credit skills and Polygon's breadth of industry expertise.

This strategy is led by Olivier Blechner.


Olivier Blechner
Chief Investment Officer