Managed by Shenkman Capital Management, Inc. (Since 5/11/2011)
Shenkman Capital Management, Inc. is an independently owned traditional and alternative credit manager. Over the past 30+ years, Shenkman has focused on the leveraged finance market, earning a reputation as a pioneer in the asset class as well as an early practitioner of credit research analytics. They seek to be a world leader in the research and management of leveraged finance investments for institutional and high net worth investors. Shenkman’s philosophy for achieving high risk-adjusted returns is to preserve capital under all market conditions and to maximize compound interest income through a disciplined and rigorous process predicated on comprehensive, fundamental analysis.
Mark R. Shenkman
President and Co-Chief Investment Officer
Mark R. Shenkman founded Shenkman Capital Management, Inc. in 1985 and is the firm’s President and Co-Chief Investment Officer. With 49 years of investment experience, and 41 years of high yield investment experience, he is considered one of the pioneers of the high yield bond and loan markets. He is a co-author of two textbooks on the high yield market, entitled High Yield Bonds: Market Structure, Portfolio Management and Credit Risk Modeling (McGraw Hill, 1999) and Leveraged Financial Markets (McGraw Hill, 2010). Mr. Shenkman was President and Chief Investment Officer of First Investors Asset Management in New York. He also was Co-Manager and Vice President of the High Yield Bond Department at Lehman Brothers Kuhn Loeb in New York, where he established one of Wall Street’s earliest departments dedicated to the research, selling and trading of high yield securities. Mr. Shenkman was a research analyst and a portfolio manager at Fidelity Management and Research Company in Boston. From 1977 to 1979, he managed the first high yield bond mutual funds at Fidelity. Additionally, Mr. Shenkman is actively involved in not-for-profit and philanthropic activities, including as an emeritus member of the Board of Directors of the UCONN Foundation and former Chairman of the Board; a Board of Trustee Emeritus at The George Washington University; Vice Chairman of the Board at Wilbraham & Monson Academy since 1969; and is a Board of Advisor Emeritus at the College of William and Mary, Mason School of Business. Mr. Shenkman received a BA in Political Science from the University of Connecticut (1965) and an MBA from The George Washington University (1967). Mr. Shenkman also received a Doctor of Humane Letters, honoris causa, from the University of Connecticut (2007). In 2018, the Fixed Income Analyst Society (FIASI) inducted Mr. Shenkman into its Hall of Fame as one of only 53 honorees in its 23-year history.
Justin W. Slatky
Executive Vice President and Co-Chief Investment Officer; Senior Portfolio Manager
Justin W. Slatky joined Shenkman Capital in 2011. He has 19 years of investing experience in high yield and distressed securities. Prior to joining Shenkman Capital, Mr. Slatky was Co-Head and Managing Director of the Distressed Bond business in New York and London for Goldman Sachs. He was also a member of the Credit Investment Committee charged with reviewing proprietary investments within the Credit Department. Before joining the distressed bond business in 2002, Mr. Slatky was a telecom high yield analyst and a recipient of Institutional Investor’s Runner-Up award. He joined Goldman Sachs from Credit Suisse First Boston in 2000, where he worked as a high yield analyst as part of an II ranked telecom team. Mr. Slatky graduated magna cum laude with a BS in economics (1998) and an MBA (1999) from The Wharton School at the University of Pennsylvania.
Raymond F. Condon
Raymond F. Condon joined Shenkman Capital in 2003 and has 41 years of investment experience, including 17 years in high yield. Mr. Condon worked at ABN AMRO Rothschild as Managing Director, Head of Convertible Origination from 2001 to 2002. From 1999 to 2001, he was a Managing Director, Head of Convertible Bonds at ING-Barings, and from 2000 to 2001 he was Head of Equity Capital Markets. Mr. Condon worked at Alex Brown, from 1992 to 1999, as Managing Director, Manager Convertible Sales, Trading, Research (five yrs), Equity Capital Markets, Convertible Origination (two yrs). From 1991 to 1992, he worked for Tucker Anthony, Vice President, Convertible Sales. He was a Managing Director, Manager, Convertible Sales, Trading, Research (six yrs), and simultaneously Manager of High Yield Sales, Trading, Research (1.5 yrs) at Smith Barney, 1984 to 1990. He was Vice President, Convertible and High Yield Sales at Lehman Brothers from 1983 to 1984. From 1977 to 1983, he worked in various capacities of sales and trading at Dean Witter Reynolds, Conning & Company and Kidder Peabody. Mr. Condon earned his BA at St. John’s University (1969) and his MBA from Fordham University (1972).
Jordan N. Barrow, CFA
Jordan Barrow joined Shenkman Capital in 2004. He has over 14 years of leveraged finance investing experience and has been a portfolio manager since 2011. Mr. Barrow has experience managing portfolios for the firm’s High Yield, Short Duration, and Convertible strategies. He started his career as a high yield research analyst specializing in Healthcare, and has also covered Retail, Technology and Service Industries. In 2010, Mr. Barrow was instrumental in launching the firm’s Short Duration High Yield Strategy, as well as the Global Convertible and Investment Grade Convertible Strategies. Mr. Barrow is a member of Shenkman Capital’s Risk Committee and Corporate Strategy Committee and currently serves on the board of the Friends of Mount Sinai Health System. Mr. Barrow received a BA degree in economics and international relations from the University of Pennsylvania. In addition, he is a CFA charterholder (2007).
Thomas Whitley, CFA
Portfolio Manager and Research Analyst/Trader
Tom Whitley joined Shenkman Capital in 2008. Mr. Whitley previously worked as an equity research assistant at Chapdelaine Institutional Equities. Mr. Whitley received a BS degree from Villanova University. He is a CFA charterholder (2011).