Overview: |
| Title: How to Diversify High Yield SMA’s for Offshore and U.S. Investors |
| Date: Monday, February 9, 2026 |
| Time: 11:00 AM Eastern Standard Time |
| Duration: 1 hour |
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Summary: |
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Non-institutional Offshore and U.S. investors have historically had limited opportunities to diversify access to the High Yield Bond Market outside of mutual funds. Pacific Income Advisers (PIA), an early innovator in SMA Completion Funds, has developed diversified SMA strategies via inCadense, a global managed accounts platform, that go beyond the limitations of Registered bonds by investing in Reg S and 144A securities with low account minimums. Accepted for 1 CFP / IWI / CFA CE Credit |
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Speakers:
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Mr. Tarpening is a Managing Director, Portfolio Strategist and Principal. Tim is a member of PIA’s Management Group, as well as a founding member of the PIA Investment Strategy Group (ISG) since the 2006. Mr. Tarpening joined PIA in 1993 as an Investment Officer and his current responsibilities include portfolio management and construction, business strategy and development, and client management. Mr. Tarpening began his investment career in 1984 with Drexel Burnham Lambert (DBL) in Beverly Hills. Tim later joined PaineWebber as a Vice President of Investments prior to joining PIA. Mr. Tarpening received a Bachelor of Arts degree in Psychology at the University of California at Santa Barbara. As an undergrad, he held a Bio-Medical Research internship at NASA Ames Research Center. Mr. Tarpening holds the Certified Investment Management Analyst (CIMA) certification, administered by the Investments & Wealth Institute and taught in conjunction with The Wharton School, University of Pennsylvania. |
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A.J. Harper is Managing Partner and Co-Founder of inCadense, a global managed accounts platform. He has held senior leadership roles including Head of Asset Manager Relationships, Sustainable Finance and ETFs at Euroclear Group; President and CEO of BNY Managed Investments (APAC); CEO and Co-Founder of Axial Partners Limited; and President of Pershing Managed Account Solutions. Additional roles include Managing Director of Lockwood Advisors, Managing Director of Nomura Asset Management (Hong Kong) Limited, President of AdvisorPort, Inc., and Head of Product Strategy for PNC Global Investment Servicing. He began his career at Federated Investors, helping launch its UCITS fund family in Ireland. His work has been recognized by Asian Private Banker with the Asset Management Award for Excellence and innovation awards from NOVA, NICSA, and MMI. He was responsible for building the largest managed accounts platform in the U.S. ($500B), and was cited twice in BNY annual reports for leading one of the firm’s most impactful collaborations, as well as supporting the $4.0B sale of PNC’s global custody business to BNY. A.J. holds a BA in International Studies from Johns Hopkins University and a graduate diploma from the Paul H. Nitze School of Advanced International Studies, including study at the Bologna Center. An English-Speaking Union SSE Scholar, he studied at Rydal School in Wales. |
Past performance is not indicative of future results. Asset allocation does not assure a profit or protect against a loss in declining financial markets. All investments carry a degree of risk, including loss of principal. It is important to note that there are risks inherent in any investment and there can be no assurance that any asset class will provide positive performance over any period of time.
High yield securities (or “junk bonds”) entail greater risk of loss of principal because of their greater exposure to credit risk. High yield securities typically carry higher coupon rates than investment grade securities, but also are considered as speculative and may be subject to greater market price fluctuations, less liquidity and greater risk of loss of income or principal including greater possibility of default and bankruptcy of the issuer of such instruments than more highly rated bonds and loans. For a full description of these and other risks facing the portfolio please review the Risk of Loss section in our ADV Client Brochure. Past performance is not an indicator of future results.
Bloomberg U.S. High Yield Index covers the universe of fixed rate, non-investment grade debt. Eurobonds and debt issues from countries designated as emerging markets (e.g., Argentina, Brazil, Venezuela, etc.) are excluded, but Canadian and global bonds (SEC registered) of issuers in non-EMG countries are included. Original issue zeroes, step-up coupon structures, 144-As and pay-in-kind bonds (PIKs, as of October 1, 2009) are also included. The index includes both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility, and Finance, which include both U.S. and non-U.S. corporations. The Yankee sector has been discontinued as of 7/1/00. The bonds in the former Yankee sector have not been removed from the index, but have been reclassified into other sectors. Indexes are unmanaged, do not incur management fees, costs, and expenses, and cannot be invested in directly.
This presentation does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for information purposes only and on the understanding that the viewer has sufficient knowledge and experience to be able to understand and make their own evaluation of the proposals and services described herein, any risks associated therewith and any related legal, tax, accounting or other material considerations. To the extent that the viewer has any questions regarding the applicability of any specific issue discussed above to their specific portfolio or situation, prospective investors are encouraged to contact Pacific Income Advisers or consult with the professional advisor of their choosing.
Certain information contained herein has been obtained from third party sources and such information has not been independently verified by PIA. No representation, warranty, or undertaking, expressed or implied, is given to the accuracy or completeness of such information by PIA or any other person. While such sources are believed to be reliable, PIA does not assume any responsibility for the accuracy or completeness of such information. PIA does not undertake any obligation to update the information contained herein as of any future date.
Except where otherwise indicated, the information contained in this presentation is based on matters as they exist as of the date of preparation of such material and not as of the date of distribution or any future date. Recipients should not rely on this material in making any future investment decision.
Certain information contained herein constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” or “believe,” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events, results or actual performance may differ materially from those reflected or contemplated in such forward-looking statements. Nothing contained herein may be relied upon as a guarantee, promise, assurance or a representation as to the future.