Founded in 1985, SHENKMAN CAPITAL is a true pioneer in the high yield market and remains an industry leader today, known globally for the depth of our experience and knowledge. We stand out in our singular focus on below-investment grade assets.

We are an SEC-registered investment advisor, headquartered in New York City, with offices in Stamford, Connecticut, and London, U.K.

We are independently owned by team members and directors. Being a boutique investment manager allows our firm to be more agile than the industry's financial supermarkets. We consider ourselves portfolio builders, who know the difference between an investment and a trade, and have the judicious mindset of prudent bankers.

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SHENKMAN CAPITAL'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.

Our motto is: Discipline Drives Performance®
High yield has historically improved efficiency and reduced risk for traditional portfolios of stocks and bonds. However, highly leveraged companies are not without risk. SHENKMAN CAPITAL approaches the market defensively, offering investment opportunities across the entire debt capital structure. To capture the attractive coupon–and to allow income to compound over time–we navigate the leveraged finance asset classes with prudence and discipline. Our primary focus is always on downside protection. We adhere to a rigorous research process, focused on credit fundamentals, which enables us to construct portfolios that comprise high quality issues. We implement our research process the same way, every day, regardless of deal flow or market conditions.
  • I
    Rigorous, in-depth credit analysis
  • II
    Direct communication with management teams
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    Proprietary data analytics
  • IV
    Comprehensive financial analysis
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    Trading analytics
  • At SHENKMAN CAPITAL, we allocate significant attention and resources to the intricacies of each credit. Our analysts spend an enormous amount of time constructing financial models, meeting and talking with senior company managements, calculating a proprietary C.Scope® credit score, and preparing a detailed credit report for presentation to the Credit Committee for debate and a vote. Our process is never compromised by time!

    Like creating a high-quality timepiece, no step in the process can be eliminated or expedited. Our highly-skilled analysts are dedicated to their craft and take great pride in their credit recommendations.

    • P E A K
      • Strong GDP
      • Abundant liquidity
      • Deal sizes increase substantially
      • 'Loose' covenants
      • Record M& A & LBOs
      • Credit Standards low
      • Easy to execute trades
    • C O N T R A C T I O N
      • Declining GDP
      • Higher Rates
      • Execution takes time
      • Slow tightening of standards
      • Difficult to market inferior deals
      • Risk-taking out of favor
    • T R O U G H
      • GDP flat to negative
      • Poor liquidity
      • Hard to execute trades
      • Tight credit standards
      • Overreaction to credit problems
      • Forced selling at distressed prices
    • E X P A N S I O N
      • Growing GDP
      • Deal flow increases
      • Execution fairly easy
      • Covenants start to loosen
      • Risk-taking accelerates
  • The Shenkman Difference
    1. Structure and process of a major financial institution with a family culture that ensures personalized and discreet client service.
    2. Time-tested credit analysis predicated on our proprietary analytical tools.
    3. Mitigating risk is more critical to long-term success than maximizing short-term profits.
    4. Clients' interests always come first.
    5. The best team includes individuals who are both smart and nice.
    • 1985
      SHENKMAN CAPITAL founded
    • 1985
      Proprietary C. Scope scoring system launched
    • 1986
      First International Mandate
    • 1996
      Bank Loan Strategy Launched
    • 1997
      AUM reached $1B
    • 2000
      First public pension mandate
    • 2001
      Opened Stamford, CT office
    • 2002
      First mutual fund launched
    • 2003
      AUM reached $10B
    • 2005
      Convertible Strategy Launched
    • 2006
      First CLO Launched
    • 2009
      Opened London office
    • 2010
      Short Duration Strategy Launched
    • 2010
      Opportunistic Strategy Launched
    • 2011
      Justin Slatky joins firm
    • 2011
      UCITS Funds Launched
    • 2012
      Short Duration High Income Mutual Fund Launched
    • 2014
      Acquired European High Yield Team
    • 2014
      Floating Rate High Income Mutual Fund Launched
    • 2015
      Energy Opportunistic Strategy Launched
    • 2015
      Structured Credit Strategy Launched
    • 2016
      Global High Yield Strategy Launched
    • 2017
      Romark - CLO Manager Affiliate established

    SHENKMAN CAPITAL is a PRI (Principles for Responsible Investment) signatory. As lenders to high yield companies, we believe that Environmental, Social and Governance (ESG) considerations can be indicators of creditworthiness and are an important part of our obligation to clients. ESG risk factors, such as employee relations, diversity, transparency and sustainability, could impact profitability, cash flow and an issuer's ability to pay back debt in a timely manner.

    ESG factors are integrated into our research process and tools as a matter of policy. READ MORE


    Leveraged finance investments can provide a vital solution in asset allocation strategy. Besides the obvious goal of a higher current income stream, an appropriate allocation to the high yield market can offer both diversification and lower volatility than equities. There is a common misconception that all fixed income sectors are directly correlated to the U.S. Treasury market. While high yield bonds have similar characteristics to other fixed income instruments, such as a coupon and maturity, high yield companies issue "story bonds" where the financial condition of the issuer ultimately drives the valuation. Although interest rates may play a role in the daily price discovery, the probability of default or restructuring eventually drives the valuation. Bank loans offer opportunities to gain floating-rate exposure to these companies, typically with greater security than with a high yield bond. Convertibles, CLO liabilities, and global securities offer additional ways for us to tailor portfolios to the needs of our clients, utilizing the same time-tested discipline we've used since the inception of our firm.

    At SHENKMAN CAPITAL, we believe the best way to avoid defaults and credit mistakes is to undertake independent research. We constantly analyze and evaluate the fundamental financial condition of each company before any investment is made. The greatest value-add that SHENKMAN CAPITAL provides its clients is our in-depth credit analysis, utilizing our proprietary credit methodology to identify mis-rated companies. Many portfolio managers rely on published ratings as their primary source of creditworthiness. At SHENKMAN CAPITAL, we pride ourselves on comprehensive research and a structured process to minimize credit problems in our portfolios. Credit research is the heart and soul of our investment philosophy.

    For more than 30 years, our investment philosophy, of preservation of capital and pursuit of attractive risk-adjusted returns, has remained constant. When clients select SHENKMAN CAPITAL for their leveraged finance mandates, they know our differentiated investment style will be maintained under all market conditions. SHENKMAN CAPITAL has been built on a solid foundation of time-tested investment principles, where our ultimate goal is to serve the best interests of our clients each and every day.

    Respectfully yours,
    Mark R. Shenkman — Founder, President & Co-Chief Investment Officer



    Effective Date of Current Policy: 25 May 2018

    SHENKMAN CAPITAL MANAGEMENT, INC. and its affiliates and subsidiaries (collectively, “Shenkman Capital”, “we”, “us” or “our”) are committed to protecting the security and privacy of your personal information. This Privacy Policy seeks to help you understand the manner in which we may collect, process and disclose your personal information. For the purposes of EU data protection laws, Shenkman Capital is a data controller (i.e. the company responsible for, and which controls the processing of your personal information).

    Personal Information We May Collect About You

    When you contact us via telephone, email, or using the Email Form on this website, any personal information you provide (e.g. name, residential address, telephone number, company name or email address) will be collected and processed by us. We may also process your personal information, such as your username, when you use the Client Login function on the website.

    In addition, for users of the website, we automatically collect basic technical information from all visitors to the website. Such technical information includes, without limitation, your web browser, location and Internet Protocol (IP) address. We collect technical information during your visit to the website through our automatic data collection tools, which may include cookies and other commonly used technologies (e.g. web beacons). Please see the Section on Cookies below for further information.

    How We Use Your Personal Information

    The provision of personal information by you may be necessary where we have a legitimate interest to: (i) contact you and respond to your enquiry or provide you access to specific information or offerings; (ii) support our relationship with you; (iii) understand how we can improve our products and services; (iv) personalize your visit to the website and to assist you while you use the website; (v) send marketing communications to you; (vi) improve the website by helping us understand who uses the website and improve the website experience; and/or (vii) comply with applicable laws, regulations or codes of practice. Please note that you have a right to object to the processing of your personal information where that processing is carried out for our legitimate interest or for direct marketing.

    Sharing Your Personal Information

    We may use selected third parties to provide us with services, including companies that provide us with technical support and assistance. All service providers are only permitted to use personal information for the purpose of performing services on our behalf in compliance with the privacy practices and policies of Shenkman Capital. Our affiliates and associated service providers, such as software companies, may also have access to personal information provided to us by you, including through or in connection with this website for the purposes set out in this Privacy Policy.

    For users of the website, the servers used in the operation of the website automatically identify a computer by its IP address. If we, in good faith, determine that you have or are attempting to misuse or harm the website, we may investigate and cooperate with appropriate law enforcement agencies to protect our rights or property. Similarly, we may share your personal information as required or permitted by law to comply with a subpoena or similar legal process or government request, or when we believe in good faith that disclosure is legally required or otherwise necessary to protect our rights and property or the rights, property or safety of others, including to advisers, law enforcement agencies, judicial and regulatory authorities.

    Data Transfers

    Given the global nature of Shenkman Capital’s activities, where you are located in the European Economic Area (the “EEA”), personal information collected, either directly from you and/or via the website, may be transferred to recipients including other Shenkman Capital entities in countries located outside the EEA, including the U.S., which are not considered by the European Commission to provide an adequate level of data protection.

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    Shenkman Capital has entered into EU standard contractual clauses (“Model Contracts”) for intra-group transfers of personal information. You can request a copy of these Model Contracts by submitting your request via email to:

    E-Mail Communications and Marketing

    Occasionally, we may send you e-mail communications with information that may be useful to you, including information about the products and services of Shenkman Capital, its subsidiaries and other third parties with whom we have a commercial relationship. We will include instructions on how to unsubscribe and inform us of your preferences if you decide you do not want to receive any future marketing or promotional e-mails from us. If applicable law requires that we receive your consent before we send you certain types of marketing communications, we will only send you those types of communications after receiving your consent. If you wish to stop receiving marketing or market research communications from us, or would like to stop processing your personal information in any other way, you can contact us as described below to let us know what types of communications you wish to stop receiving. However, if you are a client, supplier or otherwise have a commercial relationship with Shenkman Capital, to ensure that you receive important information, you agree that we may send you non-marketing related information when necessary. We do not disclose, sell or otherwise market your personal information to third parties, unless we are required to do so by law.

    Your Rights

    Individuals in Europe have certain data subject rights which may be subject to limitations and/or restrictions. These rights may include: (i) the right to request access to and rectification or erasure of your personal information; (ii) the right to obtain restriction of processing or to object to processing of your personal information; and (iii) the right to ask for a copy of your personal information to be provided to you, or to a third party, in a digital format. If you are based in the EEA and would like to exercise one of the above mentioned rights, please send us your request via email to: Individuals in the EEA also have the right to lodge a complaint about the processing of their personal information with their local data protection authority. Shenkman Capital asks that you contact in the first instance to give us the opportunity to address any concerns you may have.

    Links to Other Websites

    Our website may contain links to other websites. Shenkman Capital is not responsible for the privacy practices or the content of other websites. This Privacy Policy applies only to the information we collect through our website. We encourage you to read the privacy statements of all of the destination websites which you visit.


    Shenkman Capital uses various methods to ensure the protection of your personal information against accidental or unlawful destruction, loss or alteration and against unauthorized disclosure or access. While these methods are considered to be effective, Shenkman Capital does not guarantee the protection of your personal information as no data transmission over the Internet can be guaranteed to be completely confidential or 100% secure. You use our website and provide all such personal information at your own risk. Shenkman Capital retains personal information for as long as necessary to fulfil the purposes for which such personal information was collected or to comply with its legal obligations, resolve disputes or enforce agreements. The criteria used to determine the retention periods include: (i) how long the personal information is needed to provide the services and operate the business; (ii) the type of personal information collected; and (iii) whether Shenkman Capital is subject to a legal, contractual or similar obligation to retain the data (e.g., mandatory data retention laws, government orders to preserve data relevant to an investigation, or data that must be retained for the purposes of litigation or disputes).


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    When you visit the website, we may place a “cookie” or other online tracking device (e.g. web beacons) in order to improve your experience by recognising you when you visit the website, such as by assigning a session ID and to deliver content specific to your interests. The cookies we place may also collect information about your IP address, or click stream data within our website (i.e. the actions taken in connection with the website). This information helps us improve the functionality of the website.

    We also use cookies provided by Google Analytics to help us measure how visitors use the website. The information collected is used for a variety of purposes, including, but not limited to, site traffic reporting, unique visitor counts, and content optimization. Although Google Analytics logs the information coming from the website on our behalf, we control how the data may and may not be used. If you do not want to help us learn how to improve the website, you can opt-out of this website analysis tool by clicking:

    Web browsers often allow you to erase existing cookies from your hard drive, block the use of cookies and/or be notified when cookies are encountered. If you elect to block cookies, please note that you may not be able to take full advantage of the features and functions of the website.

    Revisions to Our Privacy Policy

    We evaluate our privacy policies and procedures to implement improvements and refinements from time to time. Shenkman Capital reserves the right to amend the terms contained herein in whole or in part for any reason. We therefore suggest that you review this Privacy Policy periodically.

    Questions and Comments

    If you have any questions or comments about our Privacy Policy or, if you are based in the EEA and would like to exercise your data subject rights, please feel free to contact us at


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    Investment Risk

    The investment strategies and services discussed on this Site may not be suitable for all investors. Shenkman makes no representations that the contents contained herein are appropriate in all jurisdictions or for all investors or counterparties.

    Investment in any of the funds and/or strategies described on the Site carries substantial risk, including the possible loss of principal.

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    To the extent permitted by law, Shenkman, its affiliates and each of their directors, officers, employees and agents expressly exclude all conditions, warranties, representations and other terms which might otherwise be implied by statute, common law or the law of equity. In no event will Shenkman or any of its affiliates be liable to any person for any indirect, special or consequential damages arising out of any use of, or inability to use, this Site or the information contained on it, including, without limitation, any lost profits, business interruption, loss of programs or data on your equipment or otherwise, even if Shenkman is expressly advised of the possibility or likelihood of such damages. This does not affect the liability of the Shenkman and its affiliates for any loss or damage which cannot be excluded or limited under applicable law.

    Third-Party Disclaimers

    From time to time, Shenkman may use index information and related data sourced from ICE Data Indices, LLC (“ICE BofAML”). Such index information and related data is used with permission. ICE BofAML PERMITS USE OF THE ICE BofAML INDICES AND RELATED DATA ON AN “AS IS” BASIS, MAKES NO WARRANTIES REGARDING SAME, DOES NOT GUARANTEE THE SUITABILITY, QUALITY, ACCURACY, TIMELINESS, AND/OR COMPLETENESS OF THE ICE BofAML INDICES OR ANY DATA.

    The materials on this Site may contain information obtained from third parties, including ratings from credit ratings agencies such as Standard & Poor’s. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third-party information contained on this Site was obtained from sources that Shenkman Capital considers to be reliable; however, no representation is made as to, and no responsibility, warranty or liability is accepted for, the accuracy, completeness, timeliness or availability of such information, including ratings. Neither Shenkman nor any third party content provider is responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. NEITHER SHENKMAN NOR ANY THIRD PARTY CONTENT PROVIDERS GIVE ANY EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. NEITHER SHENKMAN NOR ANY THIRD PARTY CONTENT PROVIDERS SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THIS CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.

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    The distribution of the information on this Site may be restricted by law in certain countries. This Site and the information and documentation herein are not addressed to any person resident in the territory of any country or jurisdiction where such distribution would be contrary to local law or regulation. Shenkman expressly disclaims all responsibility if you access this Site in breach of any local law or regulation in the country in which you are residing or of which you are a citizen.

    For European Economic Area (“EEA”) Investors: Shenkman Capital Management Ltd is authorized and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom. This Site is directed only at persons who are classified as “professional clients” in accordance with the Markets in Financial Instruments Directive (Directive 2014/65/EU) (known as “MiFID II”) or as otherwise defined under applicable local regulations.

    In relation to member states of the EEA that have implemented the EU Directive on Alternative Investment Fund Managers (Directive (2011/61/EU)) (“AIFMD”), interests in certain funds whose details may appear on this Site will only be offered or sold to investors in any such member state to the extent that the relevant fund: (i) is permitted to be marketed into the relevant member state pursuant to Article 42 of the AIFMD (as implemented into applicable local law); or (ii) where any marketing, offer and sale of interests of the fund occurs exclusively at the initiative of the relevant investor.


    Questions concerning the Site or these Terms of Service can be addressed to Shenkman’s Legal Department at or +1 212 867 9090.