SKY Harbor is a women-led, independent investment management firm organized in August 2011
pursuant to the Delaware Limited Liability Company Act and registered as an investment adviser
with the SEC under the Advisers Act. The Firm is exclusively focused on managing portfolios
comprising corporate high yield bonds and leveraged loans for a global institutional and private
wealth management client base. The firm’s co-founders, Hannah Strasser and Anne Yobage, have
invested together as a team continuously for over three decades, and in the most recent of the last two
decades have been joined by David Kinsley, Principal, who worked with the co-founders in their prior
positions and joined with them as a part of the senior management team at the founding of SKY
Harbor. The trio of senior managers have been applying their investment process through a wide
range of diverse market conditions and economic cycles.
SKY Harbor’s considerations of environmental, social, and governance (“ESG”) factors in its
investment process were well underway before it publicly became a signatory to the UN-backed
Principles for Responsible Investment (“PRI”) in October 2015 and the UN Global Compact in 2017.
The Firm is a wholly owned subsidiary of SKY Harbor Capital Holdings LLC, a Delaware limited
liability company. As of December 31, 2023, the Firm has total regulatory assets under
management (“AUM”) totaling approximately $ 4,058,000,000.
SKY Harbor provides continuous and regular supervisory or management services with respect to
discretionary and non-discretionary portfolio management services in two flagship corporate high
yield strategies: the broad high yield market and the short duration high yield strategies, both of
which invest primarily in below-investment grade (“high yield”) debt securities and to a lesser
extent from time to time depending on market conditions in syndicated bank loans of high yield
issuers. The Firm does not offer other types of investments, although the Firm offers a number
of constrained, unconstrained or hybrid variations of the flagship strategies including investment
portfolios that incorporate US Treasuries or have socially responsible investment objectives that
incorporate at least three commonly defined ESG strategies and standards, namely: ESG
Integration, Negative Exclusions and Engagement.
The broad high yield market strategy is typically managed against the ICE BofA US High Yield
Index, a commonly used benchmark for high yield corporate bonds and a measure of the broad
U.S. high yield market. Alternatively, the broad high yield market strategy may also be managed
against a similar high yield benchmark to accommodate particular client needs or a customized
version of the strategy. For example, the global version of the broad high yield strategy is
managed against the ICE BofA Global High Yield Index (“HW00”).
The flagship short duration high yield strategy is an absolute return strategy and is generally not
managed against a benchmark unless otherwise expressly disclosed in an offering document,
requested by client for a particular account, or is one of the customized versions of the strategy.
Unless otherwise directed by a client account, the Firm generally has full power and authority to
supervise and direct the investment of assets of its separate accounts and pooled investment vehicles
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and manages those assets for U.S. and non-U.S. institutional clients and will tailor its investment
management services to clients’ particular needs. Clients may impose reasonable restrictions on
investing in certain types of securities or to impose other constraints on the way in which they want
the Firm to manage their separate accounts, such as by expressly incorporating ESG or other socially
responsible objectives. These restrictions or constraints to each client’s investment guidelines are
set forth or incorporated by reference in the client's Investment Advisory/Management Agreement
or in the applicable Prospectus or Confidential Private Offering Memorandum.
SKY Harbor is the exclusive investment manager to SKY Harbor Global Funds, an open-end
umbrella management investment company currently with three socially responsible sub-funds
incorporated in Luxembourg and registered with the Commission de Surveillance du Secteur
Financier (“CSSF”), (the securities regulator in Luxembourg), pursuant to Luxembourg laws that
have been adopted in accordance with various Directives
and Regulations issued by the European
Parliament and Council of the European Union, of which the most applicable is referred to generally
as the European UCITS Directive (an acronym for “Undertakings for Collective Investment in
Transferable Securities”). The European UCITS Directive is a regulatory regime governing the
establishment, obligations, operations, and investment policies of SKY Harbor Global Funds, which
can be thought of as the European equivalent of a registered investment company or what is
commonly understood in the United States as a mutual fund.
Mr. Gordon Eng, the Firm’s General Counsel & Chief Compliance Officer along with Messrs.
Philippe Descheemaeker and Stefan Balog, two Managing Directors of SKY Harbor Capital
Management GmbH1 (“SKY Harbor GmbH”), together serve as directors on the board of SKY
Harbor Global Funds while Mr. Justin Egan, Managing Director, Carne Global Financial Services
Limited and Ms. Sophie Mosnier serve as independent board directors.
The SKY Harbor Global Funds management fee paid to SKY Harbor varies by each share class and
sub-fund as described in the prospectus. Such management fees range from a low of 0.45% p.a. for
large institutional subscriptions and up to 1.1% p.a. for certain retail shares calculated on the
aggregate invested assets. The management fees are accrued daily and paid monthly. The shares of
SKY Harbor Global Funds have not been and will not be registered under the U.S. Securities Act
of 1933, as amended, and SKY Harbor Global Funds has not been and will not be registered under
the Investment Company Act of 1940 (“ICA”) and accordingly, its shares may not be offered, sold,
transferred, or delivered, directly or indirectly, in the United States or to any United States persons,
except in compliance with the securities laws of the United States and any state thereof in which
such offer or sale is made.
SKY Harbor is the sole General Partner and Investment Manager to SKY Harbor Broad High Yield
Market Partners, LP (the “Private Fund”), a Delaware limited partnership exempt from registration
under Section 3(c)(7) of the ICA. The limited partnership interests offered have not been and will
1 SKY Harbor GmbH is a wholly owned subsidiary of the Firm located in Frankfurt, Germany, and regulated by the
German Federal Financial Supervisory Authority (“BaFin”). SKY Harbor GmbH is the Principal Distributor and
marketing arm of SKY Harbor Global Funds and does not trade securities for clients, charge brokerage
commissions, and does not manage or advise client portfolios.
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not be registered under the Securities Act of 1933 (“Act”), as amended, nor the ICA, and such
interests are to be offered in reliance upon exemptions under the Act to Accredited Investors as
defined in Rule 501 of the Act and Qualified Purchasers as defined in the ICA. SKY Harbor Broad
High Yield Market Partners, LP began business on April 1, 2013.
SKY Harbor's co-founders — Hannah Strasser and Anne Yobage — have worked together since
1990. From 1992 until 1995, they along with former co-founding partner, Tom Kelleher,
comprised the High Yield Bond Group of Deltec Asset Management LLC in New York City. In
1995, they — together with the Deltec Small Cap Equity Team — formed Cardinal Capital
Management, L.L.C., an independent investment manager based in Greenwich, CT. In 2001, they
joined AXA Investment Managers, Inc., a subsidiary of the AXA Group. In June 2011, they
resigned their positions with AXA Investment Managers, Inc. and joined SKY Harbor in late
September 2011. See Item 10 below for information regarding entities affiliated with the Firm.
Prior to March 2020, the Firm operated with its primary physical presence at 20 Horseneck Lane
in Greenwich, CT. Since the Pandemic, the Firm has operated as a remote-first organization with
20 Horseneck Lane serving as its “virtual” office, providing a corporate address and on-demand
conference room capability and other services. After considerable analysis, post-Pandemic, the
Firm converted to a remote-first culture in the belief that a remote-first culture best supports
transversal communication, a reduced net carbon footprint, employee engagement and
recruitment and client service that is seamlessly integrated by a robust and resilient cloud-based
IT infrastructure. The uniqueness of the Firm’s culture is maintained by daily video conferencing
and enlarged through firm-wide social events, small group in-person luncheons or meet-ups.