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Title Month, Year CONFIDENTIAL DO NOT COPY OR DISTRIBUTE S7.GIPS.03.19.24 PLYMOUTH COUNTY RETIREMENT ASSOCIATION OCTAGON SENIOR SECURED CREDIT FUND MARCH 20, 2019 OCTAGON CREDIT INVESTORS TABLE OF CONTENTS I. FIRM OVERVIEW 2 II. SENIOR SECURED CREDIT FUND 13 III. MARKET OUTLOOK 25 IV. EXHIBITS 31 1 OCTAGON CREDIT INVESTORS S E C T I O N I I. FIRM OVERVIEW 2 OCTAGON CREDIT INVESTORS EXECUTIVE SUMMARY HIGHLIGHTS • Octagon, a $22.3B investment management firm, has 24 years of experience managing bank loan investments with a cohesive senior management team and a global client base. • Octagon’s Investment Committee has been together for at least 15 years through multiple credit cycles. • Octagon believes in active management, focusing on constant relative value analysis and fundamental, bottom up credit research. • Octagon currently owns ~640 individual credits1 on behalf of all client portfolios. • Octagon’s historical loan default rate is less than 1/3 of the average index default rate.2 • Octagon is a Top 10 primary loan trading counterparty with most of the major desks on the street in the senior loan market. • Total 2018 Octagon trading volume = $21.0B • Average annual Octagon trading volume over three years3 = $18.5B • Clients benefit from Octagon’s relationships: • Early looks • Ability to provide feedback on new deals • Sizeable allocation • Top-Decile Performance for the Senior Secured Credit Fund: • 72 of 73 12-month rolling periods since the Fund’s inception have generated positive returns to investors.4 • Octagon’s Senior Secured Credit Fund ranks 2nd, 7th, and 4th on a 1, 3 and 5 year total return basis, respectively, with a #1 ranking for Sharpe Ratio since inception versus peers.5 1. Excludes Octagon’s investments in CLO debt and equity tranches, and hedging strategies. 2. Please refer to the “PROCESS: Octagon’s Historical Loan Default Rate” slide for additional information 3. Average 3 Year total trading volume includes primary and secondary purchases and sales for years 2016-2018. 4. Please refer to the “Senior Secured Credit Fund Highlights” slide for additional information 3 5. Please refer to the “SENIOR SECURED CREDIT FUND PERFORMANCE vs. eVestment US Floating-Rate Bank Loan Fixed Income Universe” slide for additional information. OCTAGON CREDIT INVESTORS FIRM OVERVIEW • FOUNDED 1994 AS A DIVISION OF JP MORGAN CHASE • FOCUSED ON SENIOR SECURED LOANS, CLO DEBT & OCTAGON ASSETS UNDER EQUITY, HIGH YIELD BONDS MANAGEMENT • ESTABLISHED TRACK RECORD AS OF FEBRUARY 28, 20191 • GLOBAL INSTITUTIONAL INVESTOR BASE • SCALABLE PLATFORM • TIME-TESTED PROCESSES • 82% OWNED BY CONNING, 18% BY OCTAGON EMPLOYEES $22.3B AUM 10 YEAR HISTORICAL OCTAGON YEAR-END AUM3 $22.0B $20.0B $18.0B $16.0B 27 17 10 $14.0B $12.0B CLOs Separately Commingled & $10.0B Managed Accounts Sub-Advised Funds $8.0B $6.0B $4.0B $2.0B $0.0B 2 CLO AUM NON CLO AUM $16.4B $3.9B $2.0B 1. Octagon AUM as of February 28, 2019 is inclusive of two feeable accounts that are expected to be converted into cash flow CLOs. There is no guarantee that such accounts shall be converted into cash flow CLOs or any other such accounts. Total AUM may not foot due to rounding. 4 2. The feeable accounts referenced above are also included in the CLO platform AUM but are not counted as CLOs in the “27 CLOs” number referenced above. 3. As of December 31 of the respective year. OCTAGON CREDIT INVESTORS OCTAGON STRATEGIES STRATEGY AUM NUMBER OF AVAILABLE FUND STRATEGY TYPE STRATEGY DESCRIPTION ($MM)1 VEHICLES OPTION COLLATERALIZED LOAN OBLIGATIONS SECURITIZED $16,388 27 - (CLOs) US FLOATING RATE BANK LOANS OCTAGON SENIOR SENIOR SECURED FLOATING RATE SENIOR SECURED LOANS $4,377 12 SECURED LOANS CREDIT FUND SENIOR SECURED FLOATING RATE OCTAGON HIGH LEVERED CREDIT LOANS & HIGH YIELD BONDS $165 1 INCOME WITH TACTICAL LEVERAGE FUND OCTAGON MULTI- MULTI-STRATEGY ANY COMBINATION OF STRATEGIES $799 5 STRATEGY CORPORATE CREDIT FUND CLO INVESTMENT MANAGEMENT – INVESTMENT GRADE US CLOQ (SMA)3 $345 7 INVESTMENT GRADE CLO DEBT IGCLOO4 CLO INVESTMENT MANAGEMENT – BELOW INVESTMENT GRADE US $3602 3 STRIPE5 BELOW INVESTMENT GRADE CLO DEBT & CLO EQUITY 1. As of February 28, 2019. AUM figures are estimated and subject to change. 2. Includes $212.4MM committed to Octagon CLO Opportunity Fund III. As of February 28, 2019, 20% of total capital commitments have been called. 3. CLOQ is the Conning Investment Grade CLO Separately Managed Account program, not a commingled fund. Available as a parallel Separately Managed Account strategy, sub-advised by Octagon Credit Investors. 4. IGCLOO is the Octagon Investment Grade CLO Opportunity Fund, which has not yet closed. 5 5. STRIPE is the Octagon Strategic Partners Equity Fund, which has not yet closed. OCTAGON CREDIT INVESTORS INVESTMENT TEAM ORGANIZATIONAL OVERVIEW 1 COHESIVE, CYCLE-TESTED INVESTMENT TEAM • Co-Founder Andy Gordon serves as Octagon’s CEO/Co-CIO • Investment Committee members have worked together through multiple credit cycles • 29 Investment Team Members; many have spent the majority of their careers at Octagon Andrew Gordon Chief Executive Officer & Co-Chief Investment Officer 35 years experience 24 at Octagon COMMITTEE Michael Nechamkin Lauren Basmadjian Gretchen Lam, CFA Lauren Law, CFA Co-Chief Investment Officer & Senior Portfolio Manager Senior Portfolio Manager Portfolio Manager Senior Portfolio Manager 28 years experience 18 years experience 20 years experience 15 years experience 20 at Octagon 18 at Octagon 20 at Octagon 15 at Octagon INVESTMENT Maegan Gallagher John Anthony Sean Brad Ryan Jeremy Patrick Austin Justin Dustin Joe Robbie Head of Trading & Capital Armideo, CFA Esposito, CFA Gleason Halsey, CFA McManus, CFA Stern Coleman, CFA Flynn Laurenzo Moy Spinner Williams Markets Principal Principal Principal Principal Principal Principal Associate Associate Associate Associate Associate Associate 15 yrs experience TRADING 12 at Octagon 11 yrs experience 12 yrs experience 9 yrs experience 14 yrs experience 9 yrs experience 13 yrs experience 8 yrs experience 5 yrs experience 4 yrs experience 5 yrs experience 7 yrs experience 5 yrs experience 11 at Octagon 1 at Octagon 9 at Octagon 1 at Octagon 9 at Octagon 1 at Octagon 6 at Octagon 2 at Octagon 3 at Octagon 4 at Octagon 4 at Octagon 5 at Octagon Brody Caroline Nieporte O’Connor Trader Trader Food CREDIT RESEARCH Consumer Restaurants 4 yrs 4 yrs Publishing Products Oil & Gas Stressed/ Payment Chemicals experience experience Business Services Broadcasting Gaming & Power & Utilities Distressed Processors Lodging Packaging Financials Tech Hardware Healthcare Lodging Autos Aerospace Defense Leisure & CLO Debt Building Products Cable Software Education Retail Asset Managers Metals & Mining Transportation Insurance Industrials Entertainment CLO Equity Forest Products Telecom Timothy Anthony Connor Humayra Sarvenaz Meisze Michael James Kevin Upcoming Upcoming Tran Bronzo Dugan, CFA Kabir Shahbazi Yau Rosenfeld Shearman Wivell Hire Hire Analyst Junior Associate Junior Associate Junior Associate Junior Associate Junior Associate Analyst Analyst Analyst 4 yrs 4 yrs 4 yrs 3 yrs 3 yrs 3 yrs 4 yrs 2 yrs 2 yrs July July experience experience experience experience experience experience experience experience experience 2019 2019 ANALYTICS PORTFOLIO 6 1. As of February 28, 2019. OCTAGON CREDIT INVESTORS BUSINESS TEAM ORGANIZATIONAL OVERVIEW 1 Andrew Gordon Chief Executive Officer & Co-Chief Investment Officer 35 years experience 24 at Octagon Geoffrey Margaret George Duarte John Dudzik Douglas Erin Crawford Sean Finn Thomas Connors Dorment Julian Managing Managing McDermott Managing Business Chief Financial & Administrative Officer General Chief Director Director Managing Director Systems LEGAL Counsel Compliance Director Analyst Officer 15 yrs 13 yrs 38 yrs 37 yrs 23 yrs 12 yrs 15 yrs 35 yrs experience experience experience experience experience experience experience experience 20 at Octagon 8 at Octagon 2 at Octagon 10 at Octagon 8 at Octagon 3 at Octagon TECHNOLOGY COMPLIANCE 7 at Octagon 1 at Octagon Harry Falconer Amy Adar Paul Margaret Harvey Oriana Ryan Clark, Peter Kenny Bill Reighley, Majdi Razick Lisa Harris Managing Managing Rosenkrantz Managing Director of Portfolio Madeira CFA Vice President CFA Senior Systems Vice President Director Director Managing Administration Vice President Vice President Vice President Engineer Director INVESTOR RELATIONS 11 yrs 29 yrs 11 yrs 20 yrs 6 yrs 14 yrs 16 yrs 9 yrs 12 yrs experience BUSINESS DEVELOPMENT experience experience experience 37 yrs experience experience experience experience experience experience 3 at Octagon 23 at Octagon 2 at Octagon 18 at Octagon 21 at Octagon 1 at Octagon 5 at Octagon 1 at Octagon 5 at Octagon 3 at Octagon ACCOUNTING Livia Shack Natalie Catherine Conor DuRoss Jason Rattino Alex Kim Benjamin Xuan Conning IT Associate Portanova Wright Senior Senior Monteleone Wong Lem Chung Zhu Team Associate Accountant Accountant Senior Vice President Senior Portfolio Compliance Director Associate Accountant Administrator Officer Director 10 10 yrs 17 yrs 7 yrs 7 yrs 10 yrs 14 yrs 14 yrs 18 yrs 10 yrs Full-Time experience experience experience experience experience experience experience experience experience Employees 3 at Octagon 3 at Octagon 6 at Octagon 14 at Octagon 13 at Octagon 9 at Octagon 3 at Octagon 2 at Octagon 2 at Octagon Rohit Shankar Joe Maggio Dan Peabody Dritan Bregasi COLLATERAL ADMINISTRATIONGillian Kape Michael Alexis Analyst Senior Fund Fund Portfolio Mitchell Cameron Accountant Accountant Accountant Administrator Portfolio Compliance
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