Terms of Use

By accessing this web site, you confirm your agreement with and understanding of the following conditions of use without limitation or qualification. Please read these conditions carefully before using this web site. This web site is offered to you conditioned on your acceptance without modification of the terms, conditions, and notices contained herein. Your use of this web site constitutes your agreement to all such terms, conditions, and notices. GoldenTree Asset Management LP ("GoldenTree") reserves the right to, and may at any time, change the terms, conditions and notices under which this web site is offered. You are bound by any such revisions and should therefore periodically visit this page to review the then current terms and conditions to which you are bound. References to GoldenTree shall be deemed to include GoldenTree Asset Management LP and any of its affiliated entities.

Assets Under Management

Total assets, with respect to the structured product portfolios, such as CLOs, include the effects of leverage and available capital to invest. With respect to managed funds and accounts that have “private equity” type terms, assets under management include investors’ committed capital until such time as the applicable investment period has terminated.

No Offer of Securities

The material on this web site does not constitute an offer to sell, or the solicitation of an offer to buy, advisory services or any securities or any interests in investment funds managed by GoldenTree. Offerings of securities are made only by prospectus or private offering memoranda by persons who are registered, or not required to be registered as broker-dealers or agents in the particular jurisdiction. Such offerings are made, and such investment advisory services are offered, only to persons who are "accredited investors" as defined in Rule 501(a) under the Securities Act of 1933, as amended. Responses to any inquiry which may involve rendering of personalized investment advice for compensation effecting or attempting to effect transactions in securities will not be made absent compliance with state broker-dealer, investment advisor, broker-dealer agent or investment advisor representative registration requirements, or applicable exemptions or exclusions from such requirements. This web site is not intended for distribution to or use by any person in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. GoldenTree makes no representations or warranties that the content of this web site is applicable or appropriate for use in locations outside of the United States of America.

Limitation of Liability

While GoldenTree uses reasonable efforts to include accurate and up to date information on this web site, errors or omissions sometimes occur. All information and content on this web site is furnished "as is" and GoldenTree makes no warranties or representations as to the accuracy of this web site, and makes no other warranty of any kind, implied or expressed. Under no circumstances shall GoldenTree nor any party or person involved in creating, producing, or delivering the web site be liable for any direct, incidental, consequential, indirect, or punitive damages that result from the use of, or the inability to use, the materials on this web site, even if a GoldenTree authorized representative has been advised of the possibility of such damages.

GoldenTree also assumes no responsibility, and shall not be liable for, any damages to, or viruses that may infect, your computer equipment or other property on account of your access to, use of, or browsing in the web site or your downloading of any materials, data, text, images, video, or audio from this web site.

Performance Data

Any performance data quoted on this web site represents past performance and is no guarantee of future results. The value of an investment may fall as well as rise. Investor principal is not guaranteed, and investors may not receive the full amount of their principal at the time of redemption if asset values have fallen. Investors should understand that performance results will be reduced by investment advisory fees and other expenses which may be incurred in connection with the account.

GoldenTree defines a distressed asset as an investment in the debt or equity of an issuer that, for reasons that may include operational, financial or market-related stress, has seen its value decline to a level that in its analysis was materially below the fundamental value of the asset. For debt investments this typically includes securities trading at 75 cents on the dollar or below.

A structured product is a securitization of financial debt instruments ranging from high yield bank loans, student loans, commercial real estate, residential mortgages, auto loans, credit card receivables, trust preferred notes, emerging market debt.

Account Access

If you or any of your employees or agents access or use this web site for account access, you acknowledge and agree that such ELECTRONIC SERVICE IS BEING MADE AVAILABLE TO YOU OR SUCH OTHER PERSON WITHOUT ANY WARRANTY WHATSOEVER, EITHER EXPRESS OR IMPLIED, and you agree that any such access or use will be solely at your own risk, and GoldenTree will have no liability whatsoever relating to or arising out of any such access or use or any inaccuracies, errors, delays, omissions or other problems or failures of any such electronic service. Moreover, you agree that if you or any of your employees or agents are given any digital certificate(s), user name(s), and/or password(s) which may be required to access or use any electronic services (collectively, "User Codes"), (a) you shall take all necessary actions to preserve the confidentiality of such User Codes; (b) you shall restrict access to the User Codes to those persons who are duly authorized to act on your behalf; (c) you shall notify GoldenTree immediately in the event any such User Code is lost, stolen, or the confidentiality of any such User Code has been compromised in any way or the authority of any person to act on your behalf has been revoked or limited; and (d) you are responsible for and will be bound by all statements made and instructions, assents and consents communicated under any such User Code, to the same extent that the same was under your duly signed writing.

Restrictions on Use of Materials and Trademarks

GoldenTree owns and maintains this web site. Nothing contained within this web site shall be construed as granting, by implication, estoppel or otherwise, any license or right to use any image, trademark, logo or service mark contained within the web site. No act of downloading or otherwise copying from this web site will transfer title to any software or material contained within this web site to you. Anything that you transmit to this web site becomes the property of GoldenTree, may be used by GoldenTree for any lawful purpose, and is further subject to disclosure as deemed appropriate by GoldenTree, including to any legal or regulatory authority to which GoldenTree is subject. GoldenTree reserves all rights with respect to copyright and trademark ownership of all material contained within this web site, and will enforce such rights to the full extent of the law. You may not modify, copy, distribute, transmit, display, perform, reproduce, publish, license, create derivative works from, transfer, or sell any information, software, products, or services obtained from this site without GoldenTree's written permission.

Images displayed on this web site are either the property of, or used with permission by, GoldenTree. The use of these images by you, or anyone else authorized by you, is prohibited unless specifically permitted herein. Any unauthorized use of the images may violate copyright laws, trademark laws, the laws of privacy and publicity, and communications regulations and statutes.

Material to be Consulted in its Entirety

All materials contained within this web site are meant to be reviewed in their entirety, including any footnotes, legal disclaimers, restrictions or disclosures, and any copyright or proprietary notices. Any disclaimers, restrictions, disclosures or hedge clauses apply to any partial document or material in the same manner as they do the whole, and will be deemed incorporated in the portion of any material or document that you consult or download.

FOR UK RESIDENTS ONLY

The information on this website is issued in the United Kingdom by GoldenTree Asset Management UK LLP (“we”, “us” and “our”). GoldenTree Asset Management UK LLP is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the “FCA”). The funds whose details are featured on the website (the “Funds”) are unregulated collective investment schemes for the purposes of the UK Financial Services and Markets Act 2000 (“FSMA”). This website may make reference to a number of other GoldenTree entities, including Golden Tree Asset Management, L.P (“Other Entities”). Activities carried on by, and the services provided by, Other Entities are not authorised or regulated by the FCA.

Some or all of the information on this website may be a financial promotion for the purposes of the Handbook of Rules and Guidance issued by the FCA (the “FCA Rules”). Where such information relates to one or more Funds, it is exempt from the restriction in section 238(1) of the FSMA on the communication of an invitation or inducement to participate in a collective investment scheme, on the basis that this document is issued by us only to and/or is directed by us only at persons who are categorised as either professional clients or eligible counterparties (within the meaning of the FCA Rules) in respect of interests in the relevant Fund(s). The investments and investment services to which the information on this website relates are not available to other persons and such other persons should, therefore, not act or rely on it. In particular, any investment or service to which the information on this website may related is not intended for retail clients and will not be made available to retail clients.

Investments in hedge funds such as the Funds are speculative and involve a high degree of risk. Investors could lose their entire investment. We neither provide investment advice to, nor receive and transmit orders from, investors in any Fund, nor do we carry on any other activities with or for such investors that constitute "MiFID or equivalent third country business" for the purposes of the FCA Rules. It is the responsibility of all persons under whose control or into whose possession the materials on this website come, to inform themselves about and to ensure observance of all applicable provisions of the FSMA in respect of anything done in relation to the Funds referenced herein, from or otherwise involving the United Kingdom.

For EEA Residents

In relation to member states of the European Economic Area (“EEA”) that have implemented the EU Directive on Alternative Investment Fund Managers (Directive (2011/61/EU)) (“AIFMD”), interests in the funds whose details appear on this website 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.

Commitment to the UK Stewardship Code

Under Rule 2.2.3R of the FCA's Conduct of Business Sourcebook, GoldenTree Asset Management UK LLP (the "Firm") is required to include on this website a disclosure about the nature of its commitment to the UK Financial Reporting Council's Stewardship Code (the "Code") or, where it does not commit to the Code, its alternative investment strategy. The Code is a voluntary code and sets out a number of principles relating to engagement by investors with UK equity issuers. Investors that commit to the Code can either comply with it in full or choose not to comply with aspects of the Code, in which case they are required to explain their non compliance.

GoldenTree Asset Management UK LLP is an absolute return investor focusing on multiple investment strategies with an emphasis on high yield credit. While the Firm may invest in global equities, including UK equities, it is not a significant element in its investment strategies. While the Code is relevant to some aspects of the Firm's trading, and the Firm generally supports the objectives that underlie the Code, GoldenTree Asset Management UK LLP has chosen not to commit to the Code. The Firm invests in a variety of asset classes and in a variety of jurisdictions across Europe. The approach of the Firm in relation to engagement with issuers and their management are determined globally, on a group wide basis. The Firm, along with its U.S. affiliate, takes a global approach to engagement with issuers and their management in all of the jurisdictions in which it invests and, consequently, does not consider it appropriate to commit to any particular voluntary code of practice relating to any individual jurisdiction.

Inquiries

Inquiries concerning use of GoldenTree's trademarks, service marks, trade names, logos, icons copyrights or other intellectual property, or other inquiries regarding the terms and conditions of this web site should be addressed to GoldenTree Asset Management LP, Legal Department, 300 Park Avenue, 20th Floor, New York, NY 10022.

Privacy Policy

This Privacy Notice sets forth our policies with respect to nonpublic personal information of Investors, prospective Investors and former Investors. These policies apply to individuals and Individual Retirement Accounts only and may be changed at any time, provided a notice of such change is given to you.

You provide us with personal information, such as your address, social security number, assets and/or income information, (i) in the Subscription Agreement and related documents, (ii) in correspondence and conversations with the our representatives and (iii) through transactions with or through us.

We do not disclose any of this personal information about our Investors, prospective Investors or former Investors to anyone, other than to our affiliates, and except as permitted by law, such as to our attorneys and auditors in order to service your investment. We will, however, release information about you if you direct us to do so or if compelled to do so by law. We may also disclose all of the information you provide to us to companies that perform services on our clients' behalf. If such a disclosure is made, the Fund will require such third parties to treat your private information with confidentiality.

We seek to carefully safeguard your private information and, to that end, restrict access to nonpublic personal information about you to those employees and other persons who need to know the information to enable us to provide services to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information.

Strategies

GoldenTree

Strategies

Master Strategy

Credit Opportunities Strategy

Distressed Strategy

Opportunistic Structured Product Strategy

Master Strategy

GoldenTree’s flagship strategy has over a 16 year track record in capturing what we believe to be the most attractive opportunities across credit asset classes including high yield bonds, leveraged loans, distressed debt, structured products, credit-themed equities and emerging markets. The strategy has over $6 billion in assets under management and includes a number of customized accounts. The strategy seeks to deliver net returns across market cycles in line with its historical performance.

Credit Opportunities Strategy

GoldenTree’s Credit Opportunities strategy captures the return profile of primarily senior secured debt with the use of moderate leverage to enhance returns. The strategy seeks to deliver a high degree of current income. The strategy targets outperformance relative to a blended index of loans and high yield bonds1.

1. The blended index represents 65% of the S&P LSTA Loan Index and 35% of the Bank of America Merrill Lynch US High Yield Index. These indices are commonly referenced in the marketplace as representative indices for their asset classes.

Distressed Strategy

GoldenTree captures distressed opportunities in less liquid or higher concentration positions in private equity style funds and separate accounts as well as in our Master Strategy. Since its inception, GoldenTree has invested over $20 billion in distressed opportunities across the firm’s strategies. The firm raised over $2.2 billion in committed capital across its private equity-style products. The strategy seeks to deliver double-digit net returns.

Opportunistic Structured Product Strategy

GoldenTree captures structured product opportunities in private equity style funds as well as in our Master Strategy. Since its inception, GoldenTree has invested over $10 billion in structured investments across the firm’s strategies. The firm raised over $2 billion in committed capital across its private equity-style products. The strategy seeks to deliver double digit net returns.

Multi-Sector Strategy

Value Strategy

Loan Strategy

Structured Product Strategy

Emerging Markets Strategy

Multi-Sector Strategy

GoldenTree’s Multi-Sector strategy aims to dynamically capture what we believe to be the most attractive risk adjusted returns across leveraged loans, high yield bonds and structured products, while focusing on performing credits. The strategy seeks to deliver attractive single digit net returns across market cycles.

Value Strategy

GoldenTree’s Value strategy consists of primarily North American high yield bonds. The strategy targets outperformance relative to the high yield bond benchmark1 across market cycles.

1. The benchmark for the HY Value Fund Strategy is the Bank of America Merrill Lynch High Yield index.

Loan Strategy

GoldenTree’s Loan strategy consists of primarily leveraged loans captured via CLO structures as well as through customized accounts. GoldenTree has issued over $10 billion of CLOs since its inception. The strategy aims to deliver attractive returns through active management of loan portfolios with outperformance relative to the loan index1 across market cycles.

1. The index for the Loan Strategy is the S&P LSTA Leveraged Loan Index.

Structured Product Strategy

GoldenTree’s Structured Product strategy seeks to invest primarily in floating rate, global structured products including CLOs, RMBS and ABS. The strategy seeks to deliver attractive single digit net returns across market cycles.

Emerging Markets Strategy

GoldenTree’s Emerging Markets strategy is focused on global emerging market debt, investing across sovereign, quasi-sovereign and corporates. The strategy targets outperformance relative to the emerging market benchmark1 across market cycles.

1. The benchmark for the Emerging Markets Strategy is the JP Morgan EMBI Global Diversified index.

Philosophy

Investment

GoldenTree’s investment process has captured what we believe to be the most attractive opportunities across credit markets and through market cycles

Robust Fundamental
Analysis to Determine
Enterprise Value

Analysis of Capital
Structure to Ensure
High Margin of Safety

Identified Catalysts
to Drive Total Return

Real-time and
Rigorous Relative
Value Analysis

Philosophy

Investment

1 of 4

Robust Fundamental Analysis to Determine Enterprise Value

The initial, and critical, stage to all investments is an accurate and conservative determination of an issuer’s enterprise value

Analysis of Capital Structure to Ensure High Margin of Safety

We analyze an issuer’s full capital structure, including outstanding debt and equity, seeking to ensure the investment offers a high margin of safety

Identified Catalysts to Drive Total Return

GoldenTree requires the presence of a catalyst to drive total return and relies on a stringent sell discipline to realize value

Real-time and Rigorous Relative Value Analysis

GoldenTree’s proprietary relative value system allows every potential investment to be compared with current portfolio holdings. This forces a constant re-underwriting of the portfolio

Philosophy

Investment

GoldenTree’s investment process has captured what we believe to be the most attractive opportunities across credit markets and through market cycles

Robust Fundamental Analysis to Determine Enterprise Value

The initial, and critical, stage to all investments is an accurate and conservative determination of an issuer’s enterprise value

Analysis of Capital Structure to Ensure High Margin of Safety

We analyze an issuer’s full capital structure, including outstanding debt and equity, seeking to ensure the investment offers a high margin of safety

Identified Catalysts to Drive Total Return

GoldenTree requires the presence of a catalyst to drive total return and relies on a stringent sell discipline to realize value

Real-time and Rigorous Relative Value Analysis

GoldenTree’s proprietary relative value system allows every potential investment to be compared with current portfolio holdings. This forces a constant re-underwriting of the portfolio