Income Opportunities Fund

Expertise

To quantitatively model the cashflows of complex Structured Credit securities accurately

Patience

To target risk rather than return and avoid reaching for yield when spreads are tight

Experience

To acquire price information in an otherwise opaque market through active trading

Discipline

To undergo the labor-intensive process of building and surveilling a  highly diversified portfolio in order to minimize concentrated risk

Investment Management Firm with a Unique Approach

Founded in 2017 by the former CIO, Jay Menozzi, and former head trader, Boris Peresechensky, of Semper Capital Management, Orange Investment Advisors is an expert in Structured Credit strategies, offering investment solutions targeting low volatility and a high level of risk-adjusted current income and capital appreciation.

69+ YEARS

INVESTMENT EXPERIENCE

20+ YEARS

WORKING TOGETHER AS PARTNERS

10,000+ TRADES

EXECUTED IN THE STRUCTURED CREDIT MARKET

About Orange Investment Advisor’s Approach

Orange’s approach involves an active, value-based security selection strategy that seeks to identify and acquire underpriced bonds by capitalizing on the complexity, diversity, and inefficiency of the non-index Structured Credit market.

The strategy is designed to extract the superior risk-adjusted excess returns available in the Structured Credit market relative to the Aggregate Index sectors, while targeting a risk profile lower than the Index.

Interest Rate Risk, Credit Risk, and Liquidity Risk are meticulously managed in an attempt to preserve excess returns.

Meet The Team
Orange History
Structured Credit

"We believe that a good fixed income product should satisfy certain Investment Objectives."

High Yield / Low Volatility

High Yield / Low Volatility

which would deliver high Sharpe and Sortino ratios

Low Correlation with Equities

Low Correlation with Equities

which would result in more effective diversification of the overall portfolio

Counter Cyclical

Counter Cyclical

which would result in outperformance in stressed markets, participation in favorable markets, and outperformance over a market cycle

Absolute Return

Absolute Return

which would deliver a high margin of upside capture over downside capture

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"Delivering on these objectives is challenging, requiring an Investment Strategy that is a unique combination of the right manager characteristics, investment style and market domain."

Client Centered

  • Expert Structured Credit specialist that is experienced, patient, and disciplined

  • Active, alpha-seeking, relative-value-based, security selection within inefficient, non-index fixed income sectors

  • Inefficient, non-index Structured Credit sector which offers ideal conditions within fixed income to practice active, value-based security selection

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"Even with the right strategy, an innovative Investment Process is required in order to reliably and consistently implement such a strategy."

Sourcing

  • Includes entire Structured Credit market
  • Unconstrained except bonds we cannot model
  • Taps broad/diverse broker network
  • Focuses mostly on secondary market offerings

Valuation

  • Requires Proprietary Quantitative Cashflow Model
  • Includes both base and stress case cashflow projections
  • Utilizes price/spread information acquired through active trading

Execution

  • Can determine the success of a security selection strategy
  • Influences holding period return via acquisition and disposal price
  • Can lock in excess return at the outset

Surveillance

  • Determines if the credit performance reflects cash flow projections
  • Detects credit performance deterioration
  • Provides early detection of modelling error

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"Our Investment Approach can be tailored to different use cases and risk tolerances to create a set of Investment Products, each of which pursues our Investment Objectives."

Structured Credit
Value

Inception Date

September 1, 2018


Assets

$406.8M as of 06/30/25


Available Vehicle

Mutual Fund, SMA

Leveraged Credit
Dislocation

Inception Date

January 1, 2023


Assets

$18.5M as of 06/30/25


Available Vehicle

Private Fund, SMA

Bank Securities
Advisory

Inception Date

November 1, 2018


Assets

$326.2M as of 06/30/25


Available Vehicle

Bank Securities Portfolio

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Reach out to Orange Investment Advisors.

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