Businesses that interact directly with the consumer are a crucial and very significant component of the U.S. economy. From the independent restaurant operator to the international retail giant, these businesses employ, serve, and produce for the U.S. consumer. Their products and services range from essential staples to discretionary indulgences.

Media and communication technologies have never before been more intimately woven into the life of the U.S. consumer. Whether through traditional mediums (e.g. TV, radio, and billboards) or more contemporary sources (e.g. Internet and digital gaming), the media and communications sector is a vital and dynamic driver of domestic commerce. We invest in the equity and debt of both large and mid-sized players across this industry, which includes businesses that generate revenue via advertising, subscription services, and/or product sales.

Whether visiting a regional casino on a Friday night, taking the family to a theme park on a Sunday afternoon, or enjoying a well-deserved vacation at a luxury beach resort, gaming and leisure activities are an inseparable component of U.S. consumer spending and culture. Typically asset-rich and highly cash flowing, these businesses offer a range of investable securities across debt and equity capital markets.