The following excerpt is taken from an article titled

“W.R. Lazard Buys Triple Bs,” which appeared in the November 18, 1991, issue of BondWeek , p. 7:

W.R. Lazard & Co. is buying some corporate bonds rated triple B that it believes will be upgraded and some single As that the market perceives as risky but Lazard does not, according to William Schultz, V.P. The firm, which generally buys corporates rated single A or higher, is making the move to pick up yield, Schultz said.

What types of active portfolio strategies are being followed by W.R. Lazard & Co.?