Yarra’s Phil Strano on applying a multi-sector framework to investing in Australian credit
INTERVIEWSERIES
Phil Strano, Head of Australian Credit Research, Yarra Capital Management
April 2026
In this exclusive interview, Phil shares his views on why private credit has an important role to play in portfolios but cautions that the asset class is seeing pockets of stress emerging, as it reaches saturation point. He explains why investors’ aim should be to build multi-sector credit portfolios that are idiosyncratic in nature, with diversification, liquidity and transparency around valuations and pricing at the core, to meet their return objectives through the cycle.
Watch the full interview which covers:
00:14 - How would you characterise today’s private credit landscape, and where are you seeing the most attractive opportunities and emerging risks?
01:02 - What key criteria do you use to evaluate private credit securities in the current environment?
01:30 - Which sectors or structures within the Australian credit market are you currently more cautious on, and why?
02:20 - How do diversification and liquidity feature in your approach to building resilient credit exposures?
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Phil Strano, Head of Australian Credit Research, Yarra Capital Management
Phil is the Head of Australian Credit Research at Yarra Capital Management. With an extensive career in asset management and institutional banking, Phil is a credit specialist with a deep understanding of the fixed income landscape. He is Portfolio Manager of the Yarra Higher Income and RMBS strategies and Deputy Portfolio Manager for Yarra’s Enhanced Income and LBO strategies.
In more than 10 years managing portfolios and 20 years analysing financial markets/securities, Phil has amassed extensive experience in all major credit segments. These include listed/unlisted, rated/unrated, investment and sub-investment grade, bonds/loans and derivative instruments.
Prior to joining Yarra Capital Management in May 2017, Phil spent eight years with Victorian Funds Management Corporation (VFMC) in senior roles managing credit portfolios. He previously spent approximately four years with Challenger as a Senior Analyst and a Portfolio Manager, following more than 10 years with National Australia Bank where he worked first as an Economist and Analyst before moving into the institutional banking team to cover credit.
Phil holds a Bachelor of Economics (Honours) from Latrobe University, a Graduate Diploma Applied Finance and Investment (FINSIA) and a Master of Business Administration from the Australian Institute of Management.
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