FICC Focus Credit Crunch: Corbin Capital’s Cocke on Value in Fixed Income
Oct 29, 2025
In this engaging discussion, John Cocke, Partner and Deputy CIO at Corbin Capital Partners, explores the intriguing world of credit markets. He emphasizes the value found in sectors like digital infrastructure and data centers, advocating for strategic investments in private credit and mortgage-backed securities. Cocke shares insights on balancing data and judgment in portfolio construction, the dynamics of litigation finance, and opportunities in legacy RMBS. His take on avoiding consensus trades and focusing on predictable recoveries adds a unique flavor to the credit investing landscape.
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Long Tenure Built The Credit Platform
- John Cocke joined Corbin in 2006 and evolved with the firm through the 2008 crisis into credit-focused investing.
- He describes a tight senior team that has worked together since before 2008, fostering long-term collaboration.
Hybrid Allocation Enables Deeper Market Access
- Corbin combines external fund allocations with direct investing to capture niche opportunities and implement views more actively.
- They treat external managers as teachers while using direct strategies when partner access is cumbersome.
Avoid Cheap Beta; Hunt Illiquidity Premiums
- Avoid buying broadly accessible traded credit when spreads are tight and accessible via ETFs or mutual funds.
- Seek less-traded structured, RMBS, or private credit areas where return premiums still exist.