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Credit Research

Nicholas Elfner

Senior Vice President
Co-Head of Research

Nick, senior vice president, is co-head of research at Breckinridge. He is a member of the firm’s Investment Committee where he is jointly responsible for setting investment strategy, asset allocation and sector weightings. In his role, Nick heads Breckinridge’s corporate credit research efforts and performs corporate credit analysis. He also authors a quarterly corporate bond market review and outlook and regularly contributes to the Breckinridge blog. He has been with the firm since 2009 and has over 24 years of industry experience. Prior to Breckinridge, Nick was a vice president at Wellington Management Company where he researched and managed corporate bonds. He also held senior corporate research positions with Merrill Lynch & Co. Inc. in New York and Toronto. He began his career at Smith Barney & Co. in Tokyo and Hong Kong as an assistant trader. Nick is a Trustee of Anatolia College and serves as chair of the Investment Committee. He is a member of the CFA Society Boston, Inc. and the Fixed Income Analysts’ Society. Nick holds a B.A. from Middlebury College and an MBA from the F.W. Olin School of Business at Babson College.

On Breckinridge’s people…

“We are good people, we are trustworthy and we have high ethical standards. We’re grounded in managing portfolios in our clients’ best interests. We are cognizant of the assets that have been entrusted to us by our clients and we take that responsibility very seriously.

On what makes a research team successful…

“The most important element to a successful research capability is passion. Analysts need passion to really dig in and get to a credit or sector’s material risks and opportunities. Another important element is expertise. You need dedicated expertise for a greater depth of knowledge. And finally, you need a repeatable process where companies and sectors are analyzed in a consistent way to get the best decision for the client.

On research at Breckinridge…

“Research is at the core of what we do at Breckinridge. Half of our investment team consists of research analysts. We have a strong credit culture. The founder of the firm was a credit analyst early in his career, and he really understands the importance of high-caliber research as an input to the investment process and in managing client assets.

On what he finds most fulfilling…

“I am most fulfilled by the ability to perform analysis, look into the future, make the best judgement I can on a credit based on the information I have at hand today, and then see my predictions transpire over time. That is the most satisfying part of my job…when you are right, and all the research you’ve done has been validated by the market.

On what keeps him at Breckinridge…

“The ability to grow and innovate has been the most exciting part of my job. In larger firms, you’re often bound to one thing. While we have sector experts at Breckinridge, there is the ability to expand contributions beyond your standard job responsibilities, and this keeps things fresh and interesting. Breckinridge allows employees to leverage their best abilities and talents.