Just as our equity philosophy is built upon value, we approach fixed income investing with an emphasis on relative value and the goal of producing a better return over the long term.  

As price fluctuations can be volatile, income is a more predictable component of total return and primary aspect of our strategy.  Accordingly, we build portfolios through a bottom-up approach that emphasizes value and income while de-emphasizing potential risk by:

1.  Actively managing issues, sector, quality and yield curve positions,

2.  Focusing on maximizing the overall portfolio income level,

3.  Seeking quality by using investment-grade issues (BBB and above),

4.  Managing interest rate risk by constraining duration around a target      benchmark (We can manage portfolios around a wide variety of benchmarks).