Our active approach to fixed income management is built upon relative value investing, with the goal of producing a better return than the market over the long term while minimizing volatility. This approach follows our belief that income is a significant and predictable component of total return over time, where price fluctuations can be more volatile.  Our approach also:

• Actively manages issues, sector, quality and yield curve positions,
• Emphasizes quality by using investment-grade issues (BBB and above),
• Manages interest rate risk by constraining duration around a target benchmark (We can manage portfolios around a wide variety of benchmarks).

Both our selection process and risk controls combine sophisticated portfolio analysis and security valuation models with professional judgment designed to add value through:

• Maximizing portfolio income and its reinvestment,
• Utilizing superior structures and in-depth credit analysis,
• Adept and opportunistic trading.

Just as important, our fixed income portfolios de-emphasize potential risk by:

• Avoiding market timing,
• Maintaining a high-quality average credit rating,
• Selecting only liquid issues.