Fixed Income Management

Our objective is to provide clients with:

• Added value versus the market
  
  
• Preservation of principal
  
  
• A hedge against deflation

• Maintain an effective yield advantage versus the market
  
  
  • Invest in undervalued securities
    
    
• Cautiously manage the assumption of risk
  
  
  • Interest rate
  • Structural
  • Event
  • Credit

Client objectives determine each portfolio's composition and benchmark.

Investment Approach

We focus on the major contributors to fixed income returns, taking advantage of:

• Undervalued securities and sectors
  
  
  • Fundamental analysis
  • Relative Return Model
    
    
• Long-term interest rate trends
  
  
  • Duration position
    
    
• The current and changing shape of the yield curve
  
  
  • Maturity structure

We are balanced and disciplined in our constant search for value

• Quantitative analysis
  
  
• Qualitative judgement

"In summary, we are a bottom-up, controlled risk, value manager."

Investment Process Overview

Please refer to the following for a graphical representation of our complete investment process, followed by a brief description of each phase.