Solutions Defined by Your Objectives
We partner with our clients to address their specific investment objectives and define the role of fixed income in their portfolio.
Liquidity Solutions
Pursue yield and return goals while also managing the cadence of cash flows
Example solutions
Cash management
Ultra-Short Duration
Short-Term Income
Custom Fixed Income
Investment solutions tailored to client-specific needs and objectivesExample solutions
Sector/Issuer/Quality Restrictions
(e.g., Socially Responsible)
Duration/Yield Objectives
(e.g., Liability-Hedging, Insurance)
Broad Market Strategies
Traditional fixed income strategies with benchmark-based objectives for total return
Example solutions
Short Duration 1-3 Year
Government/Credit
Core
Assets Under Management
by Strategy
Core Plus
by Client Type
As of September 30, 2020
Investment Process Continuity
We strive to provide our clients with an investment experience that minimizes undue performance volatility.
Underpinning all investment strategies are four key process elements that work together to balance risk and return objectives.
Opportunistic Sector Allocation
Opportunistic Sector Allocation
Security Selection Integrity
Security Selection Integrity
Dynamic Position Limits Based on Duration
Dynamic Position Limits Based on Duration
Ongoing Quantitative Analysis
Ongoing Quantitative Analysis
Solving For Unique Liquidity Objectives
Our clients have both routine and unpredictable cash flows; we can design a portfolio based on their specific liquidity objectives.
We seek to balance client yield objectives with risk tolerances, while considering operating, reserve, and strategic cash needs.
Portfolio Composition Determined by Goals and Risk Tolerance
Portfolio managers, traders, credit analysts, and quantitative analysts collaborate to construct clients’ portfolios within a strategic framework.
Opportunistic sector allocation is a key focus of our process.
Capital Preservation
Example investments
U.S. Treasury/Agency
Asset-Backend Securities
A-1/P-1 Commercial Paper
Liquidity
Example investments
U.S. Treasure/Agency
A-1/P-1 Commercial Paper
High-quality Credit
Yield Seeking
Example investments
BBB Credit
Floating-rate Notes
A-2/P-2 Commercial Paper
Select a strategy
Enhanced Cash
Strategy Description
The Enhanced Cash strategy seeks liquidity, capital preservation, and current income.
The strategy typically invests in obligations issued or guaranteed by the U.S. government or its agencies, cash equivalents, and/or short-term corporate obligations.
Assets Under Management
$12,879M
Inception
12/31/2002
Benchmark
ICE BofAML US 3-Month Treasury Bill Index
Investment Team
Short Term Income
Strategy Description
The Short Term Income strategy seeks capital preservation, liquidity, and income in excess of money market funds.
The strategy typically invests in commercial paper, floating-rate and fixed-rate short-term corporate bonds, as well as AAA-rated asset-backed securities.
Assets Under Management
$570M
Inception
03/31/2014
Benchmark
ICE BofAML 3-6 Mo U.S. Treasury Bill Index
Investment Team
Ultra Short
Strategy Description
The Ultra Short Duration strategy seeks income stability, capital preservation, and liquidity, with a goal of delivering superior risk-adjusted returns versus the benchmark.
The strategy typically invests in investment-grade corporate bonds, commercial paper, AAA-rated asset-backed securities, and U.S. Treasury bonds.
Assets Under Management
$488M
Inception
12/31/2002
Benchmark
ICE BofAML 1-Year U.S. Treasury Index
Investment Team
Composite Investment Results
Enhanced Cash Composite Gross of Fees Return (%) | |
|---|---|
QTD | 0.06 |
YTD | 0.82 |
1 Year | 1.31 |
3 Year* | 1.83 |
5 Year* | 1.37 |
Since Inception* | 1.13 |
Enhanced Cash Composite Net of Fees Return (%) | |
|---|---|
QTD | 0.03 |
YTD | 0.70 |
1 Year | 1.16 |
3 Year* | 1.69 |
5 Year* | 1.22 |
Since Inception* | 0.98 |
ICE BofAML US 3 Mo Treasury Bill Index Benchmark Return (%) | |
|---|---|
QTD | 0.04 |
YTD | 0.64 |
1 Year | 1.10 |
3 Year* | 1.69 |
5 Year* | 1.20 |
Since Inception* | 0.96 |
*These are annualized numbers
Enhanced Cash Composite Gross of Fees Return (%) | |
|---|---|
2019 | 2.42 |
2018 | 1.98 |
2017 | 1.02 |
2016 | 0.57 |
2015 | 0.19 |
2014* | 0.06 |
2013 | 0.00 |
Enhanced Cash Composite Net of Fees Return (%) | |
|---|---|
2019 | 2.27 |
2018 | 1.83 |
2017 | 0.87 |
2016 | 0.42 |
2015 | 0.05 |
2014* | -0.01 |
2013 | 0.00 |
IICE BofAML US 3 Mo Treasury Bill Index Benchmark Return (%) | |
|---|---|
2019 | 2.28 |
2018 | 1.87 |
2017 | 0.86 |
2016 | 0.33 |
2015 | 0.05 |
2014* | 0.03 |
2013 | 0.07 |
*Represents return from 6/30/14 (data of inception) through 12/31/14.
Composite Investment Results
Short Term Income Gross of Fees Return (%) | |
|---|---|
QTD | 0.21 |
YTD | 1.31 |
1 Year | 1.89 |
3 Year* | 2.22 |
5 Year* | 1.78 |
Since Inception* | 1.47 |
Short Term Income Net of Fees Return (%) | |
|---|---|
QTD | 0.17 |
YTD | 1.20 |
1 Year | 1.73 |
3 Year* | 2.07 |
5 Year* | 1.63 |
Since Inception* | 1.32 |
ICE BofAML 3-6 Mo US Treasury Bill Index Benchmark Return (%) | |
|---|---|
QTD | 0.05 |
YTD | 0.83 |
1 Year | 1.34 |
3 Year* | 1.82 |
5 Year* | 1.30 |
Since Inception* | 1.03 |
*These are annualized numbers
Short Term Income Gross of Fees Return (%) | |
|---|---|
2019 | 2.90 |
2018 | 2.13 |
2017 | 1.38 |
2016 | 1.09 |
2015 | 0.51 |
2014* | 0.26 |
2013 | 0.00 |
Short Term Income Net of Fees Return (%) | |
|---|---|
2019 | 2.75 |
2018 | 1.98 |
2017 | 1.23 |
2016 | 0.94 |
2015 | 0.36 |
2014* | 0.15 |
2013 | 0.00 |
ICE BofAML 3-6 Mo US Treasury Bill Index Benchmark Return (%) | |
|---|---|
2019 | 2.44 |
2018 | 1.93 |
2017 | 0.85 |
2016 | 0.46 |
2015 | 0.12 |
2014* | 0.08 |
2013 | 0.12 |
*Represents return from 6/30/14 (data of inception) through 12/31/14.
Composite Investment Results
Ultra Short Duration Fixed Income Gross of Fees Return (%) | |
|---|---|
QTD | 0.26 |
YTD | 2.23 |
1 Year | 2.86 |
3 Year* | 2.58 |
5 Year* | 1.97 |
Since Inception* | 2.18 |
Ultra Short Duration Fixed Income Net of Fees Return (%) | |
|---|---|
QTD | 0.21 |
YTD | 2.08 |
1 Year | 2.66 |
3 Year* | 2.38 |
5 Year* | 1.76 |
Since Inception* | 1.97 |
ICE BofAML 1 Yr US Treasury Index Benchmark Return (%) | |
|---|---|
QTD | 0.08 |
YTD | 1.77 |
1 Year | 2.37 |
3 Year* | 2.19 |
5 Year* | 1.54 |
Since Inception* | 1.71 |
*These are annualized numbers
Ultra Short Duration Fixed Income Gross of Fees Return (%) | |
|---|---|
2019 | 3.42 |
2018 | 1.96 |
2017 | 1.15 |
2016 | 1.14 |
2015 | 0.50 |
2014* | 0.38 |
2013 | 0.56 |
Ultra Short Duration Fixed Income Net of Fees Return (%) | |
|---|---|
2019 | 3.21 |
2018 | 1.76 |
2017 | 0.94 |
2016 | 0.93 |
2015 | 0.30 |
2014* | 0.18 |
2013 | 0.36 |
ICE BofAML 1 Yr US Treasury Index Benchmark Return (%) | |
|---|---|
2019 | 2.93 |
2018 | 1.86 |
2017 | 0.57 |
2016 | 0.76 |
2015 | 0.15 |
2014* | 0.18 |
2013 | 0.26 |
*Represents return from 6/30/14 (data of inception) through 12/31/14.
As of 09/30/20. Source: Advent Portfolio Exchange® (APX). Performance returns are presented gross and net of fees and include the reinvestment of all income. Gross of fee performance returns do not reflect the payment of investment advisory fees and other expenses related to your account. Actual returns will be reduced by the advisory fee specific to your account and other expenses that may be incurred in the management of the account. Please refer to our GIPS®-compliant presentation, which includes additional disclosures. Past performance is no guarantee of future results.
Custom Solutions
We collaborate to address a range of needs, from investment portfolio objectives to more
complex, specialized solutions.
Specialized
Solutions
Investment
Portfolio Solutions
Solve for corporate and institutional business challenges
Tailor exposures to align with risk tolerances
Target certain portfolio characteristics
Specialized
Solutions
Solve for corporate and institutional business challenges
Investment
Portfolio Solutions
Tailor exposures to align with risk tolerances
Target certain portfolio characteristics
Customization Examples
Sector / Issuer / Quality
Sector / Issuer / Quality
(e.g. Responsible Investing)
Tax-Managed
Tax-Managed
Liability-Hedging
Liability-Hedging
Insurance Asset Pools
Insurance Asset Pools
Distributions
Distributions
Maturity / Duration
Maturity / Duration
Team
Broad Market Portfolios
We offer a suite of strategies with total return objectives oriented toward standard fixed income benchmarks. We apply the same key principles and investment process across all strategies.
2
Strategies
$1B
Assets Under Management
2
Strategies
$1.9B
Assets Under Management
4
Strategies
$4.4B
Assets Under Management
As of September 30, 2020
Investment Process
Our portfolio strategy follows a team-oriented, disciplined, top-down investment process.
Assess economic environment
Develop market thesis
Evaluate sector and subsector outlook
Contemplate relative value opportunities
Perform fundamental and structural analysis
Consider risk-reward profile
Quantify appropriate risk attributes
Select securities consistent with macro outlook
Verify portfolio strategic intent
Select a strategy
Short Term Income
Strategy Description
The Short Term Income strategy seeks capital preservation, liquidity, and income in excess of money market funds.
The strategy typically invests in commercial paper, floating-rate and fixed-rate short-term corporate bonds, as well as AAA-rated asset-backed securities.
Assets Under Management
$570M
Inception
03/31/2014
Benchmark
ICE BofAML 3-6 Mo U.S. Treasury Bill Index
Investment Team
Ultra Short
Strategy Description
The Ultra Short Duration strategy seeks income stability, capital preservation, and liquidity, with a goal of delivering superior risk-adjusted returns versus the benchmark.
The strategy typically invests in investment-grade corporate bonds, commercial paper, AAA-rated asset-backed securities, and U.S. Treasury bonds.
Assets Under Management
$488M
Inception
12/31/2002
Benchmark
ICE BofAML 1-Year U.S. Treasury Index
Investment Team
Short Duration 1-3 Year
Strategy Description
The Short Duration 1-3 Year strategy seeks income stability, capital preservation, and liquidity, with a goal of delivering competitive risk-adjusted returns versus the benchmark.
The strategy typically invests in investment-grade corporate bonds, mortgage-backed securities, AAA-rated asset-backed securities, and U.S. Treasury bonds.
Assets Under Management
$2,242M
Inception
12/31/1994
Benchmark
ICE BofAML 1-3 Yr US Corp & Govt Index
Investment Team
Short Duration 1-5 Year
Strategy Description
The Short Duration 1- 5 Year strategy seeks income stability, capital preservation, and liquidity, with a goal of delivering competitive risk adjusted returns versus the benchmark.
The strategy typically invests in investment grade corporate bonds, mortgage-backed securities, AAA-rated asset-backed securities, and U.S. Treasury bonds.
Assets Under Management
$1,062M
Inception
12/31/1994
Benchmark
ICE BofAML 1-5 Yr US Corp & Govt Index
Investment Team
Assistant Portfolio Manager
