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 December 31, 2019
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
Objective
Enhanced Cash strategies are customized to each client’s needs and typically seek a combination of liquidity, capital preservation, and current income.
The strategies typically invest in obligations issued or guaranteed by the U.S. government or its agencies, cash equivalents, and/or short-term corporate obligations.
Benchmark
ICE BofAML 3-Month U.S. Treasury Bill Index
Team
Sector Allocation | (%) | |
|---|---|---|
Asset-Backed | 0.0 | |
Commercial Mortgage-Backed | 0.0 | |
Commercial Paper/CD | 86.0 | |
Corporate Credit | 5.0 | |
Mortgage-Backed | 0.0 | |
Non-Corporate Credit | 0.0 | |
Treasury | 8.0 | |
Cash & Cash Equivalents
| 1.0 | |
Select Portfolio Characteristics | |
|---|---|
Weighted Average Life (Years) | 0.2 |
Effective Duration (Years) | 0.2 |
Average Quality | A1-P1 |
Yield to Maturity | 1.67% |
Turnover (12-month trailing) | NA |
Number of Holdings | 81 |
Analytics provided by The Yield Book® Software and Services. Portfolio characteristics are subject to change periodically and may not be representative of a client account’s current characteristics. The information shown is derived from a representative account deemed to appropriately represent this investment strategy and is for illustration purposes only. Sector and quality distributions for the portfolio and the benchmark are calculated using the Bloomberg Barclays index methodology. Quality Allocation reflects the highest credit ratings assigned to individual holdings of your portfolio as of the date indicated and are subject to change. Sector allocations are subject to change; securities within a sector may no longer be held in a client account’s portfolio.
As of September 30, 2019
Objective
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.
Benchmark
ICE BofAML 3-6 Mo U.S. Treasury Bill Index
Team
Sector Allocation | (%) | |
|---|---|---|
Asset-Backed | 7.8 | |
Commercial Mortgage-Backed | 0.0 | |
Commercial Paper/CD | 51.5 | |
Corporate Credit | 40.6 | |
Mortgage-Backed | 0.0 | |
Non-Corporate Credit | 0.0 | |
Treasury | 0.0 | |
Cash & Cash Equivalents
| 0.0 | |
Select Portfolio Characteristics | |
|---|---|
Weighted Average Life (Years) | 0.5 |
Effective Duration (Years) | 0.2 |
Average Quality | A1 |
Yield to Maturity | 2.2% |
Turnover (12-month trailing) | 33.4% |
Number of Holdings | 122 |
Analytics provided by The Yield Book® Software and Services. Portfolio characteristics are subject to change periodically and may not be representative of a client account’s current characteristics. The information shown is derived from a representative account deemed to appropriately represent this investment strategy and is for illustration purposes only. Sector and quality distributions for the portfolio and the benchmark are calculated using the Bloomberg Barclays index methodology. Quality Allocation reflects the highest credit ratings assigned to individual holdings of your portfolio as of the date indicated and are subject to change. Sector allocations are subject to change; securities within a sector may no longer be held in a client account’s portfolio.
As of September 30, 2019
Objective
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.
Benchmark
ICE BofAML 1 Year U.S. Treasury Bill Index
Team
Sector Allocation | (%) | |
|---|---|---|
Asset-Backed | 20.2 | |
Commercial Mortgage-Backed | 0.0 | |
Commercial Paper/CD | 0.0 | |
Corporate Credit | 43.8 | |
Mortgage-Backed | 0.0 | |
Non-Corporate Credit | 0.0 | |
Treasury | 34.8 | |
Cash & Cash Equivalents
| 1.2 | |
Select Portfolio Characteristics | |
|---|---|
Weighted Average Life (Years) | 1.0 |
Effective Duration (Years) | 0.9 |
Average Quality | Aa2 |
Yield to Maturity | 2.0% |
Turnover (12-month trailing) | 83.6% |
Number of Holdings | 87 |
Analytics provided by The Yield Book® Software and Services. Portfolio characteristics are subject to change periodically and may not be representative of a client account’s current characteristics. The information shown is derived from a representative account deemed to appropriately represent this investment strategy and is for illustration purposes only. Sector and quality distributions for the portfolio and the benchmark are calculated using the Bloomberg Barclays index methodology. Quality Allocation reflects the highest credit ratings assigned to individual holdings of your portfolio as of the date indicated and are subject to change. Sector allocations are subject to change; securities within a sector may no longer be held in a client account’s portfolio.
As of September 30, 2019
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
$1.3B
Assets Under Management
3
Strategies
$1.8B
Assets Under Management
3
Strategies
$3.5B
Assets Under Management
As of November 21, 2019
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
Objective
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.
Benchmark
ICE BofAML 3-6 Mo U.S. Treasury Bill Index
Team
Sector Allocation | (%) | |
|---|---|---|
Asset-Backed | 7.8 | |
Commercial Mortgage-Backed | 0.0 | |
Commercial Paper/CD | 51.5 | |
Corporate Credit | 40.6 | |
Mortgage-Backed | 0.0 | |
Non-Corporate Credit | 0.0 | |
Treasury | 0.0 | |
Cash & Cash Equivalents
| 0.0 | |
Select Portfolio Characteristics | |
|---|---|
Weighted Average Life (Years) | 0.5 |
Effective Duration (Years) | 0.2 |
Average Quality | A1 |
Yield to Maturity | 2.2% |
Turnover (12-month trailing) | 33.4% |
Number of Holdings | 122 |
Analytics provided by The Yield Book® Software and Services. Portfolio characteristics are subject to change periodically and may not be representative of a client account’s current characteristics. The information shown is derived from a representative account deemed to appropriately represent this investment strategy and is for illustration purposes only. Sector and quality distributions for the portfolio and the benchmark are calculated using the Bloomberg Barclays index methodology. Quality Allocation reflects the highest credit ratings assigned to individual holdings of your portfolio as of the date indicated and are subject to change. Sector allocations are subject to change; securities within a sector may no longer be held in a client account’s portfolio.
As of September 30, 2019
Objective
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.
Benchmark
ICE BofAML 1 Year U.S. Treasury Bill Index
Team
Sector Allocation | (%) | |
|---|---|---|
Asset-Backed | 20.2 | |
Commercial Mortgage-Backed | 0.0 | |
Commercial Paper/CD | 0.0 | |
Corporate Credit | 43.8 | |
Mortgage-Backed | 0.0 | |
Non-Corporate Credit | 0.0 | |
Treasury | 34.8 | |
Cash & Cash Equivalents
| 1.2 | |
Select Portfolio Characteristics | |
|---|---|
Weighted Average Life (Years) | 1.0 |
Effective Duration (Years) | 0.9 |
Average Quality | Aa2 |
Yield to Maturity | 2.0% |
Turnover (12-month trailing) | 83.6% |
Number of Holdings | 87 |
Analytics provided by The Yield Book® Software and Services. Portfolio characteristics are subject to change periodically and may not be representative of a client account’s current characteristics. The information shown is derived from a representative account deemed to appropriately represent this investment strategy and is for illustration purposes only. Sector and quality distributions for the portfolio and the benchmark are calculated using the Bloomberg Barclays index methodology. Quality Allocation reflects the highest credit ratings assigned to individual holdings of your portfolio as of the date indicated and are subject to change. Sector allocations are subject to change; securities within a sector may no longer be held in a client account’s portfolio.
As of September 30, 2019
Objective
The Short Duration 1-3 Year 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, mortgage-backed securities, AAA-rated asset-backed securities, and U.S. Treasury bonds.
Benchmark
ICE BofAML 1-3 Year U.S. Corp & Govt Index
Team
Sector Allocation | (%) | |
|---|---|---|
Asset-Backed | 19.4 | |
Commercial Mortgage-Backed | 0.0 | |
Corporate Credit | 29.0 | |
Commercial Paper/CD | 0.0 | |
Mortgage-Backed | 17.6 | |
Non-Corporate Credit | 0.0 | |
Treasury | 33.2 | |
Cash & Cash Equivalents
| 0.9 | |
Select Portfolio Characteristics | |
|---|---|
Weighted Average Life (Years) | 2.0 |
Effective Duration (Years) | 1.8 |
Average Quality | Aa2 |
Yield to Maturity | 1.9% |
Turnover (12-month trailing) | 94.9% |
Number of Holdings | 125 |
Analytics provided by The Yield Book® Software and Services. Portfolio characteristics are subject to change periodically and may not be representative of a client account’s current characteristics. The information shown is derived from a representative account deemed to appropriately represent this investment strategy and is for illustration purposes only. Sector and quality distributions for the portfolio and the benchmark are calculated using the Bloomberg Barclays index methodology. Quality Allocation reflects the highest credit ratings assigned to individual holdings of your portfolio as of the date indicated and are subject to change. Sector allocations are subject to change; securities within a sector may no longer be held in a client account’s portfolio.
As of September 30, 2019
Objective
The Intermediate Government strategy seeks to provide stable income and deliver superior risk-adjusted returns versus the benchmark.
The strategy typically invests in bonds issued by the U.S. Treasury and U.S. Government Agencies.
Benchmark
Bloomberg Barclays Intermediate U.S. Government Index
Team
Sector Allocation | (%) | |
|---|---|---|
Agency | 20.8 | |
Asset-Backed | 0.0 | |
Commercial Mortgage-Backed | 0.0 | |
Corporate Credit | 0.0 | |
Mortgage-Backed | 0.0 | |
Non-Corporate Credit | 0.0 | |
Treasury | 77.1 | |
Cash & Cash Equivalents
| 2.1 | |
Select Portfolio Characteristics | |
|---|---|
Weighted Average Life (Years) | 3.9 |
Effective Duration (Years) | 3.6 |
Average Quality | Aaa |
Yield to Maturity | 1.7% |
Turnover (12-month trailing) | 18.9% |
Number of Holdings | 23 |
Analytics provided by The Yield Book® Software and Services. Portfolio characteristics are subject to change periodically and may not be representative of a client account’s current characteristics. The information shown is derived from a representative account deemed to appropriately represent this investment strategy and is for illustration purposes only. Sector and quality distributions for the portfolio and the benchmark are calculated using the Bloomberg Barclays index methodology. Quality Allocation reflects the highest credit ratings assigned to individual holdings of your portfolio as of the date indicated and are subject to change. Sector allocations are subject to change; securities within a sector may no longer be held in a client account’s portfolio.
As of September 30, 2019
Objective
The Intermediate Government/Credit strategy seeks to provide stable income and deliver superior 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.
Benchmark
Bloomberg Barclays Intermediate U.S. Government/Credit Index
Team
Assistant Portfolio Manager
Sector Allocation | (%) | |
|---|---|---|
Agency | 0.3 | |
Asset-Backed | 9.3 | |
Commercial Mortgage-Backed | 1.7 | |
Corporate Credit | 42.1 | |
Mortgage-Backed | 8.9 | |
Non-Corporate Credit | 1.1 | |
Treasury | 35.8 | |
Cash & Cash Equivalents
| 0.8 | |
Select Portfolio Characteristics | |
|---|---|
Weighted Average Life (Years) | 4.4 |
Effective Duration (Years) | 3.9 |
Average Quality | Aa3 |
Yield to Maturity | 2.1% |
Turnover (12-month trailing) | 95.0% |
Number of Holdings | 146 |
Analytics provided by The Yield Book® Software and Services. Portfolio characteristics are subject to change periodically and may not be representative of a client account’s current characteristics. The information shown is derived from a representative account deemed to appropriately represent this investment strategy and is for illustration purposes only. Sector and quality distributions for the portfolio and the benchmark are calculated using the Bloomberg Barclays index methodology. Quality Allocation reflects the highest credit ratings assigned to individual holdings of your portfolio as of the date indicated and are subject to change. Sector allocations are subject to change; securities within a sector may no longer be held in a client account’s portfolio.
As of September 30, 2019
Objective
The Intermediate Aggregate strategy seeks to provide stable income and deliver superior 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.
Benchmark
Bloomberg Barclays Intermediate Aggregate Bond Index
Team
Assistant Portfolio Manager
Sector Allocation | (%) | |
|---|---|---|
Agency | 0.0 | |
Asset-Backed | 10.0 | |
Commercial Mortgage-Backed | 1.9 | |
Corporate Credit | 29.5 | |
Mortgage-Backed | 33.0 | |
Non-Corporate Credit | 0.8 | |
Treasury | 24.0 | |
Cash & Cash Equivalents
| 0.8 | |
Select Portfolio Characteristics | |
|---|---|
Weighted Average Life (Years) | 4.4 |
Effective Duration (Years) | 3.4 |
Average Quality | Aa2 |
Yield to Maturity | 2.2% |
Turnover (12-month trailing) | 71.2% |
Number of Holdings | 171 |
Analytics provided by The Yield Book® Software and Services. Portfolio characteristics are subject to change periodically and may not be representative of a client account’s current characteristics. The information shown is derived from a representative account deemed to appropriately represent this investment strategy and is for illustration purposes only. Sector and quality distributions for the portfolio and the benchmark are calculated using the Bloomberg Barclays index methodology. Quality Allocation reflects the highest credit ratings assigned to individual holdings of your portfolio as of the date indicated and are subject to change. Sector allocations are subject to change; securities within a sector may no longer be held in a client account’s portfolio.
As of September 30, 2019
Objective
The Core Bond strategy seeks to provide stable income and deliver superior 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.
Benchmark
Bloomberg Barclays U.S. Aggregate Bond Index
Team
Assistant Portfolio Manager
Sector Allocation | (%) | |
|---|---|---|
Agency | 0.0 | |
Asset-Backed | 4.1 | |
Commercial Mortgage-Backed | 1.3 | |
Corporate Credit | 39.3 | |
Mortgage-Backed | 28.3 | |
Non-Corporate Credit | 0.4 | |
Treasury | 25.9 | |
Cash & Cash Equivalents
| 0.8 | |
Select Portfolio Characteristics | |
|---|---|
Weighted Average Life (Years) | 7.4 |
Effective Duration (Years) | 5.6 |
Average Quality | Aa2 |
Yield to Maturity | 2.4% |
Turnover (12-month trailing) | 64.3% |
Number of Holdings | 233 |
Analytics provided by The Yield Book® Software and Services. Portfolio characteristics are subject to change periodically and may not be representative of a client account’s current characteristics. The information shown is derived from a representative account deemed to appropriately represent this investment strategy and is for illustration purposes only. Sector and quality distributions for the portfolio and the benchmark are calculated using the Bloomberg Barclays index methodology. Quality Allocation reflects the highest credit ratings assigned to individual holdings of your portfolio as of the date indicated and are subject to change. Sector allocations are subject to change; securities within a sector may no longer be held in a client account’s portfolio.
As of September 30, 2019
Objective
The Core Plus strategy seeks to provide stable income and deliver superior 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.
For additional yield and total return potential, the strategy may invest 5% to 15% of the portfolio in high-yield securities.
Benchmark
Bloomberg Barclays U.S. Aggregate Bond Index
Team
Assistant Portfolio Manager
Sector Allocation | (%) | |
|---|---|---|
Agency | 0.0 | |
Asset-Backed | 3.8 | |
Commercial Mortgage-Backed | 1.4 | |
Corporate Credit | 41.7 | |
Mortgage-Backed | 28.5 | |
Non-Corporate Credit | 0.4 | |
Treasury | 23.4 | |
Cash & Cash Equivalents
| 0.8 | |
Select Portfolio Characteristics | |
|---|---|
Weighted Average Life (Years) | 7.5 |
Effective Duration (Years) | 5.5 |
Average Quality | Aa3 |
Yield to Maturity | 2.6% |
Turnover (12-month trailing) | 63.4% |
Number of Holdings | 218 |
Analytics provided by The Yield Book® Software and Services. Portfolio characteristics are subject to change periodically and may not be representative of a client account’s current characteristics. The information shown is derived from a representative account deemed to appropriately represent this investment strategy and is for illustration purposes only. Sector and quality distributions for the portfolio and the benchmark are calculated using the Bloomberg Barclays index methodology. Quality Allocation reflects the highest credit ratings assigned to individual holdings of your portfolio as of the date indicated and are subject to change. Sector allocations are subject to change; securities within a sector may no longer be held in a client account’s portfolio.
As of September 30, 2019