INVESTMENT GRADE CORPORATES

Seeks to outperform a core or long duration corporate benchmark. Our investment themes are primarily expressed by within-industry security selection. The strategy does not seek to engage in duration or credit timing.

UNCONSTRAINED BONDS

A cash-benchmarked bond strategy that seeks to deliver positive absolute returns with low correlation to traditional market betas. The strategy primarily utilizes a broad suite of relative value fixed income sub-strategies spanning interest rates, credit, and foreign exchange markets. It also includes a small, dynamic, and diversified allocation to fixed income market risks such as duration, credit, and securitized exposures.

CORE PLUS

Strategy that seeks excess returns through country, maturity, credit, and currency selection. Out-of-benchmark sectors are strictly used to increase security selection breadth, while still targeting the credit and duration profile of the benchmark, and so does not seek to engage in duration timing or sector selection.

Government

These funds typically invest in bonds issued by sovereign governments and government agencies authorized to issue debt, such as Fannie Mae and Freddie Mac, and international agencies, such as the World Bank and International Monetary Fund.

Municipal Bonds

Municipal bonds are issued by state and local governments in the U.S. in addition to other public authorities, such as school districts. Generally speaking, interest on municipal bonds is exempt from federal income taxes. In some states, interest on bonds issued by that state and the municipalities within it are also exempt from that state’s income taxes.

Corporate Credit

These funds typically invest in bonds, preferred stocks, and other types of fixed-income instruments representing debt issued by private corporations. Corporate bonds tend to be more risky than bonds issued by governments and carry various credit risks depending on the individual issuer. As a result, however, they may offer potentially higher income opportunities.

Multi-Sector

These funds typically invest in a variety of fixed-income instruments, including a mix of government and corporate bonds. This provides investors with an additional level of diversification across both credit risk and price.

Securitized

Asset-backed securities are collateralized by loans that provide an income stream comprised of both principal and interest on the securities. Loans backing these securities include residential and commercial mortgages, automobile loans, credit cards, and other types of financial assets.

Bank Loans

These represent participation in loans to private corporations underwritten by commercial banks, including first lien, second lien, and collateralized loan obligations. Bank loans tend to be more risky than corporate bonds but, as a result, can potentially offer higher interest rates.

Currencies

These funds typically invest in money market instruments and forward currency contracts denominated in the currencies of foreign countries. In addition to carrying credit risk, these funds carry currency fluctuation risk.

COMMIT TO THE LONG TERM

We take a long-term view for all we do, from the people we hire, to the markets we enter, to the solutions we offer and to the investment decisions we make.

OUR APPROACH

We believe global fixed income markets are inefficient. In our view, the best way to seek to exploit these inefficiencies is through a sector-by-sector research-oriented approach, which is integrated globally. We offer investors a wide range of strategies covering benchmark-aware and unconstrained to tailor portfolios that seek to meet a diverse set of client needs