Fixed Income

Our investment philosophy sets us apart

Identifying and exploiting the risks and opportunities in today's fixed-income markets require truly active management, a commitment to fundamental research, and the resources to execute consistently.

Fixed-income capabilities

A full range of benchmark-oriented and absolute return products

Strategy Category Inception date Benchmark
Core Global Fixed Income Multi-Sector Benchmark-oriented August 31, 1993 BBG Barclays Global Aggregate Bond Index
Core Plus Fixed Income Multi-Sector Benchmark-oriented June 30, 1991 BBG Barclays U.S. Aggregate Bond Index
Dedicated Mortgage Strategy Securitized Product Strategies July 31, 2009 ICE BofAML 1-Month LIBOR
European High Yield Single Sector Benchmark-oriented September 30, 1999 ICE BofAML European Currency Developed Markets HY Constrained Index
Fixed Income Global Alpha Unconstrained Fixed Income August 31, 2008 ICE BofAML 1-Month LIBOR
Fixed Income Global Alpha Plus Unconstrained Fixed Income October 31, 1988 ICE BofAML U.S. Treasury Bill Index
Global High Yield Single Sector Benchmark-oriented March 31, 2003 ICE BofAML Global HY IG Country Const 100% USD Hgd Index
Investment Grade Corporate Credit Single Sector Benchmark-oriented September 30, 2009 BBG Barclays U.S. Corporate Bond Index
U.S. Convertible Securities U.S. Equities July 31, 1993 ICE BofAML U.S. Convertible Index
U.S. High Yield Single Sector Benchmark-oriented July 31, 1993 JPMorgan Developed High Yield Index

Opportunities

We believe fixed-income opportunities are best exploited by specialists.

Our investment process is built around skilled individuals in highly specialized roles, identifying potenial alpha-generating strategies in their areas of expertise.

We believe team-based active management leads to better diversified, more efficient portfolios.

Our team pursues multiple sources of alpha across a broad investment universe, seeking to take advantage of flexibility and eliminate unintended concentrations of risk.

We approach risk differently.

We seek to create opportunities through active allocation to sources of risk, not sectors.

Competitive advantage

  • A portfolio construction philosophy and process in place for over 15 years: specialist-driven, team-based,
    and risk-oriented
  • A focus on delivering more diversified sources of alpha, not dominated by a macro view

Browse our Perspectives

Will the improving housing market further divide the Fed?

Will the improving housing market further divide the Fed?

The Fed remains divided on the trajectory of interest rates; a pick up in U.S. housing activity may increase this division.

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An inverted yield curve: Recession or stagnation?

An inverted yield curve: Recession or stagnation?

The Treasury yield curve briefly inverted in August, rattling markets with the possibility of a recession.

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July rate cut: “Insurance” policy or recession guard?

July rate cut: “Insurance” policy or recession guard?

The Fed cut interest rates to protect growth from downside risks and described the move as a mid-cycle adjustment to policy, or a so-called “insurance” cut.

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