Active Fixed Income

Philosophy

The Active Fixed Income team believes that measuring and allocating risk on a valuation-driven basis provides the best opportunity for excess return. The tactical and efficient allocation of risk provides the strategy the flexibility to adjust certain risk exposures in seeking to take advantage of changing market conditions. Effective execution of strategy themes by our highly specialized and dedicated sector analysts provides opportunities for additional value creation. 

Process

Our process employs a disciplined investment approach designed to maximize risk-adjusted returns. Careful daily examination of the fixed income markets helps us uncover relative value opportunities spanning a variety of markets and, through the use of a specific risk budget, determine our investment themes. These themes include duration management, yield curve positioning, sector allocation, and, on a limited basis, international exposure. Once determined, our dedicated sector analysts evaluate the relative opportunities in their respective sector and select specific securities using rigorous fundamental analysis in order to execute on the established investment themes.

Objective

The Active Fixed Income strategy seeks to outperform its benchmark over a full market cycle by covering the global fixed income universe while tactically adjusting risk exposure on a valuation basis. We construct portfolios that are diversified by sector, holdings, and quality which we believe will produce favorable risk-adjusted returns. 

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Strategy Snapshot

  • 10+ year track record
  • Measurement and valuation; not forecasting
  • Employs a highly disciplined and comprehensive risk management framework
  • Explicit proprietary measurements of risk

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