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Full Discretion Fixed Income


The Full Discretion 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. 


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 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.


The Full Discretion 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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Full Discretion Fixed Income Commentary 

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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Important Disclosure: This Website is for informational purposes only and does not constitute a complete description of our investment services or performance. This Website is in no way a solicitation or offer to sell securities or investment advisory services except, where applicable, in states where we are registered or where an exemption or exclusion from such registration exists. The expressed views and opinions presented on this website are for informational purposes only, are based on current market conditions, and are subject to change without notice. Although information and statistics contained herein have been obtained from sources believed to be reliable and are accurate to the best of our knowledge, Fort Washington cannot and does not guarantee the accuracy, validity, timeliness, or completeness of such information and statistics made available to you for any particular purpose. Material presented should not be considered as investment advice or a recommendation of any particular security, strategy, or investment product. Past performance is not indicative of future results. No part of this Site or the materials herein may be reproduced in any form, or referred to in any other publication, without express written permission of Fort Washington Investment Advisors, Inc.


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