Investment Management

Global Bond

Portfolio Managers

Matt Toms, CFA Photo

Matt Toms, CFA

Chief Investment Officer, Fixed Income

Mustafa Chowdhury, PhD Photo

Mustafa Chowdhury, PhD

Head of Rates

Brian Timberlake, CFA, PhD Photo

Brian Timberlake, CFA, PhD

Head of Fixed Income Research

Sean Banai, CFA Photo

Sean Banai, CFA

Head of Portfolio Management

Summary

Invests in broad global bond sectors including a wide range of debt and derivative securities and currencies

Philosophy

We believe that intensive security level research paired with a broadly informed awareness of the economic and credit cycle is critical to identifying superior investment opportunities and managing downside risk.

Objective

To outperform the Bloomberg Barclays Global Aggregate Index by 2.5% over a full credit cycle through a combination of current income and capital appreciation

Process

Our investment process involves a focus on macro themes, which are incorporated in every aspect of the decision-making process. We integrate quantitative and fundamental analysis to guide the bottom-up security selection approach as well as to form consensus global currency and rate positions. Feedback loops across all teams ensure that all elements are continuously connected. Strong risk budgeting, risk management and compliance capabilities ensure quality checks and balances. Ultimately, we seek consistently competitive returns appropriate to each client's mandate and risk tolerance.

Competitive Advantage

  • A seasoned team of market specialists examine the widest possible global opportunity set
  • A blended and diversified investment process driven by fundamental analysis for duration, yield curve and macro-economic factors and quantitative analysis for currency management and sector relative value analysis
  • May invest in bonds and currencies of more than 20 different countries in seeking to exploit inefficiencies in bond markets around the world
  • Proprietary risk budgeting and management tools guide portfolio construction

Principal Risks

Foreign investing poses special risks, including currency fluctuation, and economic and political risks not found in solely domestic investments. Emerging market securities may be especially volatile. The strategy may use derivatives such as options and futures, which can be illiquid and may disproportionately increase losses and have a potentially large impact on performance. The strategy is subject to both credit and interest rate risk. The share price and yield will be affected by interest rate movements, with bond prices generally moving in the opposite direction from interest rates. High yield, below-investment-grade debt securities may include issues that are highly speculative and more volatile. To the extent that the strategy invests in mortgage-related securities, its exposure to prepayment and extension risks may be greater than investments in other fixed income securities. Other risks include but are not limited to borrowing/leverage risks, debt securities risks, non-diversification risks, risks associated with other investment companies, price volatility risks, inability to sell securities risks and portfolio turnover risks.

*There is no guarantee that this objective will be achieved.

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