Investment Management

Investment Grade Credit

Portfolio Managers

Travis King, CFA Photo

Travis King, CFA

Co-Head of Investment Grade Credit

Anil Katarya, CFA Photo

Anil Katarya, CFA

Co-Head of Investment Grade Credit

Kurt Kringelis, CFA, CPA, JD Photo

Kurt Kringelis, CFA, CPA, JD

Head Macro Credit Strategist

Summary

Total return approach, offering a comprehensive approach to investing in the full range of investment grade U.S. corporate bonds.

Objective

To outperform the Bloomberg Barclays U.S. Corporate Investment Grade Index by 1.25% over a full credit cycle with annualized tracking error of 1.5-2.5%.

Process

Portfolios are built one bond at a time with a critical review of each security by experienced managers. Portfolios are constructed around a risk budget using qualitative and quantitative inputs from the investment team.

Competitive Advantage

  • Prominent and long-standing player in credit strategies
  • Highly experienced U.S.-based investment team provides on-the-ground coverage
  • Active management driven by fundamental credit analysis
  • Macro themes drive each step of the investment process
  • Expertise in security selection, specifically allocation to sub-sectors and credit quality within investment grade corporate bonds

Principal Risks

The principal risks are generally those attributable to bond investing. Holdings are subject to market, issuer, credit, prepayment, extension and other risks, and their values may fluctuate. Market risk is the risk that securities may decline in value due to factors affecting the securities markets or particular industries. Issuer risk is the risk that the value of a security may decline for reasons specific to the issuer, such as changes in its financial condition.

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

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