Investment Management

Long Duration Fixed Income

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, investing in an array of long-dated corporate and treasury bonds.

Objective

To maximize total return, mainly through security selection, while typically maintaining duration within ± 10% of the index.

Process

Our process integrates quantitative and fundamental analysis in a disciplined, bottom-up investment approach. Macro themes are incorporated in every aspect of the decision-making process, and business cycle awareness guides industry and security selection. Strong risk budgeting, risk management and compliance capabilities provide necessary due diligence.

Competitive Advantage

  • Prominent and long-standing presence in managing credit strategies
  • Diverse array of credit investment solutions
  • Client service is customized to each client’s needs
  • A dedicated credit team with 12 years average experience with the ability to leverage the depth, breadth, and experience of the overall fixed income platform
  • Strong commitment to risk management

Principal Risks

The Strategy’s principal risks are generally those attributable to investing in stocks, bonds and related derivative instruments, and short selling. Holdings are subject to market, issuer, credit, prepayment, extension, counterparty 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. The Strategy may invest in mortgage-related securities, which can be repaid early if the borrowers on the underlying mortgages pay off their mortgages sooner than scheduled. If interest rates are falling, the Strategy will be forced to reinvest this money at lower yields. Conversely, if interest rates are rising, the expected principal payments will slow, thereby locking in the coupon rate at below market levels and extending the security’s life and duration while reducing its market value.

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

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