investment STRATEGIES

Fixed Income

 


Core Fixed Income

Core Fixed Income

Objectives

  • Provide the highest possible return while minimizing the risk to principal
  • Stability of income and principal

Process

  • Top-down, macro-economic outlook drives sector allocation and yield curve positioning
  • A bottom-up survey of analysis of individual securities populates the portfolio

Characteristics

  • Composition: U.S. dollar-denominated investment-grade bonds across the full maturity spectrum
  • Positions: 40 to 60
  • Turnover: 30 percent including maturity reinvestment
  • Average maturity: Six to nine years
  • Benchmarks: Bloomberg Barclays Capital Aggregate or Bloomberg Barclays Government/Credit Index

Team
Marc Fovinci, CFA
Brad Houle, CFA
Deidra Krys-Rusoff
Joe Brooks

Updated annually. Data as of January 1, 2016.



Core-Plus Fixed Income

Core-Plus Fixed Income

Objectives

  • Increase return potential through inclusion of high-yield fixed income vehicles
  • Employ bonds across the full rating spectrum

Process

  • Top-down, macro-economic outlook drives sector allocation and yield curve positioning
  • A bottom-up survey of analysis of individual securities populates the portfolio

Characteristics

  • Composition: U.S. dollar-denominated debt
  • Positions: 40 to 70
  • Average maturity: Six to nine years
  • Turnover: 30 percent, including maturity reinvestment
  • Benchmarks: Bloomberg Barclays Capital Aggregate Index

Team
Marc Fovinci, CFA
Brad Houle, CFA
Deidra Krys-Rusoff
Joe Brooks

Updated annually. Data as of January 1, 2016.



Intermediate Fixed Income

Intermediate Fixed Income

Objectives

  • Provide the highest possible return while minimizing the risk to principal
  • Stability of income and principal

Process

  • Top-down, macro-economic outlook drives sector allocation and yield curve positioning
  • A bottom-up survey of analysis of individual securities populates the portfolio

Characteristics

  • Composition: U.S. dollar-denominated investment-grade bonds maturing in 10 years or less
  • Positions: 40 to 60
  • Turnover: 30 percent, including maturity reinvestment
  • Average maturity: Three to six years
  • Benchmarks: Bloomberg Barclays Capital Intermediate Government/Credit Index

Team
Marc Fovinci, CFA
Brad Houle, CFA
Deidra Krys-Rusoff
Joe Brooks

Updated annually. Data as of January 1, 2016.



Municipal Bonds

Municipal Bonds

Objectives

  • Provide stability and tax-free income
  • Maximize after-tax return and income through customization

Process

  • Both top-down and bottom-up approach to yield curve positioning
  • A bottom-up approach to bond selection
  • Careful credit analysis to minimize risks

Characteristics

  • Composition: investment-grade securities issued by local governments
  • Positions: 30 to 60
  • Turnover: 15 percent, including maturity reinvestment
  • Benchmarks: Bloomberg Barclays Capital Intermediate-Short Municipal Index

Team
Marc Fovinci, CFA
Brad Houle, CFA
Deidra Krys-Rusoff
Joe Brooks

Updated annually. Data as of January 1, 2016.