Intermediate

Objective

To build and maintain a portfolio that represents the best relative value available based on the expected economic and market environment. We alter portfolio composition based on the liquidity constraints of the client. We look to add incremental return by taking advantage of market anomalies. Our goal is to outperform the Barclays Capital Intermediate Government Credit Index and to rank in the upper quartile in a universe of our peers.

Strategy

We seek total rate of return through the active management of all structural components of the portfolio; sector and industry allocation, credit quality, liquidity, yield curve, maturity exposure, and call structure. Our primary focuses are issue selection and sector rotation.  We aim to buy credits or structures that perform well in current economic environments, and typically do not involve them in duration management.