|Short-Term Fixed Income||Merrill 1-4.99yr Government/Corporate Index|
|Short-Intermediate Fixed Income||Barclays Capital U.S. Intermediate Aggregate Bond Index|
|Core Fixed Income||Barclays Capital U.S. Aggregate Bond Index|
|Short-Intermediate Government Fixed Income||Barclays Capital U.S. Intermediate Government Bond Index|
|Strategic Fixed Income||Barclays Capital U.S. Aggregate Bond Index|
|Cash Management||90-day T-Bill Rate Index|
|U.S. Treasury||90-day T-Bill Rate Index|
Tax-exempt and low tax bracket investors.
To generate a total return, net of investment management and transaction costs, in excess of the relevant benchmark index.
Our investment process recognizes the dynamic and varied nature of alpha opportunities which occur in the Fixed Income market.
Alpha generating opportunities are searched for at both the macroeconomic level and the security selection level.
We test our discoveries for relative value and for associated risk in various sectors to see if our theories are correct. If correct, is the opportunity macroeconomic or sector/security selection in nature.
Mispricings often occur between sectors such as treasuries, agencies, corporates, mortgage backed securities and asset backed securities. Also the relative complexity of a security often misprices risk. If the mispricings exist, we focus on that particular opportunity. If we find that the mispricings do not exist, we revisit our assessment of the discovery.
Once investments have been made, we monitor the investments to ensure the basis for purchases is still valid and also to discover if there are better opportunities available elsewhere.