Strategy Inception
1994
Strategy AUM (USD)
$609 M
As of 02/28/2025
Overview
Focused on Current Income
Pursues high current income through investments in intermediate-duration government bonds, including Treasuries, government agencies, and mortgages.
| Inception Date | 04/01/1994 |
| Total Assets | $609 M USD As of 02/28/2025 |
| Benchmark | BB US Government/MBS |
| Investment Universe | U.S. Treasury Bonds • U.S. Government Agency Mortgages • U.S. Government Agency Bonds • U.S. and Yankee Corporate Bonds • Municipal Bonds • Asset-Backed Securities • Commercial Mortgage-Backed Securities • Futures, Swaps, Options • Cash and Cash Equivalents |
Available Vehicles
U.S. and certain other countries
Separate Account
Only in the U.S.
Mutual Fund
| Duration Limits | ±1 year Of benchmark |
| Position Limits | 5% per issue Excluding government securities and government agency mortgages |
Philosophy
We believe consistency in risk-adjusted results can be achieved through diverse, active positions that seek to exploit inherent inefficiencies in the bond market. We rely on the power of fundamental research—augmented by quantitative methodologies—to seek consistent excess returns over a complete market cycle.
Process
We pursue opportunities by following a systematic, repeatable process that’s driven by fundamental research. This research-driven approach is complemented by proprietary quantitative models and tools designed to increase the team’s efficiency.
Outlook
Integrates analysis of economy, markets and policies to establish top-down views on global economic growth, inflation, central bank policies and interest rates
Asset Allocation
Considers economic fundamentals and technical rich/cheap sector analysis to determine relative value
Expected return scenario calculations converted to information ratios and ranked by relative attractiveness
Security Selection
Analysts identify attractive issues through deep fundamental research based on sector-specific analytic frameworks
Portfolio managers, analysts and traders collaborate to manage sector exposures, issuer weights and security selection
Risk Management
Risk Management team independently reviews portfolio holdings’ compliance with risk budgets
Proprietary tools help test and monitor portfolio exposures, apply scenario analysis and evaluate potential trades
Team
Managed by a veteran team who average more than 35+ years' experience
Features expertise across fixed-income sectors
Complemented by experts in risk analysis and quantitative research
Portfolio Managers
Firm Start
1983
Industry Start
1983
Firm Start
2003
Industry Start
1986
Firm Start
2023
Industry Start
1992
| Average Industry Experience | 35+ Years |
| Assets Under Management | $609 M USD As of 02/28/2025 |
| Location | Santa Clara, California |
Cross-Discipline Support
Client Portfolio Managers
Quantitative Research and Modeling
Takeaways
Portfolio that spans government bond sectors
Research-driven process
Total return and current income focus
Performance
Composite Performance in USD (%)
*Annualized
Data reflects past performance. Past performance does not guarantee future results. The value of investments may fluctuate. Data assumes reinvestment of dividends and capital gains.
Insights
Sources: Bloomberg Index Services Ltd, FactSet
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