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U.S. Intermediate Government

The strategy seeks high current income through investments primarily in intermediate-duration U.S. government bonds.

Strategy Inception

1994

Strategy AUM (USD)

$609 M

As of 10/31/2024

Focused on Current Income

Pursues high current income through investments in intermediate-duration government bonds, including Treasuries, government agencies, and mortgages.

Investment Outlook

View our latest Investment Outlook for a concise, easy-to-scan overview of current opportunities and risks created by today's global markets.

Strategy Facts
Inception Date
04/01/1994
Total Assets
$609 M USD
As of 10/31/2024
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

Risk Guidelines
Duration Limits
±1 year
Of benchmark
Position Limits
5% per issue
Excluding government securities and government agency mortgages

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. 

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.

Continuous Risk Management circles around Outlook, Asset Allocation, and Security Selection.

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

  • 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

Robert Gahagan avatar
Robert Gahagan

Senior Vice President

Senior Portfolio Manager

Firm Start

1983

Industry Start

1983

Jim Platz, CFA avatar
Jim Platz, CFA

Vice President

Portfolio Manager

Firm Start

2003

Industry Start

1986

Daniel Shiffman, CFA avatar
Daniel Shiffman, CFA

Vice President

Senior Portfolio Manager

Firm Start

2004

Industry Start

1986

Paul Norris avatar
Paul Norris

Vice President

Senior Portfolio Manager

Firm Start

2023

Industry Start

1992

Team Facts
Average Industry Experience
35+ Years
Assets Under Management
$609 M USD
As of 10/31/2024
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

Composite Performance in USD (%)

1 Month
YTD
1 Year
3 Year*
5 Year*
10 Year*
U.S. Intermediate Government Bond (gross)as of 10/31/2024
-2.94
1.31
10.19
-2.54
-0.38
1.18
U.S. Intermediate Government Bond (net)as of 10/31/2024
-2.96
1.07
9.88
-2.85
-0.73
0.78
BB US Government/MBSas of 10/31/2024
-2.53
1.45
9.53
-2.33
-0.62
1.03

*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.

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Sources: Bloomberg Index Services Ltd, FactSet

This is marketing material. This information is intended to be general in nature and is not personal financial product advice. Any advice contained here is general advice only and has been prepared without considering the investment objectives, financial situation or particular needs of any particular person. Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your investment objectives, financial situation and needs. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. American Century nor any of their related parties, their employees or directors, provide any warranty of accuracy or reliability in relation to such information or accept any liability to any person who relies on it.