Account Details

In our separately managed total return accounts, clients own a portfolio of fixed income securities. For these accounts we are able to customize each portfolio based on individual needs such as legacy positions, target maturity date, cash flow or income needs, etc. that may not be met by a mutual fund.


Total Return Composite (as of 6/30/19)

Total Return Composite (gross) 0.68% 3.44% 5.67% 4.54%
Total Return Composite (net) 0.56 3.21 5.20 4.08
Bloomberg Barclays U.S. Aggregate Bond Index 3.08 6.11 7.87 3.89
Total Return Composite (gross) Total Return Composite (net) Bloomberg Barclays U.S. Aggregate Bond Index
QTD 0.68% 0.56% 3.08%
YTD 3.44 3.21 6.11
1 YEAR 5.67 5.20 7.87
4.54 4.08 3.89

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We believe the fixed income universe is replete with risk-reward asymmetries that can create tremendous investment opportunities across a variety of asset classes. The investment grade universe in particular has the benefit of offering high quality credit exposure and deep, liquid markets. We use a top down strategy to drive our positioning and in-depth, fundamental research to identify our holdings.

First, we develop our macroeconomic view, which guides our desired interest rate targets and curve exposures. This view is based on a systematic assessment of market factors including central bank policies, economic data, asset flows and market technicals. As part of this process, we estimate how policy shifts may impact these data, and how in turn such changes may affect Treasury and swap yields. We then assess how various fixed income asset classes are likely to perform, in both absolute and relative terms, before arriving at our target allocation to each. We seek to capitalize on the relatively low correlations between these asset classes – in particular between mortgages and corporates – to harness diversification benefits.

Once our target allocations are established, we incorporate deep fundamental analyses on securities that would create the portfolio. In mortgages, for instance, alpha can be generated by coupling a solid understanding of prepayment behavior of collateral with the specific cash flow structure that can extract the most value. For corporate bonds, we can perform cross-sectional analysis of industries and ratings, as well as fundamental analysis of individual issuers, to identify securities that offer compelling value relative to their risk. On a limited basis, we may also invest opportunistically in other asset classes when they appear more compelling from a risk/reward standpoint than our core areas of investment.

Over time, our goal is for the portfolio’s investments to reflect a combination of assets with reduced correlations and attractive return profiles while still meeting our interest rate and duration targets. We seek to deliver compelling absolute returns by adjusting these rate and curve exposures, varying our sector weights based on economic and market cycles, and continually assessing the valuations of our individual holdings.

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Past performance is not a guarantee of future results.

Rates of return for periods greater than one year are annualized. The information given for this composite is historic and should not be taken as an indication of future performance. Performance returns are presented both before and after the deduction of advisory fees. Account returns are calculated monthly, using a time weighted return method. Account returns reflect the reinvestment of dividends and other income and the deduction of brokerage fees and other commissions, if any, but do not reflect the deduction of certain other expenses such as custodial fees. Monthly composite returns are calculated by weighting account returns by beginning market value. Net returns reflect the deduction of actual advisory fees.

The Bloomberg Barclays U.S. Aggregate Bond Index (“BC Agg”) is an unmanaged index which is widely regarded as the standard for measuring U.S. investment grade bond market performance. It includes all non-convertible, fixed-rate debt issues rated investment grade or higher. This index does not incur expenses and is not available for investment. Index returns reflect the reinvestment of interest. The BC Agg Index performance is not, however, directly comparable to the composites’ performance because accounts in the composites generally in a wide range of fixed income credit qualities and maturities and the BC Agg Index is an unmanaged index that is widely regarded as the standard for measuring U.S. investment grade bond market performance.

The fee schedule is as follows: 0.50% per annum. A discounted rate is available for tax-free institutions, eleemosynary accounts and large institutions.

Clients invested in fixed income separately managed accounts are subject to various risks including potential loss of principal, general market risk, default risk, interest rate risk, inflation risk, liquidity risk and small and medium-sized company risk. For a complete discussion of the risks involved, please see our Form ADV Brochure and refer to Item 8.

The Total Return Composite includes all fee-paying separately managed accounts and mutual funds that are predominantly invested in fixed income securities of various maturities and qualities, as well as income-generating equities. Individual account performance will vary from the composite performance due to differences in individual holdings, cash flows, etc.

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