U.S. Fixed Income

We believe that bonds should be owned to preserve capital and generate current income. Fixed income securities are the primary tool that we use to control risk in client portfolios.
While we do not view bonds as trading vehicles, we believe that the active management of bond holdings can add value to fixed income portfolios. We will adjust holdings as market conditions dictate.
We determine the sectors and term structures to be used in portfolio construction based on our analysis of the yield curve, interest rate forecasts and credit risk/reward analysis.
We draw potential investments from all U.S. sectors including Government Securities, Agencies, Mortgage-Backed Securities, and Corporate Bonds.
Tax-free municipal bonds (Government Obligations, critical service authorities, non-governmental issuers, and private use entities) may be utilized for taxable clients. All securities are selected on their after tax return.

Average quality - single A
Maturities managed across yield curve
Duration range - 3 to 8 years
Sector diversification
Low execution cost
Value added - active management
Special situations including non-rated bonds, "cushion" bonds, high premium/deep discount paper