Investment Approach

• Aims to provide a risk-efficient core bond portfolio that is designed to generate consistent, active return through income and capital appreciation
• Informed by a broad and deep global research platform pursuing multiple avenues for producing active return without relying on any single sector or market regime
• A research-driven approach seeks to help the portfolio to:
  • Exploit abundant inefficiencies within the fixed income markets’ structure via portfolio construction
  • Identify the phase of the macroeconomic cycle and align the portfolio’s risk allocation, sector exposures, and duration/curve positioning accordingly
  • Emphasize analysts’ highest-conviction security selection ideas across all stages of the cycle
• Focuses primarily on investment-grade, U.S. fixed income securities, with the flexibility to integrate non-index sectors and securities for additional diversification and yield potential
• Integrates proprietary credit, macroeconomic, and quantitative analysis to identify market inefficiencies and relative value opportunities across three major sources of return: sector allocation, security selection, and duration/curve management