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Core Fixed Income

Summary

Summary

HIGHLIGHTS


  • Managed by a deep and experienced team

  • Investment process combines top-down macro views with bottom-up security selection

  • Focused on identifying relative value through quantitative analysis and fundamental research

  • Collaborative portfolio construction leverages collective firm-wide insights

  • Rigorous, multi-dimensional risk management is an integral part of the process

KEY FACTS as of 07/31/2019


Strategy Inception Date
Jan 1998
Strategy AUM
$3.1 B
Benchmark
Bloomberg Barclays U.S. Aggregate Bond Index
eVestment Universe
US Core Fixed Income

PORTFOLIO PARAMETERS


  • Investment universe typically includes US Treasuries, Agencies, Agency MBS, ABS, CMBS, investment grade corporate debt and US-dollar denominated bonds of non-US issuers.

  • Effective duration is typically maintained to within 0.1 year of the index.

  • Generally holds 0% allocation to below investment grade securities1

  • Maximum of 25% in any one industry2

Vehicles


  • This strategy is available as a:
  • Separate Account
  • Commingled Trust
  • Mutual Fund

PORTFOLIO MANAGERS

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

25 Years of Industry Experience

Andrew H. O'Brien
Andrew H. O'Brien, CFA

Partner & Portfolio Manager

21 Years of Industry Experience

Supported By 67 Investment Professionals with 15 Years Avg. Industry Experience

Portfolio

Portfolio

Portfolio Breakdownas of 07/31/2019

Type Portfolio
Type Portfolio
U.S. Government Related
MBS
ABS
Investment Grade Corporate
CMBS
Sovereign
Other
Cash

Credit Quality Distributionas of 07/31/2019

Type Portfolio Index
U.S. Treasury 31.8% 39.6%
Agency 28.3% 29.2%
AAA 14.0% 3.8%
AA 3.8% 3.0%
A 12.5% 10.7%
BBB 9.6% 13.7%
<BBB 0.1% -

CHARACTERISTICS as of 07/31/2019

Portfolio Index
Portfolio Index
Average Coupon 2.94% 3.22%
Average Life 8.47 Years 7.80 Years
Average Effective Duration 5.52 Years 5.71 Years
Average Yield to Worst 2.71% 2.52%

Performance

Performance

Core Fixed Income Institutional Composite

Average Annual Returns as of 06/30/2019

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
Gross of Fees 6.15% 7.86% 2.75% 3.18% 4.79% 5.74%
Net of Fees 6.00% 7.56% 2.46% 2.89% 4.50% 5.45%
Bloomberg Barclays U.S. Aggregate Bond Index 6.11% 7.87% 2.31% 2.95% 3.90% 4.91%

Calendar Year Returnsas of 06/30/2019

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
Gross of Fees 0.13% 4.10% 3.32% 0.15% 6.99% -1.35% 6.66% 8.41% 7.63% 13.50%
Net of Fees -0.15% 3.81% 3.03% -0.12% 6.68% -1.64% 6.35% 8.11% 7.34% 13.16%
Bloomberg Barclays U.S. Aggregate Bond Index 0.01% 3.54% 2.65% 0.55% 5.97% -2.02% 4.22% 7.84% 6.54% 5.93%

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