Total Return Strategy: Drawing on a Deep Bench
A Note about Risk: Investing involves risk, including possible loss of principal. The value of an investment in fixed-income securities will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of debt securities are likely to decline, and when interest rates fall, the prices of debt securities tend to rise. Investments in high yield, lower-rated debt securities, sometimes called junk bonds may involve greater risks than higher rated debt securities. These securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. Longer-term debt securities are usually more sensitive to interest-rate changes; the longer the maturity of a security, the greater the effect a change in interest rates is likely to have on its price. Investments in foreign or emerging market securities may be adversely affected by economic, political, or regulatory factors and subject to currency volatility and greater liquidity risk. Investments in derivatives are subject to greater liquidity, leverage, and counterparty risk.
No investing strategy can overcome all market volatility or guarantee future results. Past performance is not a reliable indicator or a guarantee of future results.