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Core Plus Total Return




  • 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 1999
Strategy AUM
$6.2 B
Bloomberg Barclays U.S. Universal Index
eVestment Universe
US Core Plus Fixed Income


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

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

  • Maximum 20% allocation to below investment grade securities.1Typically between 5% and 15%.

  • Maximum of 25% in any one industry2


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


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

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

18 Years of Industry Experience

Supported By 66 Investment Professionals with 15 Years Avg. Industry Experience

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Fixed Income: Which Sectors Can Benefit from an Active Approach?
December 5, 2016

In the fixed-income market, when it comes to selecting active versus passive strategies, low cost does not always mean good value.



Portfolio Breakdownas of 07/31/2019

Type Portfolio
Type Portfolio
U.S. Government Related
Investment Grade Corporate
High Yield Corporate

Credit Quality Distributionas of 07/31/2019

Type Portfolio Index
U.S. Treasury 30.6% 33.2%
Agency 24.6% 24.5%
AAA 12.7% 3.9%
AA 3.4% 3.7%
A 9.9% 11.9%
BBB 12.3% 15.4%
<BBB 6.6% 7.4%

CHARACTERISTICS as of 07/31/2019

Portfolio Index
Portfolio Index
Average Coupon 3.17% 3.59%
Average Life 8.28 Years 7.61 Years
Average Effective Duration 5.45 Years 5.55 Years
Average Yield to Worst 3.07% 2.87%



Core Plus Total Return Institutional Composite

Average Annual Returns as of 06/30/2019

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
Gross of Fees 6.69% 8.04% 3.23% 3.43% 5.43% 5.90%
Net of Fees 6.46% 7.59% 2.79% 2.99% 4.95% 5.43%
Bloomberg Barclays U.S. Universal Index 6.54% 8.07% 2.84% 3.18% 4.37% 5.02%

Calendar Year Returnsas of 06/30/2019

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
Gross of Fees -0.20% 4.47% 4.80% 0.02% 6.89% -0.55% 8.54% 8.15% 8.59% 16.49%
Net of Fees -0.61% 4.00% 4.36% -0.39% 6.38% -1.03% 8.03% 7.61% 8.05% 16.02%
Bloomberg Barclays U.S. Universal Index -0.26% 4.09% 3.91% 0.43% 5.56% -1.35% 5.53% 7.40% 7.16% 8.60%

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