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Core Plus Total Return

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 09/30/2019


Strategy Inception Date
Jan 1999
Strategy AUM
$6.8 B
Benchmark
Bloomberg Barclays U.S. Universal Index
eVestment Universe
US Core Plus Fixed Income

PORTFOLIO PARAMETERS


  • 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

Vehicles


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

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

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

18 Years of Industry Experience

Supported By 64 Investment Professionals with 15 Years Avg. Industry Experience

Portfolio

Portfolio

Portfolio Breakdownas of 09/30/2019

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

Credit Quality Distributionas of 09/30/2019

Type Portfolio Index
U.S. Treasury 24.6% 33.4%
Agency 26.7% 24.3%
AAA 11.2% 3.9%
AA 4.5% 3.7%
A 10.4% 11.9%
BBB 13.9% 15.6%
<BBB 8.7% 7.1%

CHARACTERISTICS as of 09/30/2019

Portfolio Index
Portfolio Index
Average Coupon 3.35% 3.56%
Average Life 9.02 Years 7.65 Years
Average Effective Duration 5.60 Years 5.61 Years
Average Yield to Worst 3.02% 2.64%

Performance

Performance

Core Plus Total Return Institutional Composite

Average Annual Returns as of 09/30/2019

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
Gross of Fees 8.65% 9.57% 3.40% 3.76% 4.97% 5.92%
Net of Fees 8.30% 9.10% 2.95% 3.32% 4.49% 5.45%
Bloomberg Barclays U.S. Universal Index 8.80% 10.07% 3.23% 3.62% 4.14% 5.06%

Calendar Year Returnsas of 09/30/2019

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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