Image alt tag


There was a problem contacting the server. Please try after sometime.

Sorry, we are unable to process your request.


We're sorry, but the Insights and Intelligence Tool is temporarily unavailable

If this problem persists, or if you need immediate assistance, please contact Customer Service at 1-888-522-2388.


We're sorry, but the Literature Center checkout function is temporarily unavailable.

If this problem persists, or if you need immediate assistance, please contact Customer Service at 1-888-522-2388.

Reset Your Password

Financial Professionals*

Your password must be a minimum of characters.

Confirmation Message

Your password was successully updated. This page will be refreshed after 3 seconds.



Short Duration Credit




  • Managed by a deep and experienced team
  • Investment process combines top down macro views with bottom-up security selection
  • Focused on identifying relative value opportunities 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 04/30/2019

Strategy Inception Date
Dec 2007
Strategy AUM
$51.7 B
ICE BofAML 1-3 Year U.S. Corporate Index
eVestment Universe
US Short Duration Fixed Income


  • A flexible approach emphasizing short maturity credit sectors that have historically outperformed government-related securities.

  • A true short maturity strategy that has historically maintained an effective duration of approximately 2 years and a spread duration of approximately 2-3 years1

  • Investment universe typically includes short maturity investment grade corporate debt, CMBS, high yield corporate debt, ABS, U.S. Treasuries, agencies and U.S.-dollar denominated bonds of non-U.S. issuers.

  • 35% maximum allocation to below investment grade securities.2 Allocation to below investment grade has generally ranged between 10-20%1

  • Maximum of 25% in any one industry3


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


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

Partner & Portfolio Manager

21 Years of Industry Experience

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

25 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

Related Content

Gauging the Opportunity in Short Duration Credit
January 28, 2019

Short-term securities such as corporate bonds, ABS, and CMBS, recently offered yields near multi-year highs, with lower volatility than core bonds.


Short-Term Bonds: A History of Opportunity

Portfolios of short maturity bonds historically have had greater risk-adjusted returns than portfolios with greater term risk. What are the implications for investment portfolios?



Portfolio Breakdownas of 04/30/2019

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

Credit Quality Distributionas of 04/30/2019

Type Portfolio
U.S. Treasury 3.1%
Agency 3.6%
AAA 39.3%
AA 7.5%
A 7.5%
BBB 27.8%
<BBB 11.0%
Not Rated 0.2%

CHARACTERISTICS as of 04/30/2019

Portfolio Index
Portfolio Index
Number of Issues 1678 1645
Average Coupon 3.90% 3.42%
Average Life 2.34 Years 2.01 Years
Average Effective Duration 1.91 Years 1.88 Years
Average Yield to Worst 3.52% 2.90%



Short Duration Credit Institutional Composite

Average Annual Returns as of 03/31/2019

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
Gross of Fees 2.32% 4.09% 3.44% 2.80% 4.80% 4.62%
Net of Fees 2.27% 3.88% 3.22% 2.57% 4.56% 4.38%
ICE BofAML 1-3 Year U.S. Corporate Index 1.84% 3.89% 2.18% 1.89% 3.59% 3.02%

Calendar Year Returnsas of 03/31/2019

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
Gross of Fees 1.84% 2.91% 4.64% 1.03% 2.33% 2.23% 7.25% 3.77% 7.10% 17.86%
Net of Fees 1.64% 2.70% 4.39% 0.79% 2.08% 1.99% 7.00% 3.53% 6.84% 17.58%
ICE BofAML 1-3 Year U.S. Corporate Index 1.62% 1.91% 2.39% 1.01% 1.19% 1.78% 4.49% 1.76% 4.86% 14.69%

Please confirm your literature shipping address

Please review the address information below and make any necessary changes.

All literature orders will be shipped to the address that you enter below. This information can be edited at any time.

Current Literature Shipping Address

* Required field