An active approach.
Fixed Income Process
- Core Holding Establishment
- Multi-Style/Segment Development
- Domestic and International Exposure
- Internal/External Research
- Sector Allocation
- Economic/Market Trends
- Segment Weighting
- Global Assessment/Opportunities
- Does it Meet Our Criteria?
- Proprietary Screening/Scoring/Ranking Program
- Multi-Factor Scoring Program (25 Factors)
- Relative Ranking/Performance
- Reasonable Expense Ratio
- Management Tenure/Stewardship
- Evaluation Among Investment Team
- Open Forum Tests Individual Assumptions/Conclusions
- Input from Every Investment Professional
- Purchase Holdings
- Maintain Full Exposure Unless Tactical Shift is Warranted
- Cash Reserve Non-Existent Unless Mandated by Client/Fees
- Realign Portfolio on a Regular Basis
- Assess Holdings Daily
- Team Monitors and Discusses Fund, Market and Sector Developments
- Daily Ranking of Recommended List
- Sell Discipline
- Unfavorable Score/Rank
- Deterioration in Relative or Absolute Return
- Identification of Better Performing Opportunity
- Management or Ownership Change
- Change in Valuation of Sector/Market Segment
- Deterioration of Fundamentals/Quality Rating
Past performance is no guarantee of future results.