We believe in the role of traditional fixed income, which is why our fixed income investment strategies are long only, exclusively USD and do not permit the use of leverage or complex derivatives. Capital preservation, liquidity and attractive risk-adjusted returns permeate every decision we make. Portfolios are invested across investment grade fixed income, with a particular focus on areas that maximize the benefits of our size and expertise. Portfolio durations versus the benchmark are maintained within a narrow tolerance, as we believe accurately predicting the future path of interest rates is not a sound investment strategy and can introduce unintended risks.