Portfolio Managers
Peter S. Kaplan, CFA
Industry: 1986
Merganser: 1986
Adam M. Ware, CFA
Industry: 1996
Merganser: 2007
Strategy Overview
Investment Objective
- To exceed the returns of the ICE BAML 1 Year T-Bill Index over a market cycle
- Emphasize low volatility, high quality and portfolio liquidity
Investment Strategy
- Through sector rotation and security selection decisions, we seek to generate consistent excess returns in all market environments
- Use the index as a proxy for duration, not market weightings, and opportunistically position the portfolio based on cross sector relative value
- Leverage our boutique size by focusing on less crowded areas of the fixed income market, including those not included in the index
- Control for risk at the security, sector and portfolio level
| Overview | |
|---|---|
| Product Inception Date | April 1986 |
| Primary Benchmark | ICE BAML 1 Year T-Bill |
| Vehicle(s) | Separate Account |
| Strategy Type | Active Fixed Income |
| Typical Sector Ranges | |
|---|---|
| Treasuries & Cash* | 5% - 15% |
| Agencies | 0% - 10% |
| Credit | 30% - 60% |
| RMBS | 0% - 5% |
| CMBS | 0% - 15% |
| ABS | 20% - 40% |
*Includes cash, receivables and payables.