Longer Duration

Intermediate Aggregate

Portfolio Managers

Andrew Smock Chief Investment Officer Managing Principal Merganser
Andrew M. Smock, CFA

Industry: 1999
Merganser: 2003

Todd Copenhaver CORPORATE CREDIT Merganser Boston MA
Todd B. Copenhaver, CFA

Industry: 2007
Merganser: 2013

Strategy Overview

Investment Objective

  • To exceed the returns of the Bloomberg Intermediate Aggregate Index over a market cycle
  • Provide an attractive source of income while acting as a
    stabilizer during periods of market volatility

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

Product Inception Date December 2013
Primary Benchmark Bloomberg Intermediate Aggregate
Vehicle(s) Separate Account
Strategy Type Active Fixed Income
Typical Sector Ranges
Treasuries & Cash* 0% - 20%
Agencies 0% - 5%
Credit 20% - 50%
RMBS 5% - 50%
CMBS 10% - 35%
ABS 5% - 20%

*Includes cash, receivables and payables