Longer Duration

Intermediate Government/Credit

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 Government/Credit 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 January 1990
Primary Benchmark Bloomberg Intermediate Gov/Credit
Vehicle(s) Multiple Offerings
Strategy Type Active Fixed Income
Typical Sector Ranges
Treasuries & Cash* 10% - 20%
Agencies 0% - 5%
Credit 30% - 50%
RMBS 5% - 50%
CMBS 10% - 35%
ABS 5% - 20%

*Includes cash, receivables and payables.