Shorter Duration

Investment Grade Floating Rate

Portfolio Managers

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

Industry: 2007
Merganser: 2013

Adam M. Ware, CFA

Industry: 1996
Merganser: 2007

Strategy Overview

Investment Objective

  • To exceed the returns of the Bloomberg US Treasury Floating Rate Index over a market cycle
  • Minimize interest rate sensitivity while providing a stable source of income

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 November 2013
Primary Benchmark Bloomberg US Treasury Floating Rate
Vehicle(s) Multiple Offerings
Strategy Type Active Fixed Income
Typical Sector Ranges
Treasuries & Cash* 10% - 20%
Agencies 0% - 5%
Credit 30% - 50%
RMBS 5% - 10%
CMBS 15% - 25%
ABS 15% - 25%

*Includes cash, receivables and payables.