Portfolio Managers
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
| Overview | |
|---|---|
| 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.