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For Financial Professionals in the US

Core Plus Total Return

Flexible fixed income focused on total return potential

Overview

About this Portfolio

The Core Plus Total Return strategy seeks superior risk-adjusted returns over a full market cycle through a go-anywhere, ETF-based fixed income portfolio. It invests across fixed income market segments, prioritizing total return with a secondary objective of generating income, while managing within defined risk parameters.

Why Invest in this Portfolio

Top-down macro research
Portfolio positioning is informed by an assessment of fundamentals, liquidity and valuation rather than benchmark constraints.

ETF-based implementation
Utilizes ETFs to access fixed income exposures efficiently while maintaining transparency and liquidity.

Flexible portfolio construction
Portfolio exposures may shift meaningfully over time, including the ability to significantly underweight or avoid sectors when opportunities are limited.

Asset Allocation Guidelines

The strategy’s allocation is based on a long-term neutral policy of 100% fixed income but has the flexibility to add up to 50% non-US fixed income and up to 30% cash.

Exposure guardrails are +/- 30% of benchmark weights for US fixed income sectors:

  • Corporates
  • Treasuries
  • Mortgages
  • Municipals

Benchmarks

Benchmark
100% Bloomberg US Aggregate Bond Index
Inception date
12/23/2020

Portfolio Management

Richard Bernstein

Global Head of Macro & Customized Investing​

Industry since 1981.

Michael Contopoulos

Head of Multi-Asset Macro Investing

Industry since 1999. Joined Firm in 2026.

Performance

RETURNS (%) (As of 06/30/2026)
Composite Gross Composite Net Bloomberg US Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR Since Inception
Composite Gross 1.24 1.36 4.69 3.91 -0.13 0.09
Composite Net 0.86 0.61 3.15 2.38 -1.60 -1.39
Bloomberg US Aggregate Bond Index 0.67 0.62 3.79 4.16 0.08 -0.22

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. All returns reflect the reinvestment of dividends and other earnings.

Net returns are calculated by subtracting the highest applicable Managed Account fee (3.00% annually, or 0.25% monthly) from the pure gross or gross composite return. The Managed Account fee includes all charges for trading costs, portfolio management, custody and other administrative fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The fees are available on request and may be found in Form ADV Part 2A.

RETURNS (%) (As of 08/31/2026)
Composite Gross Composite Net Bloomberg US Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR Since Inception
Composite Gross -0.49 0.40 2.73 4.07 -0.39 -0.08
Composite Net -0.86 -0.59 1.21 2.53 -1.87 -1.56
Bloomberg US Aggregate Bond Index -0.68 -0.31 1.89 4.08 -0.29 -0.37

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. All returns reflect the reinvestment of dividends and other earnings.

Net returns are calculated by subtracting the highest applicable Managed Account fee (3.00% annually, or 0.25% monthly) from the pure gross or gross composite return. The Managed Account fee includes all charges for trading costs, portfolio management, custody and other administrative fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The fees are available on request and may be found in Form ADV Part 2A.

Calendar Year Returns (%)
Composite Gross Composite Net Bloomberg US Aggregate Bond Index
2025 2024 2023 2022 2021
Composite Gross 6.68 2.09 4.85 -13.80 0.73
Composite Net 5.11 0.59 3.31 -15.09 -0.76
Bloomberg US Aggregate Bond Index 7.30 1.25 5.53 -13.01 -1.54

Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars. All returns reflect the reinvestment of dividends and other earnings.

Net returns are calculated by subtracting the highest applicable Managed Account fee (3.00% annually, or 0.25% monthly) from the pure gross or gross composite return. The Managed Account fee includes all charges for trading costs, portfolio management, custody and other administrative fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The fees are available on request and may be found in Form ADV Part 2A.

Documents

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