For Institutional Investors in the US

Core Plus

A flexible core plus fixed income portfolio that leverages a research-driven investment process in seeking to identify the best opportunities across fixed income sectors

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Overview

ABOUT THIS STRATEGY

Using our broad global research capabilities, we strive to exploit fixed income market inefficiencies by building a structural foundation that we believe serves as a better starting point than traditional benchmarks. We aim to generate additional alpha through sector rotation and security selection and by seeking to take the right amount of risk at each point in the cycle.

INVESTMENT APPROACH

Our Team: A culture of collaboration, global integration and a research-first mentality is the cornerstone to our team’s process.

Disciplined Risk Budgeting: We target repeatable performance by building a structural foundation of more optimal allocations designed to serve as a better starting point than traditional benchmarks.

High Conviction: We dynamically allocate risk across market cycles and invest with conviction, with bottom-up research expected to drive excess returns.

Featured Insight

Fixed Income Perspectives

Quarterly insight from our fixed income teams to help clients navigate the risks and opportunities ahead.

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PORTFOLIO MANAGEMENT

Michael Keough

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Greg Wilensky, CFA

Greg Wilensky, CFA

Head of U.S. Fixed Income | Portfolio Manager

Industry since 1993. Joined Firm in 2020.

Performance

RETURNS (%) (As of Jun 30, 2022)
Composite Gross Composite Net Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/1993)
Composite Gross -4.87 -10.64 -10.14 0.81 1.95 2.58 6.23
Composite Net -4.97 -10.83 -10.52 0.40 1.56 2.22 5.73
Bloomberg U.S. Aggregate Bond Index -4.69 -10.35 -10.29 -0.93 0.88 1.54 4.74
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 unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
For a complete list of holdings as of the most recently available disclosure period, contact us.
RETURNS (%) (As of Jul 31, 2022)
Composite Gross Composite Net Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(01/01/1993)
Composite Gross 1.19 -8.34 -8.94 1.52 2.37 2.68 6.31
Composite Net 1.08 -8.57 -9.32 1.11 1.98 2.32 5.80
Bloomberg U.S. Aggregate Bond Index 1.49 -8.16 -9.12 -0.21 1.28 1.65 4.81
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 unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
For a complete list of holdings as of the most recently available disclosure period, contact us.

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
Related Insights
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Fixed income returns in 2022: Have our bonds betrayed us?

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Five questions fixed income investors are asking in 2022

Our fixed income teams consider monetary policy-related conundrums and where, outside of policy, they see opportunities and risks for investors.

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U.S. Fixed Income: Finding a Balance in Rates and Inflation
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U.S. Fixed Income: Finding a Balance in Rates and Inflation

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