Our Core Bond strategy is designed for clients seeking diversified high quality core exposure to fixed income utilizing individual bonds. The strategy builds separately managed portfolios of individual bonds that seek to maximize total return while focusing on capital preservation. We employ an active, multi-sector investment approach to seek higher returns by rotating sector allocations and adjusting the overall portfolio duration to take advantage of changes in interest rates, as well as shifts and twists in the shape of the yield curve. The strategy generally invests in taxable government and investment grade corporate bonds. Taxable municipal bonds, inflation protected securities, floating rate, hybrid-preferred, asset-backed and mortgage-backed securities may also be utilized. The average credit quality of a fully invested portfolio in this strategy is “A” by Moody’s.

Our Institutional Core Bond strategy is designed for clients seeking diversified high quality core exposure to fixed income utilizing individual bonds. The strategy is similar to our Core Bond strategy, but is designed for larger client portfolios due to the use of securitized debt, as well as private debt, if qualified. The strategy will also maintain a broader intermediate duration profile. The strategy builds separately managed portfolios of individual bonds that seek to maximize total return while focusing on capital preservation. We employ an active, multi-sector investment approach to seek higher returns by rotating sector allocations and adjusting the overall portfolio duration to take advantage of changes in interest rates, as well as shifts and twists in the shape of the yield curve. The strategy generally invests in taxable government, investment grade corporate bonds and mortgages. Taxable municipal bonds, inflation protected securities, floating rate, hybrid-preferred, and other securitized debt may also be utilized. The average credit quality of a fully invested portfolio in this strategy is rated “A” by Moody’s.

Our Municipal Bond strategy is designed for clients seeking income exempt from state and federal income taxes. The strategy builds separately managed portfolios of individual, high quality tax-exempt bonds customized to the client’s state of residence to provide state and federal tax efficiency. After-tax returns and capital preservation are the key principles guiding our investment strategy. Investment grade intermediate-term bonds are used to minimize risk and the potential for losses. The strategy generally invests in high quality general obligation and revenue-backed tax exempt bonds from various sectors and states. Special consideration is given to the client’s state of residence when purchasing bonds and constructing each portfolio. The allocation to in-state bonds will depend on the state’s income tax rate and our credit outlook for the state. To provide necessary diversification, portfolios will include bonds from the client’s state of residence, as well as from other states. Non-resident state bonds are generally sought with higher yields to compensate for any state taxes incurred. The average credit quality of a fully invested portfolio in this strategy is rated “Aa” by Moody’s.

Our Core Bond ETF strategy is designed for clients seeking a diversified high quality core exposure to fixed income. The strategy is specifically designed for smaller account sizes and seeks to earn consistent above average returns. The strategy invests in a diversified mix of several ETFs to achieve the desired interest rate exposure, yield curve position, sector mix and credit quality that is consistent with our macroeconomic outlook. In constructing the optimal mix of ETFs, we will consider premiums and discounts, liquidity, tracking error, fees, as well as the mix of ETF providers and administrators to construct the optimal liquidity, diversification, and yield and risk profile.