Investment Solutions Defined by Your Objectives

We collaborate with clients to address a range of needs, from investment objectives to more complex, targeted solutions

Broad Market

Strategies with benchmark-based objectives for total return.

Represents our best thinking across the risk-return spectrum; key driver of idea generation across our solution set.

Liquidity

Satisfy yield/return goals while also managing cash flows.

We seek to balance client objectives with risk tolerances, while considering operating, reserve and strategic cash needs.

Specialized Solutions

Customized solutions tailored to specific corporate and institutional business needs.

Fixed income portfolios can be employed to aid ongoing business purposes outside of purley investment-driven goals.

Assets Under Management

by Strategy

by Client Type

As of December 31, 2022

Investment Process Continuity

We strive to provide our clients with an investment
experience that minimizes undue performance volatility.

Underpinning all investment strategies are four key process
elements that work together to balance risk and return objectives.

Opportunistic Sector Allocation

We frame relative value across a matrix of more than 50 market subsectors using historical excess returns and volatility.

Dynamic Position Limits Based on Duration

The concepts of contribution to duration and duration times spread provide a common lens to evaluate relative risk and potential volatility.

Security Selection Integrity

Research teams partner with portfolio managers to evaluate sectors, issuers, and securities using a consistent Fundamentals-Valuation-Tactics framework.

Ongoing Quantitative Analysis

We seek to ensure primary dimensions of risk (key rates, sector, issuer/securities) are consistent across each strategy.

Solving For Unique Liquidity Objectives

Our clients have both routine and unpredictable cash flows; we can design a portfolio based on their specific liquidity objectives.

We seek to balance client yield objectives with risk tolerances, while considering operating, reserve, and strategic cash needs.

Operating Cash

Short-term operating expenses
Zero tolerance for loss and interest rate risk
Easy access (same-day settlement)

Reserve Cash

For intermediate-term obligations & unexpected expenses
Low risk tolerance, sensitive to realized gains and losses
Access to majority of cash with timely settlement

Strategic Cash

Intermediate-term obligations
Moderate risk tolerance, with emphasis on higher
yielding securities
Access to cash determined by client liquidity needs

Operating Cash

Short-term operating expenses
Zero tolerance for loss and interest rate risk
Easy access (same-day settlement)

Reserve Cash

For intermediate-term obligations & unexpected expenses
Low risk tolerance, sensitive to realized gains and losses
Access to majority of cash with timely settlement

Strategic Cash

Intermediate-term obligations
Moderate risk tolerance, with emphasis on higher
yielding securities
Access to cash determined by client liquidity needs

Portfolio Composition Determined by Goals and Risk Tolerance

Portfolio managers, traders, credit analysts,
and quantitative analysts collaborate to construct clients' portfolios within a strategic framework.

Opportunistic sector allocation is a key focus of our process.

Capital Preservation

Example Investments

U.S. Treasury/Agency

Asset-Backend Securities

A-1/P-1 Commercial Paper

Liquidity

Example Investments

U.S. Treasury/Agency

A-1/P-1 Commercial Paper

High-quality Credit

Yield Seeking

Example Investments

BBB Credit

Floating-rate Notes

A-2/P-2 Commercial Paper

Select a Strategy

Enhanced Cash

Strategy Description

The Enhanced Cash strategy seeks liquidity, capital preservation, and current income.

The strategy typically invests in obligations issued or guaranteed by the U.S. government or its agencies, cash equivalents, and/or short-term corporate obligations.

Assets Under Management

$14,123M

Inception

6/30/2014

Benchmark

ICE BofA US 3-Month Treasury Bill Index

Download Fact Sheet

Composite Investment Results

Standard Periods

Calendar Years

Enhanced Cash Composite Gross of Fees Return (%)
QTD	0.93
YTD	1.41
1 Year	1.41
3 Year*	0.79
5 Year*	1.35
Since Inception*	1.01

Enhanced Cash Composite Net of Fees Return (%)
QTD	0.89
YTD	1.26
1 Year	1.26
3 Year*	0.64
5 Year*	1.20
Since Inception*	0.86

ICE BofA US 3-Month Treasury Bill Index Benchmark Return (%)
QTD	0.84
YTD	1.46
1 Year	1.46
3 Year*	0.72
5 Year*	1.26
Since Inception*	0.89

*These are annualized numbers

Enhanced Cash Composite Gross of Fees Return (%)
2022	1.41%
2021	0.11%
2020	0.86%
2019	2.42%
2018	1.98%
2017	1.02%
2016	0.57%
2015	0.19%
2014	0.06%

Enhanced Cash Composite Net of Fees Return (%)
2022	1.26%
2021	-0.03%
2020	0.71%
2019	2.27%
2018	1.83%
2017	0.87%
2016	0.42%
2015	0.05%
2014*	-0.01%

ICE BofA US 3-Month Treasury Bill Index Benchmark Return (%)
2021	0.05%
2020	0.67%
2019	2.28%
2018	1.87%
2017	0.86%
2016	0.33%
2015	0.05%
2014	0.03%

*Represents return from 6/30/14 (date of inception) through 12/31/14.

Short Term Income

Strategy Description

The Short Term Income strategy seeks capital preservation, liquidity, and income in excess of money market funds.

The strategy typically invests in commercial paper, floating-rate and fixed-rate short-term corporate bonds, as well as AAA-rated asset-backed securities.

Assets Under Management

$1,340M

Inception

3/31/2014

Benchmark

ICE BofA 3-6 Mo U.S. Treasury Bill Index

Download Fact Sheet

Composite Investment Results

Standard Periods

Calendar Years

Short Term Income Gross of Fees Return (%)
QTD	1.00
YTD	1.26
1 Year	1.26
3 Year*	0.95
5 Year*	1.57
Since Inception*	1.27

Short Term Income Net of Fees Return (%)
QTD	0.96
YTD	1.11
1 Year	1.11
3 Year*	0.80
5 Year*	1.42
Since Inception*	1.12

ICE BofA 3-6 Mo U.S. Treasury Bill Index Benchmark Return (%)
QTD	0.88
YTD	1.37
1 Year	1.37
3 Year*	0.76
5 Year*	1.33
Since Inception*	0.93

*These are annualized numbers

Short Term Income Gross of Fees Return (%)
2022	1.26%
2021	0.17%
2020	1.42%
2019	2.90%
2018	2.13%
2017	1.38%
2016	1.09%
2015	0.51%
2014	0.26%

Short Term Income Net of Fees Return (%)
2022	1.11%
2021	0.02%
2020	1.27%
2019	2.75%
2018	1.98%
2017	1.23%
2016	0.94%
2015	0.36%
2014*	0.15%

ICE BofA 3-6 Mo U.S. Treasury Bill Index Benchmark Return (%)
2021	0.06%
2020	0.87%
2019	2.44%
2018	1.93%
2017	0.85%
2016	0.46%
2015	0.12%
2014	0.08%

*Represents return from 6/30/14 (date of inception) through 12/31/14.

Ultra Short

Strategy Description

The Ultra Short Duration strategy seeks income stability, capital preservation, and liquidity, with a goal of delivering competitive risk-adjusted returns versus the benchmark.

The strategy typically invests in investment-grade corporate bonds, commercial paper, AAA-rated asset-backed securities, and U.S. Treasury bonds.

Assets Under Management

$603M

Inception

12/31/2002

Benchmark

ICE BofA 1-Year U.S. Treasury Index

Download Fact Sheet

Composite Investment Results

Standard Periods

Calendar Years

Ultra Short Gross of Fees Return (%)
QTD	0.95
YTD	-0.45
1 Year	-0.45
3 Year*	0.66
5 Year*	1.47
Since Inception*	1.92

Ultra Short Net of Fees Return (%)
QTD	0.90
YTD	-0.65
1 Year	-0.65
3 Year*	0.46
5 Year*	1.26
Since Inception*	1.72

ICE BofA 1-Year U.S. Treasury Index Benchmark Return (%)
QTD	0.76
YTD	-1.02
1 Year	-1.02
3 Year*	0.23
5 Year*	1.09
Since Inception*	1.46

*These are annualized numbers

Ultra Short Gross of Fees Return (%)
2022	-0.45%
2021	0.04%
2020	2.40%
2019	3.42%
2018	1.96%
2017	1.15%
2016	1.14%
2015	0.50%
2014	0.38%
2013	0.56%
2012	0.95%

Ultra Short Net of Fees Return (%)
2022	-0.65%
2021	-0.16%
2020	2.20%
2019	3.21%
2018	1.76%
2017	0.94%
2016	0.93%
2015	0.30%
2014	0.18%
2013	0.36%
2012	0.75%

ICE BofA 1-Year U.S. Treasury Index Benchmark Return (%)
2021	-0.07%
2020	1.82%
2019	2.93%
2018	1.86%
2017	0.57%
2016	0.76%
2015	0.15%
2014	0.18%
2013	1.82%
2012	2.93%

As of 12/31/22. Source: Advent Portfolio Exchange® (APX). Performance returns are presented gross and net of fees and include the reinvestment of all income. Gross of fee performance returns do not reflect the payment of investment advisory fees and other expenses related to your account. Actual returns will be reduced by the advisory fee specific to your account and other expenses that may be incurred in the management of the account. Please refer to our GIPS®-compliant presentation, which includes additional disclosures. Past performance is no guarantee of future results.

Custom Solutions

We collaborate to address a range of needs, from investment portfolio objectives to more complex, specialized solutions.

Specialized
Solutions

Solve for corporate and
institutional business challenges

Investment
Portfolio Solutions

Tailor exposures to align with risk tolerances

Target certain portfolio characteristics

Solve for corporate and institutional business challenges

Tailor exposures to align with risk tolerances

Target certain portfolio characteristics

Customization Examples

Sector / Issuer / Quality

Refine portfolio strategy to align with desired characteristics (e.g. Responsible Investing)

Liability-Hedging

Liability-Hedging

Minimize variability between duration profile of liabilities and investment portfolio

Distributions

Distributions

Customized cash portfolios with maturities matched to scheduled disbursement dates

Tax-Managed

Tax-Managed

Maximize after-tax income; tax gain or loss harvesting

Insurance Asset Pools

Portfolios constructed to specific risk/yield objectives and regulatory quality and liquidity parameters

Maturity / Duration

Portfolio strategy focused on particular areas of the yield curve

Cynthia D. Cole, FMLI, ACS

Senior Portfolio Manager

Melvin P. Fernandes

Portfolio Manager

John Graziani, CFA

Senior Portfolio Manager

Sean T. Rhoderick, CFA

Chief Investment Officer

Broad Market Portfolios

We offer a suite of strategies with total return objectives oriented toward standard fixed income benchmarks. We apply the same key principles and investment process across all strategies.

Higher Volatility

Sector Factors

Lower Volatility

Interest Rate Factors

Higher Volatility

Core

Strategies

$.9B

Assets Under Management

Intermediate

Strategies

$1.6B

Assets Under Management

Short Duration

Strategies

$4.5B

Assets Under Management

As of December 31, 2022

Investment Process

We offer a suite of strategies with total return objectives oriented toward standard fixed income benchmarks. We apply the same key principles and investment process across all strategies.

Risk Management

Formulate Market Outlook

Assess economic environment

Develop market thesis

Determine Sector/Industry Exposure

Evaluate sector and subsector outlook

Contemplate relative value opportunities

Conduct Security Analysis

Perform fundamental and structural analysis

Consider risk-reward profile

Construct Portfolio

Quantify appropriate risk attributes

Select securities consistent with macro outlook

Verify portfolio strategic intent

Select a Strategy

Short Term Income

Strategy Description

The Short Term Income strategy seeks capital preservation, liquidity, and income in excess of money market funds.

The strategy typically invests in commercial paper, floating-rate and fixed-rate short-term corporate bonds, as well as AAA-rated asset-backed securities.

Assets Under Management

$1,340M

Inception

3/31/2014

Benchmark

ICE BofA 3-6 Mo U.S. Treasury Bill Index

Download Fact Sheet

Keith L. Erwin

Portfolio Manager

Kelley K. Peel, CFA

Portfolio Manager

Sean T. Rhoderick, CFA

Chief Investment Officer

Richard J. Stevenson

Portfolio Manager

Composite Investment Results

Standard Periods

Calendar Years

Short Term Income Gross of Fees Return (%)
QTD	1.00
YTD	1.26
1 Year	1.26
3 Year*	0.95
5 Year*	1.57
Since Inception*	1.27

Short Term Income Net of Fees Return (%)
QTD	0.96
YTD	1.11
1 Year	1.11
3 Year*	0.80
5 Year*	1.42
Since Inception*	1.12

ICE BofA 3-6 Mo U.S. Treasury Bill Index Benchmark Return (%)
QTD	0.88
YTD	1.37
1 Year	1.37
3 Year*	0.76
5 Year*	1.33
Since Inception*	0.93

*These are annualized numbers

Short Term Income Gross of Fees Return (%)
2022	1.26%
2021	0.17%
2020	1.42%
2019	2.90%
2018	2.13%
2017	1.38%
2016	1.09%
2015	0.51%
2014	0.26%

Short Term Income Net of Fees Return (%)
2022	1.11%
2021	0.02%
2020	1.27%
2019	2.75%
2018	1.98%
2017	1.23%
2016	0.94%
2015	0.36%
2014*	0.15%

ICE BofA 3-6 Mo U.S. Treasury Bill Index Benchmark Return (%)
2021	0.06%
2020	0.87%
2019	2.44%
2018	1.93%
2017	0.85%
2016	0.46%
2015	0.12%
2014	0.08%

*Represents return from 6/30/14 (date of inception) through 12/31/14.

Ultra Short

Strategy Description

The Ultra Short Duration strategy seeks income stability, capital preservation, and liquidity, with a goal of delivering superior risk-adjusted returns versus the benchmark.

The strategy typically invests in investment-grade corporate bonds, commercial paper, AAA-rated asset-backed securities, and U.S. Treasury bonds.

Assets Under Management

$603M

Inception

12/31/2002

Benchmark

ICE BofA 1-Year U.S. Treasury Index

Download Fact Sheet

Mark A. Lozina, CFA

Senior Portfolio Manager

Richard P. Mears, CFA

Senior Portfolio Manager

Sean T. Rhoderick, CFA

Chief Investment Officer

Composite Investment Results

Standard Periods

Calendar Years

Ultra Short Gross of Fees Return (%)
QTD	0.95
YTD	-0.45
1 Year	-0.45
3 Year*	0.66
5 Year*	1.47
Since Inception*	1.92

Ultra Short Net of Fees Return (%)
QTD	0.90
YTD	-0.65
1 Year	-0.65
3 Year*	0.46
5 Year*	1.26
Since Inception*	1.72

ICE BofA 1-Year U.S. Treasury Index Benchmark Return (%)
QTD	0.76
YTD	-1.02
1 Year	-1.02
3 Year*	0.23
5 Year*	1.09
Since Inception*	1.46

*These are annualized numbers

Ultra Short Gross of Fees Return (%)
2022	-0.45%
2021	0.04%
2020	2.40%
2019	3.42%
2018	1.96%
2017	1.15%
2016	1.14%
2015	0.50%
2014	0.38%
2013	0.56%
2012	0.95%

Ultra Short Net of Fees Return (%)
2022	-0.65%
2021	-0.16%
2020	2.20%
2019	3.21%
2018	1.76%
2017	0.94%
2016	0.93%
2015	0.30%
2014	0.18%
2013	0.36%
2012	0.75%

ICE BofA 1-Year U.S. Treasury Index Benchmark Return (%)
2021	-0.07%
2020	1.82%
2019	2.93%
2018	1.86%
2017	0.57%
2016	0.76%
2015	0.15%
2014	0.18%
2013	1.82%
2012	2.93%

Short Duration 1-3 Year

Strategy Description

The Short Duration 1-3 Year strategy seeks income stability, capital preservation, and liquidity, with a goal of delivering competitive risk-adjusted returns versus the benchmark.

The strategy typically invests in investment-grade corporate bonds, mortgage-backed securities, AAA-rated asset-backed securities, and U.S. Treasury bonds.

Assets Under Management

$2,392M

Inception

12/31/1994

Benchmark

ICE BofA 1-3 Yr US Corp & Govt Index

Download Fact Sheet

Mark A. Lozina, CFA

Senior Portfolio Manager

Richard P. Mears, CFA

Senior Portfolio Manager

Sean T. Rhoderick, CFA

Chief Investment Officer

Composite Investment Results

Standard Periods

Calendar Years

Short Duration 1-3 Year Gross of Fees Return (%)
QTD	1.05
YTD	-3.35
1 Year	-3.35
3 Year*	-0.05
5 Year*	1.16
Since Inception*	3.53

Short Duration 1-3 Year Net of Fees Return (%)
QTD	0.98
YTD	-3.59
1 Year	-3.59
3 Year*	-0.30
5 Year*	0.91
Since Inception*	3.29

ICE BofA 1-3 Yr US Corp & Govt Index Benchmark Return (%)
QTD	0.90
YTD	-3.79
1 Year	-3.79
3 Year*	-0.33
5 Year*	0.93
Since Inception*	3.39

*These are annualized numbers

Short Duration 1-3 Year Gross of Fees Return (%)
2022	-3.35%
2021	-0.44%
2020	3.77%
2019	4.34%
2018	1.68%
2017	1.16%
2016	1.30%
2015	0.78%
2014	0.85%
2013	3.77%
2012	4.34%

Short Duration 1-3 Year Net of Fees Return (%)
2022	-3.59%
2021	-0.69%
2020	3.51%
2019	4.07%
2018	1.43%
2017	0.91%
2016	1.04%
2015	0.53%
2014	0.60%
2013	3.51%
2012	4.07%

ICE BofA 1-3 Yr US Corp & Govt Index Benchmark Return (%)
2021	-0.41%
2020	3.34%
2019	4.07%
2018	1.63%
2017	0.86%
2016	1.29%
2015	0.67%
2014	0.78%
2013	3.34%
2012	4.07%

Short Duration 1-5 Year

Strategy Description

The Short Duration 1- 5 Year strategy seeks income stability, capital preservation, and liquidity, with a goal of delivering competitive risk adjusted returns versus the benchmark.

The strategy typically invests in investment grade corporate bonds, mortgage-backed securities, AAA-rated asset-backed securities, and U.S. Treasury bonds.

Assets Under Management

$1,506M

Inception

12/31/1994

Benchmark

ICE BofA 1-5 Yr US Corp & Govt Index

Download Fact Sheet

Kelly Guerrier, CFA

Senior Risk Analyst
Assistant Portfolio Manager

Jeffrey Neer, CFA

Client Portfolio Manager

Sean T. Rhoderick, CFA

Chief Investment Officer

Composite Investment Results

Standard Periods

Calendar Years

Short Duration 1-5 Year Gross of Fees Return (%)
QTD	1.29
YTD	-5.13
1 Year	-5.13
3 Year*	-0.43
5 Year*	1.05
Since Inception*	1.13

Short Duration 1-5 Year Net of Fees Return (%)
QTD	1.23
YTD	-5.37
1 Year	-5.37
3 Year*	-0.68
5 Year*	0.79
Since Inception*	0.88

ICE BofA 1-5 Yr US Corp & Govt Index Benchmark Return (%)
QTD	1.22
YTD	-5.54
1 Year	-5.54
3 Year*	-0.67
5 Year*	0.87
Since Inception*	1.01

*These are annualized numbers

Short Duration 1-5 Year Gross of Fees Return (%)
2022	-5.13%
2021	-0.92%
2020	5.01%
2019	5.06%
2018	1.58%
2017	1.37%
2016	1.59%
2015	1.05%
2014	0.38%

Short Duration 1-5 Year Net of Fees Return (%)
2022	-5.37%
2021	-1.16%
2020	4.75%
2019	4.80%
2018	1.33%
2017	1.12%
2016	1.34%
2015	0.80%
2014*	0.25%

ICE BofA 1-5 Yr US Corp & Govt Index Benchmark Return (%)
2021	-0.87%
2020	4.65%
2019	5.08%
2018	1.40%
2017	1.28%
2016	1.62%
2015	1.05%
2014	1.51%

*Represents return from 6/30/14 (date of inception) through 12/31/14.

Intermediate Government/Credit

Strategy Description

The Intermediate Government/Credit strategy seeks to provide stable income and deliver competitive risk-adjusted returns versus the benchmark.

The strategy typically invests in investment-grade corporate bonds, mortgage-backed securities, AAA-rated asset-backed securities, and U.S. Treasury bonds.

Assets Under Management

$1,050M

Inception

12/31/1994

Benchmark

Bloomberg U.S. Government/ Credit Index

Download Fact Sheet

Jeffrey Bryant, CFA

Head of Credit Trading
Portfolio Manager

Sean T. Rhoderick, CFA

Chief Investment Officer

Composite Investment Results

Standard Periods

Calendar Years

Intermediate Government/Credit Gross of Fees Return (%)
QTD	1.69
YTD	-8.01
1 Year	-8.01
3 Year*	-0.81
5 Year*	1.05
Since Inception*	4.47

Intermediate Government/Credit Net of Fees Return (%)
QTD	1.60
YTD	-8.33
1 Year	-8.33
3 Year*	-1.15
5 Year*	0.70
Since Inception*	4.09

Bloomberg U.S. Government/ Credit Index Benchmark Return (%)
QTD	1.54
YTD	-8.23
1 Year	-8.23
3 Year*	-1.26
5 Year*	0.73
Since Inception*	4.31

*These are annualized numbers

Intermediate Government/Credit Gross of Fees Return (%)
2022	-8.01%
2021	-1.35%
2020	7.54%
2019	7.12%
2018	0.80%
2017	2.45%
2016	2.09%
2015	0.78%
2014	2.96%
2013	7.54%
2012	7.12%

Intermediate Government/Credit Net of Fees Return (%)
2022	-8.33%
2021	-1.70%
2020	7.17%
2019	6.74%
2018	0.45%
2017	2.10%
2016	1.74%
2015	0.43%
2014	2.60%
2013	7.17%
2012	6.74%

Bloomberg U.S. Government/ Credit Index Benchmark Return (%)
2021	-1.44%
2020	6.43%
2019	6.80%
2018	0.88%
2017	2.14%
2016	2.08%
2015	1.07%
2014	3.13%
2013	6.43%
2012	6.80%

Intermediate Aggregate

Strategy Description

The Intermediate Aggregate strategy seeks to provide stable income and deliver competitive risk-adjusted returns versus the benchmark.

The strategy typically invests in investment-grade corporate bonds, mortgage-backed securities, AAA-rated asset-backed securities, and U.S. Treasury bonds.

Assets Under Management

$593M

Inception

12/31/1999

Benchmark

Bloomberg Intermediate Aggregate Bond Index

Download Fact Sheet

Jeffrey Bryant, CFA

Head of Credit Trading
Portfolio Manager

Sean T. Rhoderick, CFA

Chief Investment Officer

Composite Investment Results

Standard Periods

Calendar Years

PCA Intermediate Aggregate Gross of Fees Return (%)
QTD	1.92
YTD	-8.90
1 Year	-8.90
3 Year*	-1.28
5 Year*	0.81
Since Inception*	4.03

PCA Intermediate Aggregate Net of Fees Return (%)
QTD	1.83
YTD	-9.22
1 Year	-9.22
3 Year*	-1.62
5 Year*	0.46
Since Inception*	3.59

Bloomberg Intermediate Aggregate Bond Index Benchmark Return (%)
QTD	1.72
YTD	-9.51
1 Year	-9.51
3 Year*	-1.93
5 Year*	0.31
Since Inception*	3.74

*These are annualized numbers

PCA Intermediate Aggregate Gross of Fees Return (%)
2022	-8.90%
2021	-0.85%
2020	6.53%
2019	7.43%
2018	0.74%
2017	2.74%
2016	2.39%
2015	0.60%
2014	3.85%
2013	6.53%
2012	7.43%

PCA Intermediate Aggregate Net of Fees Return (%)
2022	-9.22%
2021	-1.20%
2020	6.16%
2019	7.05%
2018	0.39%
2017	2.38%
2016	2.03%
2015	0.25%
2014	3.49%
2013	6.16%
2012	7.05%

Bloomberg Intermediate Aggregate Bond Index Benchmark Return (%)
2021	-1.29%
2020	5.60%
2019	6.67%
2018	0.92%
2017	2.27%
2016	1.97%
2015	1.21%
2014	4.12%
2013	5.60%
2012	6.67%

Core

Strategy Description

The Core Bond strategy seeks to provide stable income and deliver competitive risk-adjusted returns versus the benchmark.

The strategy typically invests in investment-grade corporate bonds, mortgage-backed securities, AAA-rated asset-backed securities, and U.S. Treasury bonds.

Assets Under Management

$486M

Inception

12/31/1992

Benchmark

Bloomberg U.S. Aggregate Bond Index

Download Fact Sheet

John Graziani, CFA

Senior Portfolio Manager

Sean T. Rhoderick, CFA

Chief Investment Officer

Jason Weber, CFA

Head of Structured Trading
Assistant Portfolio Manager

Composite Investment Results

Standard Periods

Calendar Years

PCA Taxable Core Gross of Fees Return (%)
QTD	2.10
YTD	-12.33
1 Year	-12.33
3 Year*	-2.04
5 Year*	0.50
Since Inception*	4.78

PCA Taxable Core Net of Fees Return (%)
QTD	2.01
YTD	-12.64
1 Year	-12.64
3 Year*	-2.38
5 Year*	0.15
Since Inception*	4.30

Bloomberg U.S. Aggregate Bond Index Benchmark Return (%)
QTD	1.87
YTD	-13.01
1 Year	-13.01
3 Year*	-2.71
5 Year*	0.02
Since Inception*	4.52

*These are annualized numbers

PCA Taxable Core Gross of Fees Return (%)
2022	-12.33%
2021	-1.29%
2020	8.62%
2019	9.19%
2018	-0.12%
2017	3.87%
2016	2.63%
2015	-0.05%
2014	5.76%
2013	8.62%
2012	9.19%

PCA Taxable Core Net of Fees Return (%)
2022	-12.64%
2021	-1.63%
2020	8.24%
2019	8.81%
2018	-0.47%
2017	3.51%
2016	2.27%
2015	-0.40%
2014	5.39%
2013	8.24%
2012	8.81%

Bloomberg U.S. Aggregate Bond Index Benchmark Return (%)
2021	-1.54%
2020	7.51%
2019	8.72%
2018	0.01%
2017	3.54%
2016	2.65%
2015	0.55%
2014	5.97%
2013	7.51%
2012	8.72%

Core Plus

Strategy Description

The Core Plus strategy seeks to provide stable income and deliver competitive risk-adjusted returns versus the benchmark.

The strategy typically invests in investment-grade corporate bonds, mortgage-backed securities, AAA-rated asset-backed securities, and U.S. Treasury bonds.

For additional yield and total return potential, the strategy may invest 5% to 15% of the portfolio in high-yield securities.

Assets Under Management

$366M

Inception

12/31/1999

Benchmark

Bloomberg U.S. Aggregate Bond Index

Download Fact Sheet

Composite Investment Results

Standard Periods

Calendar Years

PCA Taxable Core Plus Gross of Fees Return (%)
QTD	2.35
YTD	-12.48
1 Year	-12.48
3 Year*	-1.86
5 Year*	0.69
Since Inception*	4.33

PCA Taxable Core Plus Net of Fees Return (%)
QTD	2.26
YTD	-12.79
1 Year	-12.79
3 Year*	-2.21
5 Year*	0.34
Since Inception*	3.88

Bloomberg U.S. Aggregate Bond Index Benchmark Return (%)
QTD	1.87
YTD	-13.01
1 Year	-13.01
3 Year*	-2.71
5 Year*	0.02
Since Inception*	3.99

*These are annualized numbers

PCA Taxable Core Plus Gross of Fees Return (%)
2022	-12.48%
2021	-0.69%
2020	8.75%
2019	10.15%
2018	-0.58%
2017	4.38%
2016	3.92%
2015	-1.00%
2014	5.80%
2013	8.75%
2012	10.15%

PCA Taxable Core Plus Net of Fees Return (%)
2022	-12.79%
2021	-1.04%
2020	8.37%
2019	9.77%
2018	-0.93%
2017	4.02%
2016	3.56%
2015	-1.35%
2014	5.43%
2013	8.37%
2012	9.77%

Bloomberg U.S. Aggregate Bond Index Benchmark Return (%)
2021	-1.54%
2020	7.51%
2019	8.72%
2018	0.01%
2017	3.54%
2016	2.65%
2015	0.55%
2014	5.97%
2013	7.51%
2012	8.72%

Investment Solutions Defined by Your Objectives

We collaborate with clients to address a range of needs, from investment objectives to more complex, targeted solutions

Broad Market

Strategies with benchmark-based objectives for total return.

Liquidity

Satisfy yield/return goals while also managing cash flows.

Specialized Solutions

Customized solutions tailored to specific corporate and institutional business needs.

Assets Under Management

by Strategy

by Client Type

Investment Process Continuity

Opportunistic Sector Allocation

Opportunistic Sector Allocation

Dynamic Position Limits Based on Duration

Dynamic Position Limits Based on Duration

Security Selection Integrity

Security Selection Integrity

Ongoing Quantitative Analysis

Ongoing Quantitative Analysis

Solving For Unique Liquidity Objectives

Operating Cash

Reserve Cash

Strategic Cash

Operating Cash

Reserve Cash

Strategic Cash

Portfolio Composition Determined by Goals and Risk Tolerance

Capital Preservation

Example Investments

Liquidity

Example Investments

Yield Seeking

Example Investments

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Enhanced Cash

Strategy Description

Assets Under Management

Inception

Benchmark

Keith L. Erwin

Portfolio Manager

Kelley K. Peel, CFA

Portfolio Manager

Sean T. Rhoderick, CFA

Chief Investment Officer

Richard J. Stevenson

Portfolio Manager

Composite Investment Results

Short Term Income

Strategy Description

Assets Under Management

Inception

Benchmark

Keith L. Erwin

Portfolio Manager

Kelley K. Peel, CFA

Portfolio Manager

Sean T. Rhoderick, CFA

Chief Investment Officer

Richard J. Stevenson

Portfolio Manager

Composite Investment Results

Ultra Short

Strategy Description

Assets Under Management

Inception

Benchmark

Mark A. Lozina, CFA

Senior Portfolio Manager

Richard P. Mears, CFA

Senior Portfolio Manager

Sean T. Rhoderick, CFA

Chief Investment Officer

Composite Investment Results

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Customization Examples

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