Solutions Defined by Your Objectives

We partner with our clients to address their specific investment objectives and define the role of fixed income in their portfolio.

Liquidity Solutions

Pursue yield and return goals while also managing the cadence of cash flows

Liquidity Solutions Icon
Example Solutions

Cash management

Ultra-Short Duration

Short-Term Income

Custom Fixed Income

Investment solutions tailored to client-specific needs and objectives

Custom Fixed Income Icon
Example Solutions

Sector/Issuer/Quality Restrictions
(e.g., Socially Responsible)

Duration/Yield Objectives
(e.g., Liability-Hedging, Insurance)

Broad Market Strategies

Traditional fixed income strategies with benchmark-based objectives for total return

Broad Market Strategies Icon
Example Solutions

Short Duration 1-3 Year

Government/Credit

Core

Assets Under Management

by Strategy

by Client Type

As of June 30, 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 Icon

Opportunistic Sector Allocation

Opportunistic Sector Allocation Icon small

Opportunistic Sector Allocation

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

Dynamic Position Icon

Dynamic Position Limits Based on Duration

Dynamic Position Icon

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 Icon

Security Selection Integrity

Security Selection Icon small

Security Selection Integrity

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

Quantitative Analysis Icon

Ongoing Quantitative Analysis

Quantitative Analysis Icon small

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

Liquidity Solutions Icon
Example Investments

U.S. Treasury/Agency

Asset-Backend Securities

A-1/P-1 Commercial Paper

Liquidity

Custom Fixed Income Icon
Example Investments

U.S. Treasury/Agency

A-1/P-1 Commercial Paper

High-quality Credit

Yield Seeking

Broad Market Strategies Icon
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

$12,672M

Inception

6/30/2014

Benchmark

ICE BofA US 3-Month Treasury Bill Index

Download Fact Sheet
Erwin Keith head shot
Keith L. Erwin

Portfolio Manager

Peel Kelley head shot
Kelley K. Peel, CFA

Portfolio Manager

Rhoderick Sean head shot
Sean T. Rhoderick, CFA

Chief Investment Officer

Stevenson Richard head shot
Richard J. Stevenson

Portfolio Manager

Composite Investment Results

Enhanced Cash Composite
Gross of Fees Return (%)
QTD 0.11
YTD 0.00
1 Year 0.03
3 Year* 0.68
5 Year* 1.19
Since Inception* 0.90
Enhanced Cash Composite
Net of Fees Return (%)
QTD 0.07
YTD -0.08
1 Year -0.12
3 Year* 0.53
5 Year* 1.04
Since Inception* 0.75
ICE BofA US 3-Month Treasury Bill Index
Benchmark Return (%)
QTD 0.10
YTD 0.14
1 Year 0.17
3 Year* 0.63
5 Year* 1.11
Since Inception* 0.78

*These are annualized numbers

Enhanced Cash Composite
Gross of Fees Return (%)
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 (%)
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

$1,549M

Inception

3/31/2014

Benchmark

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

Download Fact Sheet
Erwin Keith head shot
Keith L. Erwin

Portfolio Manager

Peel Kelley head shot
Kelley K. Peel, CFA

Portfolio Manager

Rhoderick Sean head shot
Sean T. Rhoderick, CFA

Chief Investment Officer

Stevenson Richard head shot
Richard J. Stevenson

Portfolio Manager

Composite Investment Results

Short Term Income
Gross of Fees Return (%)
QTD 0.02
YTD -0.19
1 Year -0.18
3 Year* 0.87
5 Year* 1.42
Since Inception* 1.17
Short Term Income
Net of Fees Return (%)
QTD -0.02
YTD -0.27
1 Year -0.33
3 Year* 0.72
5 Year* 1.27
Since Inception* 1.02
ICE BofA 3-6 Mo U.S. Treasury Bill Index
Benchmark Return (%)
QTD 0.07
YTD 0.06
1 Year 0.09
3 Year* 0.69
5 Year* 1.18
Since Inception* 0.83
*These are annualized numbers
Short Term Income
Gross of Fees Return (%)
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 (%)
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

$577M

Inception

12/31/2002

Benchmark

ICE BofA 1-Year U.S. Treasury Index

Download Fact Sheet
Lozina Mark head shot
Mark A. Lozina, CFA

Senior Portfolio Manager

Mears Richard head shot
Richard P. Mears, CFA

Senior Portfolio Manager

Rhoderick Sean head shot
Sean T. Rhoderick, CFA

Chief Investment Officer

Composite Investment Results

Ultra Short Duration Fixed Income
Gross of Fees Return (%)
QTD -0.28
YTD -1.21
1 Year -1.31
3 Year* 0.83
5 Year* 1.41
Since Inception* 1.93
Ultra Short Duration Fixed Income
Net of Fees Return (%)
QTD -0.33
YTD -1.31
1 Year -1.51
3 Year* 0.63
5 Year* 1.21
Since Inception* 1.73
ICE BofA 1-Year U.S. Treasury Index
Benchmark Return (%)
QTD -0.48
YTD -1.27
1 Year -1.44
3 Year* 0.53
5 Year* 1.10
Since Inception* 1.48
*These are annualized numbers
Ultra Short Duration Fixed Income
Gross of Fees Return (%)
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 Duration Fixed Income
Net of Fees Return (%)
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 6/30/22. 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.

Holding pie chart

Specialized
Solutions

Solve for corporate and
institutional business challenges

Slice of pie

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

Opportunistic Sector Allocation Icon

Sector / Issuer / Quality

Opportunistic Sector Allocation Icon small

Sector / Issuer / Quality

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

Line graph and chart

Liability-Hedging

Line graph and chart (small)

Liability-Hedging

Minimize variability between duration profile of liabilities and investment portfolio

Left right graph

Distributions

Left right graph (small)

Distributions

Customized cash portfolios with maturities matched to scheduled disbursement dates

Dot bar chart

Tax-Managed

Dot bar chart (small)

Tax-Managed

Maximize after-tax income; tax gain or loss harvesting

Insurance Asset Pools icon

Insurance Asset Pools

Insurance Asset Pools icon small

Insurance Asset Pools

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

2 level pie

Maturity / Duration

2 level pie

Maturity / Duration

Portfolio strategy focused on particular areas of the yield curve

Cole Cynthia head shot
Cynthia D. Cole, FMLI, ACS

Senior Portfolio Manager

Fernandes Melvin head shot
Melvin P. Fernandes

Portfolio Manager

Graziani John head shot
John Graziani, CFA

Senior Portfolio Manager

Rhoderick Sean head shot
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
Lower Volatility
Interest Rate Factors
Higher Volatility
Core

3

Strategies

$.9B

Assets Under Management

Intermediate

2

Strategies

$1.7B

Assets Under Management

Short Duration

3

Strategies

$4.2B

Assets Under Management

As of June 30th, 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

$1,549M

Inception

3/31/2014

Benchmark

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

Download Fact Sheet
Erwin Keith head shot
Keith L. Erwin

Portfolio Manager

Peel Kelley head shot
Kelley K. Peel, CFA

Portfolio Manager

Rhoderick Sean head shot
Sean T. Rhoderick, CFA

Chief Investment Officer

Stevenson Richard head shot
Richard J. Stevenson

Portfolio Manager

Composite Investment Results

Short Term Income
Gross of Fees Return (%)
QTD 0.02
YTD -0.19
1 Year -0.18
3 Year* 0.87
5 Year* 1.42
Since Inception* 1.17
Short Term Income
Net of Fees Return (%)
QTD -0.02
YTD -0.27
1 Year -0.33
3 Year* 0.72
5 Year* 1.27
Since Inception* 1.02
ICE BofA 3-6 Mo U.S. Treasury Bill Index
Benchmark Return (%)
QTD 0.07
YTD 0.06
1 Year 0.09
3 Year* 0.69
5 Year* 1.18
Since Inception* 0.83

*These are annualized numbers

Short Term Income
Gross of Fees Return (%)
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 (%)
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

$577M

Inception

12/31/2002

Benchmark

ICE BofA 1-Year U.S. Treasury Index

Download Fact Sheet
Lozina Mark head shot
Mark A. Lozina, CFA

Senior Portfolio Manager

Mears Richard head shot
Richard P. Mears, CFA

Senior Portfolio Manager

Rhoderick Sean head shot
Sean T. Rhoderick, CFA

Chief Investment Officer

Composite Investment Results

Ultra Short Duration Fixed Income
Gross of Fees Return (%)
QTD -0.28
YTD -1.21
1 Year -1.31
3 Year* 0.83
5 Year* 1.41
Since Inception* 1.93
Ultra Short Duration Fixed Income
Net of Fees Return (%)
QTD -0.33
YTD -1.31
1 Year -1.51
3 Year* 0.63
5 Year* 1.21
Since Inception* 1.73
ICE BofA 1-Year U.S. Treasury Index
Benchmark Return (%)
QTD -0.48
YTD -1.27
1 Year -1.44
3 Year* 0.53
5 Year* 1.10
Since Inception* 1.48
*These are annualized numbers
Ultra Short Duration Fixed Income
Gross of Fees Return (%)
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 Duration Fixed Income
Net of Fees Return (%)
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

$2,115M

Inception

12/31/1994

Benchmark

ICE BofA 1-3 Yr US Corp & Govt Index

Download Fact Sheet
Lozina Mark head shot
Mark A. Lozina, CFA

Senior Portfolio Manager

Mears Richard head shot
Richard P. Mears, CFA

Senior Portfolio Manager

Rhoderick Sean head shot
Sean T. Rhoderick, CFA

Chief Investment Officer

Composite Investment Results

Short Duration 1-3 Year
Gross of Fees Return (%)
QTD -0.73
YTD -3.08
1 Year -3.52
3 Year* 0.50
5 Year* 1.28
Since Inception* 3.60
Short Duration 1-3 Year
Net of Fees Return (%)
QTD -0.79
YTD -3.20
1 Year -3.76
3 Year* 0.25
5 Year* 1.02
Since Inception* 3.37
ICE BofA 1-3 Yr US Corp & Govt Index
Benchmark Return (%)
QTD -0.62
YTD -3.19
1 Year -3.62
3 Year* 0.31
5 Year* 1.09
Since Inception* 3.48
*These are annualized numbers
Short Duration 1-3 Year
Gross of Fees Return (%)
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 (%)
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

$1,545M

Inception

12/31/1994

Benchmark

ICE BofA 1-5 Yr US Corp & Govt Index

Download Fact Sheet
Guerrier Kelly head shot
Kelly Guerrier, CFA

Senior Risk Analyst
Assistant Portfolio Manager

Neer Jeffrey head shot
Jeffrey Neer, CFA

Client Portfolio Manager

Rhoderick Sean head shot
Sean T. Rhoderick, CFA

Chief Investment Officer

Composite Investment Results

Short Duration 1-5 Year Fixed Income Composite
Gross of Fees Return (%)
QTD -1.09
YTD -4.42
1 Year -5.07
3 Year* 0.30
5 Year* 1.24
Since Inception* 1.30
Short Duration 1-5 Year Fixed Income Composite
Net of Fees Return (%)
QTD -1.15
YTD -4.54
1 Year -5.31
3 Year* 0.05
5 Year* 0.99
Since Inception* 1.05
ICE BofA 1-5 Yr US Corp & Govt Index
Benchmark Return (%)
QTD -1.12
YTD -4.57
1 Year -5.19
3 Year* 0.14
5 Year* 1.11
Since Inception* 1.21
*These are annualized numbers
Short Duration 1-5 Year Fixed Income Composite
Gross of Fees Return (%)
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 Fixed Income Composite
Net of Fees Return (%)
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

$1,160M

Inception

12/31/1994

Benchmark

Bloomberg U.S. Government/ Credit Index

Download Fact Sheet
Bryant Jeffrey head shot
Jeffrey Bryant, CFA

Head of Credit Trading
Portfolio Manager

Rhoderick Sean head shot
Sean T. Rhoderick, CFA

Chief Investment Officer

Composite Investment Results

Intermediate Government/Credit Fixed Income
Gross of Fees Return (%)
QTD -2.37
YTD -6.78
1 Year -7.32
3 Year* 0.25
5 Year* 1.44
Since Inception* 4.60
Intermediate Government/Credit Fixed Income
Net of Fees Return (%)
QTD -2.45
YTD -6.95
1 Year -7.64
3 Year* -0.10
5 Year* 1.08
Since Inception* 4.22
Bloomberg U.S. Government/ Credit Index
Benchmark Return (%)
QTD -2.37
YTD -6.77
1 Year -7.28
3 Year* -0.16
5 Year* 1.13
Since Inception* 4.45
*These are annualized numbers
Intermediate Government/Credit Fixed Income
Gross of Fees Return (%)
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 Fixed Income
Net of Fees Return (%)
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

$532M

Inception

12/31/1999

Benchmark

Bloomberg Intermediate Aggregate Bond Index

Download Fact Sheet
Bryant Jeffrey head shot
Jeffrey Bryant, CFA

Head of Credit Trading
Portfolio Manager

Rhoderick Sean head shot
Sean T. Rhoderick, CFA

Chief Investment Officer

Composite Investment Results

PCA Intermediate Aggregate
Gross of Fees Return (%)
QTD -2.91
YTD -7.32
1 Year -7.69
3 Year* -0.01
5 Year* 1.32
Since Inception* 4.20
PCA Intermediate Aggregate
Net of Fees Return (%)
QTD -2.99
YTD -7.48
1 Year -8.01
3 Year* -0.35
5 Year* 0.97
Since Inception* 3.76
Bloomberg Intermediate Aggregate Bond Index
Benchmark Return (%)
QTD -2.93
YTD -7.48
1 Year -7.91
3 Year* -0.60
5 Year* 0.88
Since Inception* 3.92
*These are annualized numbers
PCA Intermediate Aggregate
Gross of Fees Return (%)
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 (%)
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

$498M

Inception

12/31/1992

Benchmark

Bloomberg U.S. Aggregate Bond Index

Download Fact Sheet
Graziani John head shot
John Graziani, CFA

Senior Portfolio Manager

Rhoderick Sean head shot
Sean T. Rhoderick, CFA

Chief Investment Officer

Weber Jason head shot
Jason Weber, CFA

Head of Structured Trading
Assistant Portfolio Manager

Composite Investment Results

PCA Taxable Core
Gross of Fees Return (%)
QTD -4.68
YTD -10.12
1 Year -10.05
3 Year* -0.40
5 Year* 1.27
Since Inception* 4.95
PCA Taxable Core
Net of Fees Return (%)
QTD -4.76
YTD -10.27
1 Year -10.37
3 Year* -0.75
5 Year* 0.92
Since Inception* 4.47
Bloomberg U.S. Aggregate Bond Index
Benchmark Return (%)
QTD -4.69
YTD -10.35
1 Year -10.29
3 Year* -0.93
5 Year* 0.88
Since Inception* 4.70
*These are annualized numbers
PCA Taxable Core
Gross of Fees Return (%)
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 (%)
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

$405M

Inception

12/31/1999

Benchmark

Bloomberg U.S. Aggregate Bond Index

Download Fact Sheet
Graziani John head shot
John Graziani, CFA

Senior Portfolio Manager

Rhoderick Sean head shot
Sean T. Rhoderick, CFA

Chief Investment Officer

Weber Jason head shot
Jason Weber, CFA

Head of Structured Trading
Assistant Portfolio Manager

Composite Investment Results

PCA Taxable Core Plus
Gross of Fees Return (%)
QTD -5.17
YTD -10.63
1 Year -10.39
3 Year* -0.24
5 Year* 1.41
Since Inception* 4.52
PCA Taxable Core Plus
Net of Fees Return (%)
QTD -5.25
YTD -10.79
1 Year -10.70
3 Year* -0.59
5 Year* 1.06
Since Inception* 4.07
Bloomberg U.S. Aggregate Bond Index
Benchmark Return (%)
QTD -4.69
YTD -10.35
1 Year -10.29
3 Year* -0.93
5 Year* 0.88
Since Inception* 4.22
*These are annualized numbers
PCA Taxable Core Plus
Gross of Fees Return (%)
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 (%)
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%

As of 06/30/22. 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.

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