Portfolios are constructed with high-quality, U.S. dollar-denominated securities rated investment grade or better at time of purchase. Primary consideration is given to numerous and diverse value-adding opportunities using duration management, yield curve positioning, sector allocation and security selection. We can and do make major shifts in our sector allocations to take advantage of short-term market conditions. Duration is closely managed to 75-125 percent of the benchmark, which allows us to take advantage of opportunities while managing volatility. No single non-government security will be more than 5 percent of the portfolio value at the time of purchase.
| Inception Date | January 1, 1996 |
| Assets Under Management (in millions) | $130.10 |
| Investment Style | Core |
| Maturity | Short-Intermediate (3 to 5 years) |
| Decision Making | Sector/Spread Analysis |
| Benchmark | Barclays Capital Intermediate U.S. Aggregate Bond Index |
| Intermediate Investment Grade Fixed Income | Barclays Capital Intermediate U.S. Aggregate Bond Index | |
|---|---|---|
| Average Credit Quality | Aa3 | Aa1 |
| Duration | 3.4 yrs | 3.6 yrs |
| Current Yield | 2.4% | 2.4% |
| Number of Holdings | 122 | 9108 |
| Average Turnover | 47.2% | N/A |
| Sharpe Ratio | 1.4 | N/A |
| 10 Yr Annualized Standard Deviation | 1.9% | 2.1% |
| Alpha | 0.8 | N/A |
| Beta | 0.7 | 1.00 |
| Intermediate Investment Grade Fixed Income | Barclays Capital Intermediate U.S. Aggregate Bond Index | |
|---|---|---|
| Governments | 18.50 | 38.30 |
| Asset-Backed | 8.10 | 0.40 |
| Mortgage-Backed | 17.00 | 36.40 |
| Corporates | 32.70 | 24.60 |
| Taxable Municipals | 19.10 | 0.30 |
| Cash | 4.60 | 0.00 |