Portfolio Construction

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 monitored but not restricted to the benchmark. We believe this 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.

Portfolio Characteristics

Inception DateJanuary 1, 2003
Assets Under Management (in millions)$177.80
Investment StyleCore - Specialized
Decision MakingOpportunistic
BenchmarkBarclays U.S. Aggregate Bond Index

Portfolio Statistics as of 6/30/21

Strategic Fixed IncomeBarclays U.S. Aggregate Bond Index
Average Credit QualityAa1Aa1
Duration8.0 yrs6.1 yrs
Current Yield2.3%2.6%
Number of Holdings6511912

Sector Diversification as of 6/30/21

Strategic Fixed IncomeBarclays U.S. Aggregate Bond Index
Governments57.6039.00
Asset-Backed4.900.40
Mortgage-Backed23.9029.10
Corporates9.0030.70
Taxable Municipals2.600.90
Cash2.000.00