Fixed Income Strategies

Constructing Client Portfolios with a Forward-Looking Approach.

The philosophy behind FCI’s fixed income investment strategy is the belief that bond portfolios represent the more stable portion of an overall investment allocation and are primarily utilized to offset the volatility of riskier assets such as equities.

It is not our approach, therefore, to squeeze out the last bit of return from some of the less liquid or riskier corners of the bond market. Instead, our philosophy is to employ a time-tested disciplined investment process to construct a high-quality portfolio that is suitable for the given set of market conditions.

FCI’s Fixed Income Styles

Intermediate Fixed Income Strategy

Investment Objective
FCI’s fixed income investment strategy seeks to deliver superior returns relative to the Barclays Capital Intermediate Government/Credit Index over a market cycle, while limiting the risk incurred by maintaining a high credit profile. We strive to consistently move the portfolio in the direction of best opportunities while reducing the potential of a significantly negative credit event.

Core Fixed Income Strategy

Investment Objective
FCI’s fixed income investment strategy seeks to deliver superior returns relative to the Barclays Capital Government/Credit A+ Rated Index over a market cycle, while limiting the risk incurred by maintaining a high credit profile. We strive to consistently move the portfolio in the direction of best opportunities while reducing the potential of a significantly negative credit event.

Government Credit Fixed Income Strategy

Investment Objective
FCI’s fixed income investment strategy seeks to deliver superior returns relative to the Barclays Capital Government/Credit A+ Rated Index over a market cycle, while limiting the risk incurred by maintaining a high credit profile. We strive to consistently move the portfolio in the direction of best opportunities while reducing the potential of a significantly negative credit event.

Tax-Advantaged Preferred Strategy

Investment Objective
Leveraging FCI’s corporate credit expertise, the objective of the strategy is to provide a superior investment alternative to a passively constructed preferred ETF portfolio. From a risk and return perspective, the objective is to outperform the iShares Preferred Share ETF (PFF) while delivering a lower risk profile. We believe that our preferred stock strategy can outperform the PFF over a market cycle.

All Corporate Income Strategy

Investment Objective
FCI’s fixed income investment strategy seeks to deliver superior returns relative to the Merrill Lynch Corporate Intermediate A+ Index over a market cycle, while limiting the risk incurred by maintaining a high credit profile. We strive to consistently move the portfolio in the direction of best opportunities while reducing the potential of a significantly negative credit event.

Download our Fixed Income Strategy Tear Sheets

Fixed Income Portfolio Managers
Gary B. Cloud, CFA Co-CIO
Peter G. Greig, CFA Co-CIO
Bryant P. Barnes
Stuart C. Berkley, CFA
James P. Fields, CFA

 

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