September 14, 2015

Core Fixed Income

CORE EQUITY    BALANCED ACCOUNTS—

Fundamental research driven

—Corporate bond focus

Emphasis on income generation

In-house bond ratings

Focused on absolute & relative value

—Long-term time horizon

—Shifts between corporate, governments, etc., occur deliberately

—When changes are made, we are attempting to capture value changes among these sectors

—Buy Discipline

Relative value analysis, credit quality/security analysis, maturity/duration, industry/sector diversification

—Sell Discipline

Deterioration in credit quality, sector no longer exhibits relative value, maturity/duration do not match current interest rate outlook, portfolio structure does not match our interest rate outlook

—Diversification Risk

—Issuer:  5% of market value

—Issue:  5% of par value

—Industry:  25% of market value

—Excludes treasuries & agencies


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