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For Institutional Investors in the US

Multi-Sector Credit

Leverages active sector allocation to potentially deliver higher returns than traditional core plus portfolios without a substantial increase in volatility.

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Overview

ABOUT THIS STRATEGY

The strategy invests in both core and plus sectors of the fixed income market seeking to generate higher returns than traditional core plus portfolios without a substantial increase in volatility or risk. We believe that active sector allocation, combined with rigorous, bottom-up analysis can navigate the two key risks of the fixed income markets: interest rates and credit spreads.

INVESTMENT APPROACH

Emphasis on Low Correlations and Capital Preservation
Leveraging a diverse set of return drivers, the strategy has historically provided clients with what they expect from fixed income – capital preservation and low correlation to equities.

Potential to Outperform With Attractive Risk Profile
Seeks to generate higher returns than traditional core plus portfolios without a substantial increase in volatility or risk.

Sophisticated Risk Management
Our proprietary fixed income portfolio and risk-management system, Quantum Global, is integrated into the investment process at each step. We identify and measure sources of risk in the portfolio at multiple levels to confirm that the portfolio is positioned as intended.

Portfolio Management

Seth Meyer, CFA
Seth Meyer, CFA

Global Head of Client Portfolio Management | Portfolio Manager

Industry since 1998. Joined Firm in 2004.

John Kerschner, CFA
John Kerschner, CFA

Head of US Securitised Products | Portfolio Manager

Industry since 1990. Joined Firm in 2010.

John Lloyd
John Lloyd

Lead, Multi-Sector Credit Strategies | Portfolio Manager

Industry since 1998. Joined Firm in 2005.

Performance

RETURNS (%) (As of 09/30/2024)
Composite Gross Composite Net Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(04/01/2014)
Composite Gross 4.77 7.94 14.30 2.01 3.62 4.82 4.84
Composite Net 4.61 7.46 13.62 1.40 3.04 4.29 4.32
Bloomberg U.S. Aggregate Bond Index 5.20 4.45 11.57 -1.39 0.33 1.84 1.97
Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
For a complete list of holdings as of the most recently available disclosure period, contact us.
RETURNS (%) (As of 11/30/2024)
Composite Gross Composite Net Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(04/01/2014)
Composite Gross 1.33 8.01 11.43 2.26 3.46 4.72 4.77
Composite Net 1.18 7.42 10.77 1.65 2.88 4.19 4.24
Bloomberg U.S. Aggregate Bond Index -0.13 2.93 6.88 -1.95 -0.01 1.52 1.80
Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
For a complete list of holdings as of the most recently available disclosure period, contact us.
Calendar Year Returns (%)
Composite Gross Composite Net Bloomberg U.S. Aggregate Bond Index
2023 2022 2021 2020 2019 2018 2017 2016 2015
Composite Gross 11.01 -11.33 3.90 6.35 11.95 1.35 7.53 8.49 2.62
Composite Net 10.36 -11.87 3.28 5.87 11.45 0.90 7.05 8.01 2.16
Bloomberg U.S. Aggregate Bond Index 5.53 -13.01 -1.54 7.51 8.72 0.01 3.54 2.65 0.55
Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
Related Insights
Yield on the table: Why multisector may make sense in 2025
Dec 10, 2024
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Yield on the table: Why multisector may make sense in 2025

John Lloyd shares his views on the attractiveness of a multi-sector approach to fixed income investing in his 2025 outlook.

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Key trends driving U.S. securitized fixed income in 2025
Dec 4, 2024
Features & Outlooks

Key trends driving U.S. securitized fixed income in 2025

John Kerschner shares his U.S. securitized outlook, identifying the key trends he believes will drive investment returns in 2025.

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Global Perspectives: The outlook for securitized as Fed commences rate-cutting cycle
Oct 29, 2024
Features & Outlooks

Global Perspectives: The outlook for securitized as Fed commences rate-cutting cycle

A discussion on how the macroeconomic environment is impacting the securitized and multi-sector credit markets.

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