We approach fixed income investing by defining the fixed income universe;
the macro-economic environment; and the individual's goals and objectives.
Once we have detrmined the three legs that make up the investment
environment we screen our ideas and internally research alternative
individual securities for total return, risk, and margin of safety. We also
clearly define our sell discipline. Finally, after this analysis is
completed we only then determine our allocation of assets so as to keep a
relatively low beta on the portfolio.
The Investment Solution process is layed out in three slides:
Allocation Yields The Investment Portfolio which reflects each client's
goals, risk tolerance and specific income requirements. This process
clearly allows us to develop an appropriate strategy to meet our clients'
needs. This approach will be reviewed and changed based on the environment
and the changes that occur as our clients personal objectives change.
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