Investment Grade

An institutional fixed income strategy that employs deep fundamental credit research to uncover mispriced bonds, aiming to deliver consistent excess returns versus benchmarks while tightly managing risk.

AUM ¹

$102.3B

INVESTMENT GRADE

Finding overlooked credit opportunities through proprietary research, we seek to build resilient bond portfolios designed to outperform with disciplined risk control.

Grounded in rigorous credit work, we seek to uncover value across issuers, capital structures, and sectors constructing duration‑neutral portfolios with a sharp focus on resilient, risk‑adjusted results.

Investment philosophy

We believe fixed income markets are generally efficient with respect to interest rate risk, but often misprice securities exposed to credit, downgrade and liquidity risks. Our investment approach is designed to identify and capitalize on these inefficiencies to generate excess returns relative to benchmark indices while maintaining a disciplined focus on risk management.

Our process emphasizes:

Proprietary, fundamental research
Rigorous analysis of capital structures and covenants
Evaluation of company management and industry dynamics
Construction of duration-neutral portfolios
A consistent focus on attractive risk/return outcome

A disciplined, team-based investment process

Our investment framework is built around five integrated components:

Idea generation
Proprietary research
Portfolio construction & security selection
Sell discipline
Investment risk management

Investment professionals—including portfolio managers, analysts and traders—are actively involved at every stage, ensuring a collaborative and continuously informed decision-making process.

Related Strategies

Strategies	Attributes	Inception date
Core-Based	Seeks to produce risk-adjusted long-term total returns above the broad bond market by investing in U.S. fixed income securities across government, corporate and structured markets. For plus sector strategies, portfolios may also invest in U.S. high yield bonds and international bonds in both developed and emerging markets.	2000
Corporate Bonds	Focused on fundamental credit research and bottom-up portfolio construction seeking to outperform respective benchmarks across the intermediate and full maturity spectrum of credit.	2000
Long Duration / LDI	Focused on highly customized strategies seeking to outperform the long maturity U.S. bond market.	2000
Core Insurance	Seeks to produce risk-adjusted long-term returns above the broad bond market by investing in U.S. fixed income securities across government, corporate and structured markets integrating bespoke constraints within an insurance-aware framework. Focused on highly customized strategies seeking to outperform benchmarks in aggregate or a targeted Investment Grade asset class exposure.
Specialty Credit	Fundamental credit research, relative value security selection and bottom-up portfolio construction striving to achieve differentiated total returns.

Strategies	Attributes	Inception date
Core-Based	Seeks to produce risk-adjusted long-term total returns above the broad bond market by investing in U.S. fixed income securities across government, corporate and structured markets. For plus sector strategies, portfolios may also invest in U.S. high yield bonds and international bonds in both developed and emerging markets.	2000
Corporate Bonds	Focused on fundamental credit research and bottom-up portfolio construction seeking to outperform respective benchmarks across the intermediate and full maturity spectrum of credit.	2000
Long Duration / LDI	Focused on highly customized strategies seeking to outperform the long maturity U.S. bond market.	2000
Core Insurance	Seeks to produce risk-adjusted long-term returns above the broad bond market by investing in U.S. fixed income securities across government, corporate and structured markets integrating bespoke constraints within an insurance-aware framework. Focused on highly customized strategies seeking to outperform benchmarks in aggregate or a targeted Investment Grade asset class exposure.
Specialty Credit	Fundamental credit research, relative value security selection and bottom-up portfolio construction striving to achieve differentiated total returns.

Strategies	Attributes	Inception date
Core-Based	Seeks to produce risk-adjusted long-term total returns above the broad bond market by investing in U.S. fixed income securities across government, corporate and structured markets. For plus sector strategies, portfolios may also invest in U.S. high yield bonds and international bonds in both developed and emerging markets.	2000
Corporate Bonds	Focused on fundamental credit research and bottom-up portfolio construction seeking to outperform respective benchmarks across the intermediate and full maturity spectrum of credit.	2000
Long Duration / LDI	Focused on highly customized strategies seeking to outperform the long maturity U.S. bond market.	2000
Core Insurance	Seeks to produce risk-adjusted long-term returns above the broad bond market by investing in U.S. fixed income securities across government, corporate and structured markets integrating bespoke constraints within an insurance-aware framework. Focused on highly customized strategies seeking to outperform benchmarks in aggregate or a targeted Investment Grade asset class exposure.
Specialty Credit	Fundamental credit research, relative value security selection and bottom-up portfolio construction striving to achieve differentiated total returns.

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Disclaimer

Investment Grade

Related Strategies

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