OUR PROCESS

• Employs both a top-down and bottom-up approach to utilize different sources of return in different markets.
• Employs proprietary risk-management tools, including a tracking-error model and a credit diversification model to analyze risk.
• Combines fundamental research and quantitative analysis with an environment that encourages innovation and creativity.

The investment process revolves around quarterly team meetings, during which sector specialists present information and observations about their sectors and the economy. The overall team decides upon appropriate asset allocation and investment strategies. The sector specialists determine which subsectors and issuers to over/under weight. The Investment Committee sets the investment strategy, which is reviewed quarterly, weekly and daily to determine portfolio construction, security selection and trading.