Our taxable bond strategy is intended to outperform the market benchmark in a consistent, lower risk manner where capital preservation is a key objective. To achieve this objective we limit our dependence on forecasting interest rates. Instead, we seek to control the risk-return profile of the portfolio relative to the predetermined benchmark by maintaining a relatively duration neutral posture. We employ an active value-added approach wherein we monitor and analyze a wide range of market data. This analysis enables us to determine portfolio weightings among the Treasury, agency, mortgage-backed, and asset-backed sectors. In addition, we examine the findings of our internal research analysts in order to focus attention on the corporate sector and the different quality tiers among those securities. Depending on our economic outlook, we may employ a ladder, barbell, or bullet posture to the portfolio to take advantage of potential yield curve shifts. Finally, we rely on the experience and trading expertise of our portfolio managers in order to select the most attractive securities within a sector.

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