Thought Leadership

High Grade Core Intermediate 1st Quarter 2009

April 13, 2009

In large measure, the foundation for our out-performance during the 1st quarter was built in the last weeks of 2008 as our TIPS positions and municipal allocations generated strong relative returns in the first weeks of the year.  We had built these positions late in 2008 as a way to enhance the overall quality of our clients’ portfolios during a period of great credit deterioration.  Though these high quality allocations were a drag on performance in late 2008, they generated healthy returns in the first quarter.