High Grade Core Intermediate 2nd Quarter 2009
Over the past 12 months, capital markets have been shaken to their core. A cascading series of financial crises, interrupted by bouts of optimism that this financial nightmare might finally be over, has caused volatile swings in prices.
This has been our operating environment. It has also been the economic reality of the foundations and endowments we serve. During this period of crisis and uncertainty, we have sought to be stewards of the fixed income portfolios we manage. We have used the risk management disciplines we have discussed in prior commentaries to generate healthy returns, but with less volatility, less credit risk, and greater transparency than the overall market as represented by our benchmark.