High Grade Core Intermediate 2nd Quarter 2010
Greece and stocks – did anything else matter in the second quarter of 2010? Fears of a default by Greece surged, stocks fell sharply, and Treasury yields fell to their lowest levels since the first weeks of 2009. This was a favorable environment for our value oriented conservative style. As we will discuss further, this was an environment of spread widening and we added to spread positions opportunistically, but, given the concerns that gripped the market, we decided to refrain from moving aggressively into corporates and found more conservative opportunities to add value.