Thought Leadership

High Grade Core Intermediate 4th Quarter 2008

January 21, 2009

2008 was a year of great turmoil in all financial markets, and investment grade fixed income was not immune to the financial crisis contagion.

Since the inception of our High Grade Core Intermediate Strategy, we have managed it with a focus first and foremost on capital preservation and purchasing power protection.  Our goal in strategy design and implementation is to deliver returns consistent with our benchmark, by using instruments that emphasize the higher quality, more transparent and liquid components of the benchmark.  From the very start, we decided not to sacrifice quality or liquidity for yield.  Furthermore, we sought to achieve the conservative goals of our strategy by focusing on sector rotation, using a value-oriented decision making process as our guide.