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Intermediate Fixed Income Strategy

The strategy seeks to outperform the Bloomberg US Intermediate Aggregate over a full market cycle by covering the global fixed income universe while tactically adjusting risk exposure within a relative value framework.

  • 10+ year track record with a focus on consistent returns
  • Disciplined and repeatable process that balances risk allocation, sector allocation, and security selection
  • Supported by a team of more than 30 investment professionals
  • Active management of risk through the use of propriety risk and portfolio management metrics
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Intermediate Fixed Income

STYLE

Bloomberg US Aggregate Intermediate Bond

BENCHMARK

January 1, 2006

INCEPTION

$915 Million

ASSETS UNDER MANAGEMENT

As of 6/30/2024

US Intermediate Duration – Gov/Cred Fixed Income

EVESTMENT UNIVERSE

Separate Account

INVESTMENT VEHICLE

Philosophy

We believe that in order to consistently generate attractive risk-adjusted long-term outperformance, we need to:

  • Adjust risk through the cycle
  • Efficiently allocate risk on a relative value basis with an emphasis on downside protection
  • Drive security selection decisions down to analyst level – “Sector PMs”
  • Avoid outsized positions in rates

Portfolio Construction

  • Investment universe includes U.S. Government, agencies, asset-backed securities, mortgage-backed securities, investment grade credit, high yield credit, emerging markets debt, non-USD, and preferred stock
  • Maximum of 5% in any one issuer (excluding U.S. government issued securities) 
  • Maximum of 30% in non-investment grade security exposure
  • Maximum of 5% in emerging markets exposure 

Management Team

Daniel Carter

Daniel J. Carter, CFA

Managing Director, Senior Portfolio Manager

Career Summary
Ohio Casualty Group
Provident Financial Group

Education
BS - Miami University

Meet Daniel Carter
Austin Kummer

Austin R. Kummer, CFA

Managing Director, Senior Portfolio Manager

Career Summary
Fort Washington Investment Advisors, Inc.

Education
BBA - Ohio University
MBA - Xavier University

Meet Austin Kummer
Garrick Bauer

Garrick T. Bauer, CFA

Managing Director, Portfolio Manager and Head of Credit

Career Summary
Wellington Management Company
Summit Investment Partners
PricewaterhouseCoopers

Education
BS - Miami University
MBA - University of Virginia

Meet Garrick Bauer
Paul Tomich

Paul A. Tomich, CFA

Vice President, Senior Portfolio Manager

Career Summary
Fort Washington Investment Advisors, Inc.

Education
BSBA - Xavier University

Meet Paul Tomich
Scott Weston

Scott D. Weston

Managing Director, Senior Portfolio Manager

Career Summary
Countrywide Investments
Midwest Group of Funds

Education
BA - University of Utah
MBA - University of Cincinnati

Meet Scott Weston
Brendan White

Brendan M. White, CFA

Senior Vice President, Co-Chief Investment Officer

Career Summary
Ohio Casualty Corporation

Education
BS - The Ohio State University
MBA - Xavier University

Meet Brendan White

Connect with Fort Washington

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Related Insights

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Managing Risk the Fort Washington Way
A comprehensive risk management framework is at the heart of our investment philosophy. This article explores the principles and the values that drive Fort Washington’s belief that the measurement of risk and return, not forecasting, should drive investment decisions.

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Risk Budgeting Applied to Fixed Income
At the core of Fort Washington's risk management framework is the use of a risk budget. Our risk budgeting process is made more efficient and consistent through our measure of credit risk, Index Equivalent Spread Duration.

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Enhancing Risk Management With IESD
The significance of risk management at Fort Washington drove the development of our proprietary credit risk metric, Index Equivalent Spread Duration (IESD). This piece explores how Fort Washington integrates IESD into its risk management framework to enhance portfolio performance and mitigate credit risk effectively.

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An Innovative Approach to Measuring Spread Risk
Index Equivalent Spread Duration adjusts for two effects not addressed by spread duration—the tendency of riskier bonds to experience larger spread moves and the tendency of short maturity bonds to demonstrate more spread volatility than long maturity bonds. This piece explores how Fort Washington captures these effects by applying a spread and maturity beta to a bond’s spread duration.

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Liquidity & Yield: How Cash Segmentation Can Optimize Cash Holdings 
A cash segmentation strategy, implemented through collaboration with an experienced asset manager, provides a structured approach to managing cash reserves. This article explores how institutions can benefit from such a strategy, the steps involved in the process, & the role of experienced asset managers such as Fort Washington Investment Advisors.

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Are You Optimizing Your Cash? 
As organizations grow and needs become more complex, cash and liquidity management are often overlooked. Partnering with an experienced active asset manager can help organizations navigate market alternatives & optimize cash holdings.