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Intermediate Fixed Income Strategy

The strategy seeks to outperform the Bloomberg Barclays U.S. 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 and downside protection
  • 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
Investment Style
Intermediate Fixed Income
Bloomberg Barclays U.S. Intermediate Aggregate
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Jan. 1, 2006


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

Strategy Facts

As of 12/31/2018

 Assets Under Management (AUM) $588 million
 eVestment Universe U.S. Intermediate Duration Fixed Income
 Investment Vehicle Separate Account


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 


Timothy Policinski

Timothy J. Policinski, CFA

Managing Director, Senior Portfolio Manager

Career Summary
Lincoln National

BS - Indiana University
MSBA - Indiana University

Meet Timothy Policinski
Daniel Carter

Daniel J. Carter, CFA

Vice President, Senior Portfolio Manager

Career Summary
Ohio Casualty Group
Provident Financial Group

BS - Miami University

Meet Daniel Carter


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Why Active Fixed Income Wins Over Time

Senior PM Paul Tomich shares why fixed income is well suited for active management. For investors with a longer-term horizon, active management can provide greater results. 

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