Investment Overview

Our team-based approach integrates our relative value philosophy, risk budgeting framework and fundamental security analysis.
Target excess return: 50-100 basis points.
Target tracking error range: 100-200 bps.
The team includes 25 professionals involved in portfolio management, fundamental research, quantitative analysis, risk management and trading.
We seek to gain from the credit-risk premium while emphasizing loss avoidance.
Our process combines top-down macro assessment with bottom-up fundamental analysis, targeting active risks to sector allocations, security selection and interest rate management.
The strategy has historically generated competitive relative risk-adjusted performance as well as low excess return correlation with most other core managers.*

*Source: eVestment Alliance.
 

Portfolio Construction

Constantly aware of potential upside/downside capture positioning relative to benchmark
Diversified portfolio of 100 to 140 issues
Credit quality of BBB- or better with average AA+ rating
Duration target: +/-20% vs. index
Historical tracking error range of 50 to 150 basis points of active risk
 

Investment Team

Vishal Khanduja, CFA
Portfolio Manager
14 years of industry experience
2 year at Eaton Vance
MBA, University of Iowa
BS, Veermata Jijabai Technological Institute
Brian Ellis, CFA
Portfolio Manager
12 years of industry experience
2 year at Eaton Vance
BS, Salisbury University
 

Benchmark

Benchmark: Bloomberg Barclays U.S. Aggregate Bond Index