Investment Overview

We employ a global opportunistic approach and broaden the opportunity set to include less efficient out-of index sectors
We believe active risk drives excess returns so we typically employ a wider than average tracking error range to seize the potential of higher returns
Integrates top-down macroeconomic analysis with bottom-up security selection to mitigate systematic risks while exploiting idiosyncratic opportunities
Target excess return: 100–200 bps
Target tracking error range: 200–400 bps

Portfolio Construction

Risk budget and active management skill set emphasize security selection as primary driver of returns
Below investment grade rated securities are typically less than 35%
Non-US dollar denominated securities are typically less than 25%
The effective duration range is typically +/- 2 years to the benchmark
Risk is decomposed on both an absolute and relative basis

Investment Team

Kathleen C. Gaffney, CFA
Director of Diversified Fixed Income
32 years of industry experience
4 years with Eaton Vance
BA, University of Massachusetts, Amherst
Matthew T. Buckley, CFA
Portfolio Manager
19 years of industry experience
12 years with Eaton Vance
BA, College of the Holy Cross
MBA, Babson College
Henry Peabody, CFA
Portfolio Manager
16 years of industry experience
4 years with Eaton Vance
BA, Trinity College
MBA, Boston College

Benchmark

Bloomberg Barclays U.S. Aggregate Bond Index