Investment Overview

Integrates bottom-up security selection with top-down macroeconomic analysis seeking to exploit idiosyncratic opportunities while mitigating systematic risks
We employ an opportunistic approach, broadening the opportunity set to include less efficient out-of-index sectors
The strategy may complement traditional Core Plus strategies, which often focus mainly on interest rate management and sector rotation
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

Vishal Khanduja, CFA

Director of investment grade fixed income portfolio management and trading, portfolio manager

14 years of industry experience

2 years at Eaton Vance

BE, VJTI, Mumbai, India

MBA, University of Iowa


John H. Croft, CFA

Investment grade fixed income senior credit strategist, portfolio manager

33 years of industry experience

15 years at Eaton Vance

BA, Colgate University

MBA, University of Chicago


Matthew T. Buckley, CFA

Investment grade fixed income structured products trading manager, portfolio manager

19 years of industry experience

12 years with Eaton Vance

BA, College of the Holy Cross

MBA, Babson College


 

Benchmark

Bloomberg Barclays U.S. Aggregate Bond Index