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.
We believe in using convexity as a tool to limit risk and protect on the downside, but participate on the upside.
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
Maturities of up to 10 years
Historical tracking error range of 50 to 150 basis points of active risk

Investment Team

Vishal Khanduja, CFA
Portfolio Manager
12 years of industry experience
<1 year at Eaton Vance
B.Eng., Veermata Jijabai Technological Institute, Mumbai
MBA, Tippie School of Management, University of Iowa
Brian Ellis, CFA
Portfolio Manager
11 years of industry experience
<1 year at Eaton Vance
BS, Salisbury University

Benchmark

Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index