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
Maturities of up to 10 years
Historical tracking error range of 50 to 150 basis points of active risk

Investment Team

Vishal Khanduja, CFA

Vice President, Diversified Fixed Income Portfolio Manager

14 years of industry experience

2 year at Eaton Vance

MBA, Tippie School of Management, University of Iowa

BS, Veermata Jijabai Technological Institute


Brian Ellis, CFA

Vice President, Diversified Fixed Income Portfolio Manager

13 years of industry experience

2 year at Eaton Vance

BS, Salisbury University


 

Benchmark

Benchmark: Barclays U.S. Intermediate Government/Credit Bond Index