Investment Overview

Multisector bond is a bottom-up, long only, global opportunistic bond strategy focused on long term total return.
Target excess return: 250–400 basis points
Target tracking error range: 500–800 basis points
Typical estimated volatility range (standard deviation): 6-10%
Typical information ratio: 0.5; typical annual turnover range: 30-50%
We de-emphasize managing to a benchmark, and believe that active risk drives excess return.
We look to provide attractive total return over the medium to long term (2 to 5 years).

Portfolio Construction

Bottom-up focus on security selection drives portfolio construction
Fundamental research and market inefficiencies provide opportunity for contrarian thinking
     – Rigorous credit work underpins security selection
     – Behavioral inefficiencies provide entry point
     – Portfolio risk is measured on an absolute and relative basis, and through scenario analysis

Investment Team

Kathleen Gaffney, CFA
Lead Portfolio Manager, Vice President and Director of Diversified Fixed Income
34 years of investment experience
6 years at Eaton Vance
Henry Peabody, CFA
Co-Portfolio Manager
18 years of investment experience
5 years at Eaton Vance
52 income analysts
33 equity analysts
Dedicated traders; sector specialists integrated with respective teams
22 traders, 7 trading assistants


Bloomberg Barclays U.S. Government/Credit Bond Index or customized for client