Investment Overview

Relative value framework integrating qualitative and quantitative inputs
Fundamental analysis incorporating bottom-up financial statement research
Assessment of macroeconomic factors and comparative security market appraisal
Quantitative analysis incorporating our proprietary option-adjusted spread (OAS) model to evaluate complex optionality
Continuous credit analysis and risk assessment drive portfolio decisions
Customized, factor-based portfolio analytics system used to measure, evaluate and report key risk factors daily

Portfolio Construction

60 to 100 issuers
Credit quality generally investment grade, below investment grade typically under 25%
Portfolio allocated across industries and various geographies

Investment Team

Joseph Mehlman, CFA, Managing Director, Head of U.S. Investment Grade Credit

Joined investment management industry in 2002

Joined Morgan Stanley in 2002

BA, Trinity College



ICE BofA Fixed-Rate Preferred Securities Index