Core Philosophy

We believe actively managing interest rate and credit risk is the right approach to fixed income management in today’s world. Our goal is to provide positive risk adjusted returns, independent of market conditions or the direction of interest rates.


We work in areas of the credit markets where potential returns may be higher than the risks incurred.

Knowledge leads to alpha

We believe in focusing knowledge and research in areas where market inefficiencies and distortions create relative value. In this way, excess risk adjusted returns should be possible.


Increased relative performance during periods of volatility will benefit performance over the long term. Rarely does the top investment performer in one period do so consistently, period after period. Large investment drawdowns can lead to investors feeling compelled to sell at/or near market bottoms.


Performance itself is not our goal, but rather positive performance with lower risk. Doing well when markets are overall strong is in itself, not a good indicator of skill. Performance in difficult environments validates the gains earned in good times.