Each client has his own separately managed bond portfolio. Clients find this appealing because it insulates them from money flowing in and out of the bond market and performance chasers.

We are short duration portfolio managers. Duration quantifies how sensitive a bond portfolio is to interest rate gyrations and therefore, indicates price volatility. For example: A portfolio whose duration is three years will appreciate or depreciate 3% if interest rates move 1% in either direction. The longer the duration, the more volatile a portfolio will be.

Our goal is to maximize income while preserving capital. We accomplish this by portfolio, industry, segment and name diversification. We pride ourselves in specializing in corporate bond names that are too small for the multibillion-dollar mutual funds. And we take positions in fallen angels whose names are being shunned by Wall Street but whose yields tip the risk/reward scale in our favor.