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Limited Government Credit Strategy

The Limited Government Credit Strategy is an investment grade, limited duration bond portfolio that seeks to maximize risk-adjusted return and preserve capital.

Government Credit
Core Government Credit

Maturity Based


The duration of this strategy is appropriate for investors who value liquidity but seek higher returns than available in our Short Government Credit Strategy. Eligible investments include corporate, municipal, Treasury, government agency and supranational securities. Managed in a separate account, the strategy employs active management, bottom-up credit research, opportunistic trading and proactive portfolio structuring. Customizations are available by benchmark, sector, maturity, duration and credit quality.

Investment Objective

Maximize risk-adjusted return and preserve capital

Eligible Investments

Corporate Bonds

Taxable Municipal Bonds

U.S. Treasury Notes

U.S. Agency Debt

Supranational Bonds

Strategy Information

Inception Date: January 2005

Strategy AUM: $377 Million

Benchmark: BBG Barc 1-5 Yr Gov/Credit

Portfolio Characteristics

Average Maturity 2.72 Years

Average Duration 2.58 Years

Average Credit Rating AA

Average Yield to Worst 3.06%

Average Coupon 2.28%

Average Annual turnover 15-25%

Rating Distribution

AAA 41.5%

AA 24.6%

A 23.0%

BBB 9.7%

Unrated 0.0%

Cash 1.3%

Asset Allocation

Corporates 39.7%

Treasuries 37.5%

Taxable Municipals 20.8%

Supranational 0.6%

Agencies 0.2%

Other 0.0%

Cash 1.3%

The information above is current as of 9/30/18. Characteristics provided are representative of fully invested portfolios managed to this strategy and are intended to illustrate general strategy information. These characteristics are subject to change given market conditions and client objectives. Actual portfolios may vary.