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Short Government Credit Strategy

The Short Government Credit Strategy is an investment grade, short duration bond portfolio that seeks to maximize both liquidity and risk-adjusted return while preserving capital.

Government Credit
Core Government Credit

Maturity Based


The shortest of Breckinridge’s Government Credit product offerings, this strategy is appropriate for investors for whom liquidity and principal protection are paramount. 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. In certain cases, this strategy can be customized by benchmark, sector, maturity, duration and credit quality.

Investment Objective

Maximize liquidity and risk-adjusted return while preserving capital

Eligible Investments

Corporate Bonds

Taxable Municipal Bonds

U.S. Treasury Notes

U.S. Agency Debt

Supranational Bonds

Strategy Information

Inception Date: January 2011

Strategy AUM: $345 Million

Benchmark: BBG Barc 1-3 Yr Gov/Credit

Portfolio Characteristics

Average Maturity 1.84 Years

Average Duration 1.78 Years

Average Credit Rating AA

Average Yield to Worst 2.97%

Average Coupon 2.37%

Average Annual Turnover 45-65%

Rating Distribution

AAA 37.1%

AA 20.8%

A 27.2%

BBB 11.4%

Unrated 0.0%

Cash 3.5%

Asset Allocation

Corporates 47.0%

Treasuries 34.5%

Taxable Municipals 14.8%

Supranationals 0.2%

Agencies 0.0%

Other 0.0%

Cash 3.5%

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.