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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 Treasury, government-related and corporate bonds. Managed in a separate account, the strategy employs active management, bottom-up research, efficient 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

Treasury Bonds

Government-Related Bonds

Corporate Bonds

Strategy Information

Inception Date: January 2011

Strategy AUM: $468 Million

Benchmark: BBG Barc 1-3 Yr Gov/Credit

Portfolio Characteristics

Average Effective Maturity 1.95 Years

Average Duration 1.87 Years

Average Credit Rating AA/AA-

Average Yield to Maturity 2.04%

Average Coupon 2.52%

Average Annual Turnover 45-65%

Ratings Profile*

AAA 46.2%

AA 18.9%

A 23.2%

BBB 11.7%

Sector Profile

Treasury 43.1%

Government-Related 11.5%

Corporate 43.9%

Cash 1.4%

*Methodology uses lowest of S&P and Moody’s, but Prerefunded and Treasury bonds default to AAA category.

The information above is current as of 6/30/19. 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.