Recognizing clients generally assume risk in the equity portion of their portfolios, we actively manage bonds while identifying and limiting potential risks. We seek to capture excess returns by taking advantage of market anomalies, such as selling relatively expensive issuers, sectors or maturities for more attractively valued alternatives. We also manage duration in accordance with our interest rate outlook and proprietary economic forecasting model. Anticipated future liabilities can readily be immunized, profiting from market opportunities.
