Ultra Short Duration Strategy

The team views the Ultra Short Duration strategy as an extension of the money market sector, offering the potential for additional returns in exchange for a modest degree of price volatility. Its buy and hold approach produces a portfolio with significant first-year cash flows, and an overriding goal to maximize reinvestment opportunities and reduce price volatility. The strategy's multi-sector approach emphasizes structured products, which historically have produced high alpha and Sharpe ratios through interest rate and credit cycles. The strategy leverages the firm's sector specialists as well as advanced evaluation and risk management capabilities in these increasingly complex markets.

• Invests primarily in investment grade cash bonds and cash 
• U.S. dollar-denominated securities with Yankee bond exposure typically below 10%
• Maximum of 5% in any one issuer
• Maximum of 25% in any one industry 
• Duration must be less than 1 year