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Fixed Income Management


Orleans Capital’s fixed income philosophy is premised upon the belief that bonds should represent the most stable asset class in a fund’s overall portfolio, providing predictable cash flow and insuring the ability to meet long-term obligations. Our fixed income strategy adds value through sector and security selection designed to create an enduring yield advantage over the applicable benchmark without a material variation in quality, convexity or other portfolio characteristics. The firm’s fundamental fixed income discipline has not changed since its inception, nor do we anticipate a change in the investment policy in the near term.

 

In general, Orleans Capital over weights the corporate and mortgage sectors of the fixed income market and under weights the Treasury sector. This strategy is based upon the historical over performance by corporate and mortgage bonds versus their Treasury counterparts. A review of sector performance over periods of 10 and 20 years confirms that corporate and mortgage sectors of the fixed income market will over time generate superior fixed income returns.

 

Orleans Capital utilizes a team approach to fixed income asset management. As a result, all fixed income portfolio managers participate in investment decisions. The Fixed Income Committee, as opposed to individual managers, is responsible for all aspects of portfolio management from general issues such as portfolio strategy to specific decisions such as individual security selection.


On a daily basis, the Fixed Income Committee meets to discuss market events and monitor economic data bearing on investment strategy. We begin with a top-down evaluation of the macroeconomic environment and an assessment of any changes in market conditions.  Consideration is also given to supply and demand factors affecting the future performance of various industries and sectors.  This analysis leads to the setting of industry, duration, sector and coupon targets.  Using sophisticated computer software modeling we then compare the structure of individual portfolios to the target and analysis is performed to determine the most efficient transactions necessary to optimize portfolio structure.

 

 

 

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