US Core Full Discretion

Investment Objective

Exceed the benchmark return by 150 basis points annually over the course of a market cycle while approximating benchmark risk.

Investment Style

Construct a portfolio using all major fixed income sectors with a bias towards non-Treasuries. This strategy allows for opportunistic investments in high-yield, emerging markets and non-dollar securities. Value can be added through sector rotation, yield curve positioning, issue selection and duration management.

Investment Vehicles

Separate Account: Contact your CSE or call 1-626-844-9400
Commingled Vehicle Available

Performance as of September 30, 2017

Returns for periods greater than one year are annualized. Please see the Performance Disclosure for more information.


Strategy AUM: Total US Core Full Discretion Assets:
US$61.2 billion (as of June 30, 2017)
Benchmark: Bloomberg Barclays U.S. Aggregate Bond Index
Inception Date: 01 Feb 93

Sector Allocation as of June 30, 2017

US Core Full Discretion | Sector Allocation as of June 30, 2017
Note: Sector allocation includes look-through to any underlying commingled vehicles if held. All weightings are a percentage of total market value. A negative cash position may be reported, which is primarily due to the portfolio's unsettled trade activity. Data may not sum to 100% due to rounding.

Portfolio Characteristics as of June 30, 2017

US Core Full Discretion | Portfolio Characteristics as of June 30, 2017
Past performance is not indicative of future investment results, the value of any investment can fall as well as rise.
¹ Notional market value represents derivatives notional market value excluding interbank derivatives.