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 Client Service Executive or call 1-626-844-9400
Commingled Vehicle Available

Performance as of December 31, 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$66.1 billion (as of December 31, 2017)
Benchmark: Bloomberg Barclays U.S. Aggregate Bond Index
Inception Date: 01 Feb 93

Sector Allocation as of December 31, 2017

US Core Full Discretion | Sector Allocation as of December 31, 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 December 31, 2017

US Core Full Discretion | Portfolio Characteristics as of December 31, 2017
IMPORTANT INFORMATION: All investments involve risk including loss of principal. Past performance is not indicative of future investment results. This information is only for use by professional clients, eligible counterparties or qualified investors. It is not aimed at, or for use by, retail clients.
¹ Notional market value represents derivatives notional market value excluding interbank derivatives.
** Represented by the US Core Full Below Investment Grade Futures & Options Composite.