Value Long Duration

Investment Objective

The Value Long Duration strategy seeks to achieve a total return that exceeds that of the Fund's benchmark, the Barclays U.S. Long Government/Credit Bond Index.


The strategy uses a value-driven approach and seeks to generate return by investing in a portfolio of investment grade, fixed income securities. Long bonds for long liabilities—investing to correspond with liabilities—has been a powerful theme of the investment process for decades. The strategy is duration neutral, meaning that portfolio duration is set in an attempt to meet client objectives and does not incorporate interest rate forecasts or speculation.

The strategy seeks to add value by capitalizing on imbalances in the relationships among sectors and individual bonds. We believe that investing in undervalued sectors and bonds and selling expensive ones using a relative value assessment is the ideal process to capture value over the long term.

The strategy typically invests in US dollar-denominated fixed income including governments, corporate bonds, sovereign and supranational entities, as well as municipal bonds. There is no exposure to currency risk, high yield bonds or emerging market debt.