Actively managed core strategy that seeks an excess return over the Barclays Capital U.S. Aggregate Bond Index or similar benchmark. Strategy is investment grade-focused and has historically generated its excess return from fairly equal increments of both sector allocation and subsector/security allocation. Duration and yield curve positioning have not historically been primary sources of excess return.


  • Modestly active sector rotation
  • Focus on bottom-up security selection along with broad sector and issue diversification
  • Yield curve and duration management de-emphasized

Distinguishing Characteristics

  • Seeks consistent, sustainable sources of excess return
  • Highly diversified portfolios
  • Comprehensive approach to risk management
  • Dedicated teams of credit and quantitative analysts specialize by sector

As of December 31, 2013. There can be no assurance that these objectives will be met. Read benchmark descriptions.

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Strategy Highlights

  • $21 billion in strategy AUM
  • 10-member investment management team
  • Senior Portfolio Manager has 27 years of investment experience
  • Core team averages 20 years of investment experience and 20 years with Prudential
  • Supported by firmwide resources of credit analysts, quantitative research and risk management analysts, and sector teams