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Customizing Portfolios
We believe a full analysis and understanding of the appropriate benchmark is a critical component of effective investment management, both for risk management and performance attribution purposes. In developing a client’s initial portfolio, we focus on benchmark analysis to understand all sector, issuer, issue, size, quality, and country characteristics and their related impact on portfolio strategy, risk management, and performance attribution.
We work closely with clients to fully understand their investment objectives, guidelines, risk constraints, and preferred benchmarks, as these variables are the key inputs into the risk budget we would then create for each client portfolio. The risk budget guides portfolio construction and the allocation of risk across the portfolio. Currently, many of our credit-related portfolios have benchmarks with customized maturity ranges, quality thresholds, or issuer constraints. We also manage portfolios with benchmarks composed of different weightings of individual benchmarks.