Credit/Fixed Income

Fixed Income Investing for Endowments and Foundations – Policy and Practice

A discussion of the role of bonds in policy portfolios and issues related to the implementation of a fixed income allocation, including sector allocation, duration targets, active versus passive management, and selection of an appropriate benchmark. Exhibits cover data on returns for various bond sectors, correlations with other asset classes, and Treasury yield curve shifts…

High-Yield Bonds

This report examines the nature of high-yield bond returns, the role of high-yield bonds in a diversified portfolio, and the implementation of an allocation. Exhibits include data on issuance, default and transition rates, and spreads relative to treasury bonds. Also included are performance data on representative high-yield managers and descriptions of benchmarks.