Objective and Approach
The Strategy seeks to maximize total return, including both income and appreciation, by identifying undervalued and opportunistic sectors and securities in the US fixed income markets. The Strategy utilized a “go anywhere” domestic approach to seek higher levels of total return compared to sector-specific or target-duration strategies.
Dynamic Process
| • Search for relative value across the yield curve, credit spectrum, and individual issues |
| • Implement opportunities through targeted security selection and nimble trading |
| • Seek to realize profits when positions have achieved full value in the managers’ judgement |
| • Redeploy capital in an ongoing search for relative value |
Flexible Allocation
| • Investment grade and high yield corporate and municipal bonds |
| • US Government and agency securities |
| • Mortgage-backed securities and preferred stocks |
| • Specialty issues, including $25 par value baby bonds |
Genoa believes this flexible approach provides greater opportunities for total return compared to sector-specific or target-duration strategies.