Investment
Grade Bonds

The portfolio management team employs a "Value" strategy. We purchase bonds that are undervalued but poised to improve, over time, based on our fundamental credit analysis and financial projections. Investment grade bonds tend to behave like their junior counterparts, common stocks. Investors overreact to events which leads to an over- or under-valuation of a company's bonds. We do not manage by interest rate anticipation or market timing, but focus on value in individual situations to achieve superior returns over time. An investment grade (A3/A- minimum) average credit rating is maintained, and only bonds rated investment grade by at least one agency is considered for investment. An average maturity in the intermediate range is maintained, generally in the 6-8 year range. Portfolios are diversified and fully invested in only North American and U.S. dollar denominated corporate bonds. The smallest accounts will have up to 20 equally weighted positions, and investments in any one industry group is limited to 30%.

Investment Grade Strategy Profile.pdf