Cincinnati Asset Management

Fixed Income Managers Specializing in U.S. Corporate Bonds


Interested in our research? View all of our research and market insight.

See Research


Preservation of Capital

Cincinnati Asset Management is a boutique, fixed income manager specializing in U.S. Corporate Bonds. Established in 1989 to build and manage high performance fixed income portfolios for individuals and institutions, our conservative and disciplined approach stresses preservation of capital, diversification, and high investment income. We have specialized in the management of corporate fixed income securities for our clients for over 30 years. We are an independent investment adviser registered with the SEC and structured as a corporation that is employee owned. The strength of our Firm lies with our niche focus, commitment to our investment process and depth of experience of our Portfolio Teams, Managing Directors and employees.

Recent Insight

19 Sep 2025

CAM Investment Grade Weekly Insights

Credit spreads look as though they will finish the week slightly tighter again.  These have not been big moves tighter the last few weeks but more of an incremental grind lower.  The OAS on the Corporate Index closed at 72 on Thursday September 18th after closing the week prior at 74.  Treasury yields drifted higher […]

READ POST
19 Sep 2025

CAM High Yield Weekly Insights

(Bloomberg)  High Yield Market Highlights     US junk bond yields tumble to a new multi-year low and risk premium drops to a seven-month low driving gains for the seventh consecutive week, the longest winning streak since last September. Yields closed at 6.57%, also falling for the seventh week in a row. The broad rally […]

READ POST
12 Sep 2025

CAM High Yield Weekly Insights

(Bloomberg)  High Yield Market Highlights     US junk bonds are headed for their sixth week of gains, with yields tumbling to a fresh 40-month low of 6.60% and spreads returning to the six-month low of 268 basis points, spurred by expectations of Federal Reserve policy easing. The high yield market notched up gains in […]

READ POST
12 Sep 2025

CAM Investment Grade Weekly Insights

Credit spreads inched tighter again this week as they have remained in a relatively tight 5bp range over the course of the past month.  The OAS on the Corporate Index closed at 75 on Thursday September 11th after closing the week prior at 77.  Treasury yields exhibited little change over the past week through Friday […]

READ POST
05 Sep 2025

CAM Investment Grade Weekly Insights

Credit spreads look poised to finish the week tighter, which is a remarkable feat given the deluge of new issue supply during the period.  The OAS on the Corporate Index closed at 77 on Thursday September 4th after closing the week prior at 79.  Spreads are a smidge tighter on Friday as we go to […]

READ POST
05 Sep 2025

CAM High Yield Weekly Insights

(Bloomberg)  High Yield Market Highlights     US junk bonds have recovered from a rocky start to be on course to post gains for the fifth consecutive week. Yields remain within sight of a 40-month low after dropping eight basis points on Thursday to close at 6.74%. The risk premium fell five basis points to […]

READ POST
22 Aug 2025

CAM High Yield Weekly Insights

(Bloomberg)  High Yield Market Highlights   The US junk bond rally hit a pause as yields crossed the 7% mark to close at a three-week high of 7.04%, after rising for four sessions, the longest streak since early April. Spreads closed at a two-week high of 287 basis points after climbing eight basis points in […]

READ POST
15 Aug 2025

CAM High Yield Weekly Insights

(Bloomberg)  High Yield Market Highlights     US junk bond rally momentum faded, halting a three-day winning streak, after inflation data made a September rate cut slightly less of a sure thing. US wholesale inflation rose the most in three years, suggesting that higher input costs, as reflected in the producer price index, could show […]

READ POST
01 Aug 2025

CAM High Yield Weekly Insights

(Bloomberg)  High Yield Market Highlights     US junk bonds gained for a third straight month in July, the longest gaining streak since September, on signs of broad economic resilience and strong corporate earnings. The rally was propelled by CCCs, the riskiest tier of the high-yield market. CCCs bonds delivered 1.47% return in July, the […]

READ POST
01 Aug 2025

CAM Investment Grade Weekly Insights

Credit spreads finished the week unchanged through Thursday, though the market was 3-4 basis points wider Friday afternoon.  The move wider came in sympathy with sharply lower Treasury yields following a weak payroll report on Friday morning.  The OAS on the Corporate Index closed at 76 on Thursday evening. The 10yr Treasury yield was little […]

READ POST

Clients

Individuals

Individual investors benefit from the same disciplined approach we apply to the management of portfolios of our institutional clients.  We buy/sell securities in institutional size that typically is more efficient than smaller retail purchases.  The individual investor participates in these larger trades and enjoys the same pricing that the institutional client receives.

Institutional

We focus on the needs of institutional clients, including pension plans, endowments, charitable organizations, and insurance companies.  Our strategic investment philosophy, rather than a tactical trading approach, assures that the longer term requirements of these institutions are being met through disciplined investing.  We are also able to tailor a portfolio to meet specific investment objectives.

Approach

Our investment process concentrates in the U.S. Corporate Bond market and offers solutions to investors which span the entire spectrum of credit quality from Investment Grade to High Yield. In all cases fundamental credit research is a primary element of our portfolio management process. Our approach stresses preservation of capital, diversification and high investment income.

CAM follows a conservative “bottom-up value” investment discipline that seeks out companies that are currently out of favor with investors, but poised to improve. The primary focus is preservation of capital with a secondary, but extremely important, emphasis on total return. Our portfolios are not managed to a benchmark from a portfolio construction perspective, but do look to outperform respective benchmarks over a full market cycle with less volatility. We do not utilize interest rate anticipation tactics. We look to minimize the impact of macro-economic factors, such as interest rate risk, from the investment process by employing defensive maturity structure within the portfolio

Research

View our research materials, like white papers and yield-spread analysis, as well as our weekly insight.

Investment Solutions

High Yield

For investors seeking potentially greater returns, this strategy focuses on bonds rated in the top two rating categories (BA & B).  Securities rated CAA and lower are not eligible for purchase.

Investment Grade

Designed for the more conservative investor interested in an intermediate, investment grade corporate strategy that provides a premium yield to Treasury securities.

Short Duration

For investors interested in a shorter maturity profile which targets an allocation of 50% Investment Grade and 50% High Yield securities in one portfolio.

Broad Market

Combines the Investment Grade and High Yield strategies in an approximate 2/3 – 1/3 blend.  It is designed for the investor who desires to achieve greater returns than the Investment Grade strategy while incurring less volatility than the High Yield strategy.

Short Duration : Investment Grade

Designed for investors interested in a shorter maturity profile but do not wish to hold any non-investment grade securities.  The average maturity of the portfolio, once seasoned, is less than half of that of our core Investment Grade strategy.  

CAMBX

The CAM Broad Market Strategic Income Fund provides an opportunity for long-term investors to find a conservative risk/reward balance that focuses on downside protection and total return.