Cincinnati Asset Management

Fixed Income Managers Specializing in U.S. Corporate Bonds


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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

21 Jun 2024

CAM Investment Grade Weekly Insights

Credit spreads moved incrementally wider for the second consecutive week. The Bloomberg US Corporate Bond Index closed at 94 on Thursday, June 20, after closing the week prior at 92. It isn’t shocking to see spreads take a breather as they have been at tight levels relative to historical trading ranges, and they have widened […]

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21 Jun 2024

CAM High Yield Weekly Insights

(Bloomberg)  High Yield Market Highlights   US junk bonds are headed for a third straight week of gains as investors continued to bet that the Federal Reserve will cut rates more than once this year, with retail sales data this week showing signs of consumer strain. Adding more evidence that the economy continued to slowdown, […]

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14 Jun 2024

CAM Investment Grade Weekly Insights

Credit spreads are slightly wider on the week.  The Bloomberg US Corporate Bond Index closed at 90 on Thursday June 13 after closing the week prior at 88.  Although this was the widest level for the index since late April, it is only 5bps off the tightest levels of the year which illustrates just how […]

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31 May 2024

CAM High Yield Weekly Insights

(Bloomberg)  High Yield Market Highlights US junk bonds are headed to reverse April’s losses and record modest gains for the month of May, shrugging off the supply deluge as yields held steady and spreads hovered near 300 basis points. The primary market was inundated with new supply amid steady and near-historic tight spreads and attractive […]

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17 May 2024

CAM High Yield Weekly Insights

(Bloomberg)  High Yield Market Highlights   US junk bonds barely finished higher Thursday, the third time this week that’s been the case, but the market has yet to fall this week and is poised for its third up week in the past four. An array of economic data this week signaled a slow start to […]

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17 May 2024

CAM Investment Grade Weekly Insights

Credit spreads have exhibited little change this week.  The Bloomberg US Corporate Bond Index closed at 87 on Thursday May 16 after closing the week prior at the same level.  The 10yr Treasury yield is lower this week, trading at 4.42% this Friday afternoon after closing last week at 4.50%. Through Thursday, the corporate bond […]

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10 May 2024

CAM High Yield Weekly Insights

(Bloomberg)  High Yield Market Highlights Weekly US junk-bond supply rose to almost $13 billion, making it the busiest week for new bond sales since the week ended Oct. 1, 2021. The supply spurt came after junk bonds racked up the strongest weekly returns since December on expectations that the Federal Reserve may begin to lower […]

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03 May 2024

CAM Investment Grade Weekly Insights

Credit spreads stuck to a tight range during the week and are looking as though they will finish the period relatively unchanged from where they began.  The Bloomberg US Corporate Bond Index closed at 87 on Thursday May 2 after closing the week prior at the same level.  The 10yr Treasury yield is lower this […]

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03 May 2024

CAM High Yield Weekly Insights

(Bloomberg)  High Yield Market Highlights US junk bonds gained for the second session in a row, pushing yields down 10 basis points to a three-week low after Fed Chair Powell indicated on Wednesday that a hike in interest-rates was unlikely. However, he also suggested that higher-than-expected inflation readings have reduced the central bank’s confidence that […]

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26 Apr 2024

CAM High Yield Weekly Insights

(Bloomberg)  High Yield Market Highlights US junk bonds extended their decline Thursday, logging their biggest one-day loss in the more than a week as slowed economic growth and a higher inflation rating curbed soft-landing hopes. Yields jumped 10 basis points to 8.21%, though they still remain lower for the week Ahead of today’s PCE reading, […]

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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.