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

16 Oct 2020

CAM High Yield Weekly Insights

Fund Flows & Issuance:  According to a Wells Fargo report, flows week to date were $1.8 billion and year to date flows stand at $48.2 billion.  New issuance for the week was $8.0 billion and year to date issuance is at $348.7 billion.  (Bloomberg)  High Yield Market Highlights  Ligado Networks is slated to price its […]

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16 Oct 2020

CAM Investment Grade Weekly Insights

Spreads are opening Friday morning unchanged as we head toward the conclusion of this holiday shortened week that featured only four trading days.  The Bloomberg Barclays US Corporate Index closed on Thursday October 15 at 126 after closing the week prior at 126.  Through Thursday, the corporate index has posted a year-to-date total return of […]

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09 Oct 2020

CAM High Yield Weekly Insights

Fund Flows & Issuance:  According to a Wells Fargo report, flows week to date were $4.9 billion and year to date flows stand at $46.4 billion.  New issuance for the week was $6.6 billion and year to date issuance is at $340.6 billion. (Bloomberg)  High Yield Market Highlights U.S. junk bonds are headed for the […]

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02 Oct 2020

CAM High Yield Weekly Insights

Fund Flows & Issuance:  According to a Wells Fargo report, flows week to date were -$2.2 billion and year to date flows stand at $41.5 billion.  New issuance for the week was $3.8 billion and year to date issuance is at $334.0 billion.  (Bloomberg)  High Yield Market Highlights U.S. junk bonds may be hit by […]

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25 Sep 2020

CAM High Yield Weekly Insights

Fund Flows & Issuance:  According to a Wells Fargo report, flows week to date were -$4.8 billion and year to date flows stand at $43.7 billion.  New issuance for the week was $11.2 billion and year to date issuance is at $330.1 billion.   (Bloomberg)  High Yield Market Highlights U.S. junk bonds are headed for […]

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18 Sep 2020

CAM Investment Grade Weekly Insights

Spreads are slightly tighter on the week.  The Bloomberg Barclays US Corporate Index closed on Thursday September 17 at 128 after closing the week prior at 130.  Spreads have traded in a very narrow range over the course of the last month, with the OAS on the index never closing wider than 131 or tighter […]

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18 Sep 2020

CAM High Yield Weekly Insights

Fund Flows & Issuance:  According to a Wells Fargo report, flows week to date were $0.3 billion and year to date flows stand at $48.6 billion.  New issuance for the week was $21.3 billion and year to date issuance is at $318.9 billion.   (Bloomberg)  High Yield Market Highlights  S. junk bonds are holding up […]

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11 Sep 2020

CAM High Yield Weekly Insights

Fund Flows & Issuance:  According to a Wells Fargo report, flows week to date were -$0.7 billion and year to date flows stand at $50.0 billion.  New issuance for the week was $8.1 billion and year to date issuance is at $297.6 billion.  (Bloomberg)  High Yield Market Highlights  The riskiest junk bonds are outperforming in […]

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11 Sep 2020

CAM Investment Grade Weekly Insights

Spreads were mixed during the holiday shortened week and look likely to finish close to unchanged or perhaps a touch wider after it is all said and done.  The Bloomberg Barclays US Corporate Index closed on Thursday September 10 at 131 after closing the week prior at 129.  The market has a firmer tone as […]

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28 Aug 2020

CAM High Yield Weekly Insights

Fund Flows & Issuance:  According to a Wells Fargo report, flows week to date were $1.9 billion and year to date flows stand at $49.8 billion.  New issuance for the week was $1.8 billion and year to date issuance is at $286.1 billion.   (Bloomberg)  High Yield Market Highlights S. junk bonds rallied in the […]

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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.