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.
Fund Flows & Issuance: According to a Wells Fargo report, flows week to date were $1.6 billion and year to date flows stand at $24.4 billion. New issuance for the week was $3.8 billion and year to date HY is at $219.3 billion, which is +37% over the same period last year. (Bloomberg) High […]
Credit spreads were tighter during the week and are now at the tightest levels of 2019. The spread on the Bloomberg Barclays Corporate Index closed at 105 on Thursday and there is a positive tone in the air on Friday morning which could lead to an even tighter close as we head into the long […]
CAM High Yield Market Note 11/1/2019 Fund Flows & Issuance: According to a Wells Fargo report, flows week to date were $1.1 billion and year to date flows stand at $22.9 billion. New issuance for the week was $5.9 billion and year to date HY is at $215.4 billion, which is +36% over the […]
Credit spreads were turbulent during the week. The first half of the week saw tighter spreads, and the OAS on the Corporate Index closed at 106 on Tuesday, the tightest level of 2019. Spreads traded wider from there on the back of Fed commentary on Wednesday which was followed by a surprisingly weak Chicago PMI […]
Spreads are tighter to the tune of several basis points on the week while Treasury rates crept higher. The OAS on the Bloomberg Barclays Corporate Index was 110 on Friday morning after having closed at 112 the week prior. Spreads have continued to grind tighter throughout the day as we go to print on Friday […]
Fund Flows & Issuance: According to a Wells Fargo report, flows week to date were $1.7 billion and year to date flows stand at $21.7 billion. New issuance for the week was $5.6 billion and year to date HY is at $209.4 billion, which is +33% over the same period last year. (Bloomberg) High […]
CAM High Yield Market Note 10/18/2019 Fund Flows & Issuance: According to a Wells Fargo report, flows week to date were $1.9 billion and year to date flows stand at $20.0 billion. New issuance for the week was $4.1 billion and year to date HY is at $203.8 billion, which is +33% over the […]
Spreads are tighter on the week amidst positive vibes in risk markets and the lack of meaningful new corporate supply. The OAS on the Bloomberg Barclays Corporate Index is 113 on Friday morning after having closed at 115 the week prior. Treasury rates have risen substantially since the beginning of October and the 10yr spent […]
Fund Flows & Issuance: According to a Wells Fargo report, flows week to date were -$0.1 billion and year to date flows stand at $17.0 billion. New issuance for the week was $1.1 billion and year to date HY is at $199.5 billion, which is +30% over the same period last year. (Bloomberg) High […]
Spreads and Treasuries were range bound during the week and look likely to finish the week relatively unchanged. It was a quiet week for credit which is unsurprising given that we are headed into quarter end. The primary market kicked off September with its busiest week ever but the torrid pace of issuance has cooled […]
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.
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.
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
View our research materials, like white papers and yield-spread analysis, as well as our weekly insight.
For investors seeking potentially greater returns, this strategy focuses on bonds rated in the top two rating categories (BB & B). Securities rated CCC and lower are not eligible for purchase.
Designed for the more conservative investor interested in an intermediate, investment grade corporate strategy that provides a premium yield to Treasury securities.
For investors interested in a shorter maturity profile which targets an allocation of 50% Investment Grade and 50% High Yield securities in one portfolio.
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.
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.
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.