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

05 Feb 2021

CAM High Yield Weekly Insights

Fund Flows & Issuance:  According to a Wells Fargo report, flows week to date were $2.5 billion and year to date flows stand at $0.8 billion.  New issuance for the week was $13.3 billion and year to date issuance is at $57.2 billion. (Bloomberg)  High Yield Market Highlights U.S. junk bond yields hit a new […]

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05 Feb 2021

CAM Investment Grade Weekly Insights

Price action in the corporate bond market this week would best be described as “grabby” with spreads consistently grinding tighter throughout the week. Spreads were wider the week before last but they have since reclaimed that ground that was given up. The Bloomberg Barclays US Corporate Index closed on Thursday February 4 at 94 after […]

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22 Jan 2021

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 -$0.3 billion.  New issuance for the week was $16.7 billion and year to date issuance is at $32.9 billion.  (Bloomberg)  High Yield Market Highlights Yields on CCC debt, the riskiest of […]

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22 Jan 2021

CAM Investment Grade Weekly Insights

Spreads are looking likely to finish the holiday shortened week with little change.  The Bloomberg Barclays US Corporate Index closed on Thursday January 21 at 94 after closing the week prior at 94.  Treasuries have hardly moved this week and are currently less than 2 basis points lower since last Friday.  Through Thursday, the corporate […]

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08 Jan 2021

CAM High Yield Weekly Insights

(Bloomberg)  High Yield Market Highlights  Urban One Inc. is slated to sell an $825 million seven-year note Friday, which would push issuance this week to about $8 billion. The junk bond primary has been dominated by energy companies, and more deals could emerge with oil prices rallying. Energy companies have accounted for more than 60% […]

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08 Jan 2021

CAM Investment Grade Weekly Insights

Spreads will finish the week unchanged after a minor bout of mid-week volatility that pushed spreads wider for a day.  Through the Thursday close, the OAS on the Bloomberg Barclays Corporate Index was 96, which is the same level that it closed to end 2020.  Treasury rates stole the headlines from spreads this week and […]

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25 Dec 2020

CAM High Yield Weekly Insights

(Bloomberg)  Massive Package of Virus Relief, Federal Funding Passes Congress  Congress passed the second-biggest economic rescue package in U.S. history as part of a massive year-end spending bill, concluding months of discord between Democrats and Republicans over how to address the pandemic that continues to surge across the country. In addition to funding government operations […]

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18 Dec 2020

CAM High Yield Weekly Insights

Fund Flows & Issuance:  According to a Wells Fargo report, flows week to date were -$0.9 billion and year to date flows stand at $48.7 billion.  New issuance for the week was $12.8 billion and year to date issuance is at $425.8 billion.  (Bloomberg)  High Yield Market Highlights  The U.S. junk bond rally is set […]

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04 Dec 2020

CAM High Yield Weekly Insights

Fund Flows & Issuance:  According to a Wells Fargo report, flows week to date were -$0.2 billion and year to date flows stand at $48.7 billion.  New issuance for the week was $4.5 billion and year to date issuance is at $402.0 billion. (Bloomberg)  High Yield Market Highlights U.S. junk bond yields breached record lows […]

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20 Nov 2020

CAM High Yield Weekly Insights

Fund Flows & Issuance:  According to a Wells Fargo report, flows week to date were $1.3 billion and year to date flows stand at $45.0 billion.  New issuance for the week was $11.0 billion and year to date issuance is at $387.7 billion.  (Bloomberg)  High Yield Market Highlights  The junk-bond market is having its busiest […]

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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.