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

26 Aug 2022

CAM Investment Grade Weekly Insights

Investment grade credit spreads drifted wider in the first half of the week and then traded tighter amid low volume into Friday morning.  After Fed Chair Jerome Powell spoke on Friday the street tried to take spreads wider but trading volume has remained low with the market in its end-of-summer seasonal slow-down.  The Bloomberg US […]

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26 Aug 2022

CAM High Yield Weekly Insights

Fund Flows & Issuance:  According to a Wells Fargo report, flows week to date were -$4.1 billion and year to date flows stand at -$48.3 billion.  New issuance for the week was $0.4 billion and year to date issuance is at $79.3 billion.   (Bloomberg)  High Yield Market Highlights U.S. junk bonds head toward a […]

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19 Aug 2022

CAM High Yield Weekly Insights

Fund Flows & Issuance:  According to a Wells Fargo report, flows week to date were $0.1 billion and year to date flows stand at -$44.1 billion.  New issuance for the week was $4.7 billion and year to date issuance is at $78.9 billion.   (Bloomberg)  High Yield Market Highlights U.S. junk bonds are on track […]

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19 Aug 2022

CAM Investment Grade Weekly Insights

Investment grade credit spreads were generally tighter to start the week and then drifted wider in the second half.  The Bloomberg US Corporate Bond Index closed at 134 on Thursday August 18 after having closed the week prior at 132.  The 10yr Treasury closed last week at 2.83% and is trading at 2.95% as we […]

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12 Aug 2022

CAM Investment Grade Weekly Insights

Investment grade credit performed strongly this week as spreads moved tighter throughout.  The Bloomberg US Corporate Bond Index closed at 135 on Thursday August 11 after having closed the week prior at 141.  The 10yr Treasury closed last week at 2.83% and is trading at 2.85% as we go to print on Friday afternoon.  On […]

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12 Aug 2022

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 -$44.8 billion.  New issuance for the week was $3.5 billion and year to date issuance is at $74.7 billion.   (Bloomberg)  High Yield Market Highlights U.S. junk bonds are headed toward […]

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05 Aug 2022

CAM High Yield Weekly Insights

Fund Flows & Issuance:  According to a Wells Fargo report, flows week to date were $3.3 billion and year to date flows stand at -$45.8 billion.  New issuance for the week was nil and year to date issuance is at $71.2 billion. (Bloomberg)  High Yield Market Highlights The U.S. junk bond market is headed for […]

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05 Aug 2022

CAM Investment Grade Weekly Insights

Investment grade credit performance was mixed again this week.  It looked like spreads would finish the week better bid but then the monthly payroll report hit on Friday morning.  Things are volatile as we go to print so it is merely a guess but we could finish the week somewhere in the neighborhood of unchanged […]

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29 Jul 2022

CAM High Yield Weekly Insights

Fund Flows & Issuance:  According to a Wells Fargo report, flows week to date were $4.4 billion and year to date flows stand at -$49.1 billion.  New issuance for the week was $0.7 billion and year to date issuance is at $71.2 billion.   (Bloomberg)  High Yield Market Highlights U.S. junk bonds are headed toward […]

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29 Jul 2022

CAM Investment Grade Weekly Insights

Investment grade credit performance was mixed this week and it looks as though spreads will finish a basis point or two wider.  The Bloomberg US Corporate Bond Index closed at 146 on Thursday July 28 after having closed the week prior at 144.  The market is better bid as we go to print this Friday […]

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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.