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.
(Bloomberg) High Yield Market Highlights S. junk bond returns turned negative yesterday across ratings for the first time in almost four weeks. Yields were off their near 12-month low as equities faltered and oil lost momentum. Issuers were undeterred, selling 5 deals for $2.6b, the busiest day in more than 4 weeks, with triple Cs […]
CAM Investment Grade Weekly 04/12/2019 The investment grade credit market continues to benefit from the euphoria of risk-on sentiment that is flooding the capital markets. The OAS on the index closed Thursday at its tightest level of the year. Segmenting the index out by quality, both the A-rated portion of the index and the BBB-rated […]
Fund Flows & Issuance: According to a Wells Fargo report, flows week to date were $1.9 billion and year to date flows stand at $15.2 billion. New issuance for the week was $3.8 billion and year to date HY is at $61.8 billion, which is 4% over the same period last year. (Bloomberg) High […]
(Bloomberg) High Yield Market Highlights March has priced $19.4b so far, the slowest third month since 2009 Average March issuance has been $31b in last five years This will be the slowest 1Q since 2016, which was hit by WTI dropping to a more than 13-year low Inflows slowed a bit this week as markets […]
CAM Investment Grade Weekly 03/22/2019 The investment grade credit markets closed at YTD tights on Thursday evening, riding a wave of strong sentiment from a surprisingly dovish Fed statement on Wednesday. The story changed on Friday, however, with a decidedly softer tone fueled by concerns about the lack of growth globally. Credit is mixed as […]
Fund Flows & Issuance: According to a Wells Fargo report, flows week to date were $2.3 billion and year to date flows stand at $12.7 billion. New issuance for the week was $8.4 billion and year to date HY is at $53.0 billion, which is -0% over the same period last year. (Bloomberg) High […]
CAM Investment Grade Weekly 03/15/2019 The investment grade credit markets look to finish the week marginally tighter. After opening the week at 123, the OAS on the corporate index closed on Thursday at 121, near the YTD low of 120. The 10yr Treasury is 4 basis points lower on the week as we go to […]
Fund Flows & Issuance: According to a Wells Fargo report, flows week to date were $1.4 billion and year to date flows stand at $11.1 billion. New issuance for the week was $4.6 billion and year to date HY is at $42.7 billion, which is -12% over the same period last year. (Bloomberg) High […]
Fund Flows & Issuance: According to a Wells Fargo report, flows week to date were -$1.2 billion and year to date flows stand at $9.7 billion. New issuance for the week was $5.0 billion and year to date HY is at $38.0 billion, which is -6% over the same period last year. (Bloomberg) High […]
Fund Flows & Issuance: According to a Wells Fargo report, flows week to date were $0.2 billion and year to date flows stand at $11.0 billion. New issuance for the week was $2.2 billion and year to date HY is at $31.4 billion, which is -10% over the same period last year. (Bloomberg) High […]
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.