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
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds scored the biggest one-day gains in nine months, driving yields lower across ratings a day after Federal Reserve Chair Jerome Powell hinted the central bank may now be finished with the most aggressive tightening cycle in four decades. The Fed implied that the recent run-up in long-term […]
CAM Investment Grade Weekly Insights
Credit spreads moved tighter this week on the back of mostly positive earnings reports and muted primary supply. The Bloomberg US Corporate Bond Index closed at 127 on Thursday October 26 after having closed the week prior at 130. The 10yr is trading a 4.85% as we go to print Friday morning, higher by 6 […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bond yields rose for the second day in a row and spreads widened 11 basis points to an almost four-month high of 431, driving modest losses for the second consecutive session. Losses were tempered as 10-year Treasury yields slid from near 5% last week to 4.85% on Thursday, […]
CAM Investment Grade Weekly Insights
Barring a stunning reversal, investment grade credit spreads will finish the week solidly wider. The Bloomberg US Corporate Bond Index closed at 129 on Thursday October 19 after having closed the week prior at 124. The 10yr is trading a 4.93% as we go to print Friday morning, higher by 32 basis points from the […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bond yields rose for the third day in a row to an almost 12-month high of 42%, driving losses for the fourth straight session on concerns over the Middle East conflict and the potential impact of “restrictive rates” on corporate balance sheets. Yields rose and losses extended […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds snapped a five-day winning streak to post the biggest one-day loss in more than a week on Thursday. Yields soared for the second straight session to 9.10% after US consumer prices climbed for a second month, bolstering speculation that the Federal Reserve may keep the doors open […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk-bond issuers inundated the primary market this month, driving the supply of new securities to almost $23 billion, the most since January 2022. Seven of the 19 sessions month-to-date priced more than $2 billion, resulting in some of the busiest days since June. The flurry of new issuance partly […]
CAM Investment Grade Weekly Insights
Investment grade credit spreads look likely to finish the week modestly tighter. The Bloomberg US Corporate Bond Index closed at 117 on Thursday September 21 after having closed the week prior at 118. The 10yr is trading a 4.47% as we go to print Friday morning, higher by 14 basis points on the week. Through […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds posted a loss of 0.5% on Thursday, the biggest one-day drop since July, as yields jumped to a roughly four-week high of 8.74% amid a decline in equities. The losses spanned all high yield ratings after latest data showed that initial jobless claims dropped, suggesting that a […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds are coming off the biggest one-day gains in more than two weeks despite a surge in new debt sales, pushing the market toward a modest 0.31% gain for the week after advancing in three of the last four sessions. The gains lured US borrowers into the market, […]
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.