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 (Bloomberg) Powell Signals Fed Will Raise Rates If Needed, Keep Them High Federal Reserve Chair Jerome Powell said the US central bank is prepared to raise interest rates further if needed and intends to keep borrowing costs high until inflation is on a convincing path toward the Fed’s 2% target. “Although inflation […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds are headed toward their worst weekly loss since June after steadily falling for five straight sessions. Thursday’s loss of 41% is the biggest one-day slide in six weeks as yields rose 10 basis points to a more than five-week high of 8.67%. Risk appetite softened after minutes […]
CAM Investment Grade Weekly Insights
Investment grade credit spreads will finish the week wider. The Bloomberg US Corporate Bond Index closed at 124 on Thursday August 17 after having closed the week prior at 119. The 10yr is trading at 4.23% this morning, higher by 8 basis points on the week. Through Thursday August 10 the Corporate Index YTD total […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds rebound from last week’s losses and are headed to post the biggest weekly gain since mid-July. After steadily rallying for five straight sessions buoyed by a subdued consumer inflation reading, expectations are rising that the Federal Reserve will pause its interest-rate hiking campaign. The current wave of […]
CAM Investment Grade Weekly Insights
Investment grade credit spreads were slightly softer this week. The Bloomberg US Corporate Bond Index closed at 120 on Thursday August 10 after having closed the week prior at 118. The 10yr is trading at 4.13% as we go to print which is up 10 basis points on the week on the back of a […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds are headed for the worst weekly loss in six, as risk appetite wobbled on Fitch’s downgrade of US government debt, higher longer-dated Treasury yields and a Senior Loan Officer Opinion Survey that showed tightening lending standards. While it was business as usual for the primary […]
CAM Investment Grade Weekly Insights
Investment grade credit spreads closed at the tightest levels of the year on Monday evening before widening throughout the rest of the week in sympathy with higher Treasury yields. The Bloomberg US Corporate Bond Index closed at 119 on Thursday August 4 after having closed the week prior at 115. The 10yr is trading at […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds lost some momentum on renewed concerns that strong macro data will pressure the Federal Reserve to raise rates again, prolonging the most aggressive policy tightening in decades. Junk bonds posted a modest loss of 0.1% on Thursday, on pace to end the two-week gaining streak. Yields jumped […]
CAM Investment Grade Weekly Insights
Investment grade credit spreads look set to end the week better as the index is closing in on its tightest levels since early February and is now just 2 basis points from its 2023 tight. The Bloomberg US Corporate Bond Index closed at 117 on Thursday July 27 after having closed the week prior at […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights The US junk-bond rally stalled after data showing a resilient labor market renewed concerns that the Federal Reserve may not stop its interest-rate hikes after the quarter-point move expected next week. The securities posted a modest loss of 0.03% on the week as yields rose seven basis points to 8.36. […]
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.