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 Investment Grade Weekly Insights
Investment grade credit spreads may end the week slightly tighter but the theme for spreads lately has been one of little change. In fact, for the month of July, the spread on the index has been range bound within a tight window of 122-125. The Bloomberg US Corporate Bond Index closed at 123 on Thursday […]
CAM Investment Grade Weekly Insights
Investment grade credit spreads continued to inch tighter this week. The Bloomberg US Corporate Bond Index closed at 130 on Thursday June 22 after having closed the week prior at 131. This is the tightest level for the index in over three months. The investment grade credit market is flat amid muted volume this Friday […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights The US junk bond market is headed toward the third week of gains largely propelled by the riskiest part of the junk market even after the Federal Reserve left the door open for future hikes. The CCC segment is on track for the biggest weekly gains since mid-April at […]
CAM Investment Grade Weekly Insights
Investment grade credit spreads experienced a steady grind tighter this week. The Bloomberg US Corporate Bond Index closed at 133 on Thursday June 15 after having closed the week prior at 138. The investment grade credit market is feeling good vibes again as we go to print this Friday morning. Equity futures too are in […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds are heading for a modest weekly gain as investors debate whether the Federal Reserve will pause its tightening campaign or keep rates higher for longer following the example of the Bank of Canada. Signs of bullish sentiment can be seen as US high yield funds reported […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds are headed toward the third straight week of losses and the biggest weekly loss in more than two months, pushing yields to a seven-week high on worries over negotiations to raise the debt ceiling. The week-to-date loss is 0.45%. The losses spanned ratings categories. US high yield funds reported an outflow of […]
CAM Investment Grade Weekly Insights
Investment grade credit spreads drifted wider through the first half of the week and into Wednesday’s close on the back of new issue supply. Spreads then snapped tighter Thursday afternoon on the hope that there could be a near term resolution to the debt ceiling. After the move tighter, spreads were unchanged on the week […]
CAM Investment Grade Weekly Insights
Investment grade credit spreads moved wider throughout the week. The Bloomberg US Corporate Bond Index closed at 148 on Thursday May 4 after having closed the week prior at 136. The 10yr Treasury yield was only a few basis points higher this week after having closed last Friday at 3.42%. Through Thursday, the Corporate Index […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights The junk market snapped the knee-jerk rally that followed the Fed meeting where Chair Jerome Powell said that the central bank was “much closer to the end” of the rate-hike campaign after raising interest rates by a quarter percentage point. US junk bonds posted the biggest one-day loss […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds are posted to close the month with modest gains, outperforming investment-grade bonds, on expectations the Fed may pause its rate-hike campaign after an anticipated 25bps increase at the next policy meeting. The struggles of First Republic Bank this week reinforced that market consensus. The gains spanned the […]
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.