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 drifted sideways this week and if that trend holds then it looks likely that the index will finish the week unchanged. The Bloomberg US Corporate Bond Index closed at 134 on Thursday April 20 after having closed the week prior at 134. The 10yr Treasury traded in a narrow range this […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds are set to lose this week by the most in six weeks, ending a month long rally as investors brace for at least one more interest rate hike by the Federal Reserve. Yields in the risky debt jumped by 18 basis points this week to 8.58%, the […]
CAM Investment Grade Weekly Insights
Investment grade credit spreads will likely finish the week tighter. The Bloomberg US Corporate Bond Index closed at 137 on Thursday April 13 after having closed the week prior at 141. The 10yr Treasury is trading at 3.51% as we go to print which is 20 basis points higher than the YTD low at the […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds staged the biggest one-day rally in two weeks, capping a six-session advance that marks the longest winning streak in more than three months. Yields tumbled to a two-month low of 8.38% and spreads dropped below +450 to close at +446, the tightest in five weeks. The rally […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds are headed to close the month with modest gains even after a tumultuous two-week stretch fueled by instability in the banking industry. All told, junk bonds have managed to rebound from February losses that were spurred by fears that aggressive interest-rate hikes would trigger a recession. […]
CAM High Yield Weekly Insights
Fund Flows & Issuance: According to a Wells Fargo report, flows week to date were -$1.9 billion and year to date flows stand at -$12.6 billion. New issuance for the week was nil and year to date issuance is at $38.5 billion. (Bloomberg) High Yield Market Highlights The turmoil in the US regional banking […]
CAM Investment Grade Weekly Insights
Investment grade credit spreads will finish the week wider amid an extremely volatile tape. The Bloomberg US Corporate Bond Index closed at 143 on Thursday March 16 after having closed the week prior at 136. The 10yr Treasury is wrapped around 3.46% as we go to print which is 23 basis points lower than where […]
CAM Investment Grade Weekly Insights
Investment grade credit spreads are set to finish the week tighter amid a strong market tone this Friday morning. The fact that spreads moved tighter this week is an impressive feat amid higher Treasury yields and an extremely active primary market. The Bloomberg US Corporate Bond Index closed at 122 on Thursday March 2 after […]
CAM High Yield Weekly Insights
Fund Flows & Issuance: According to a Wells Fargo report, flows week to date were -$2.1 billion and year to date flows stand at -$10.4 billion. New issuance for the week was $6.9 billion and year to date issuance is at $37.9 billion. (Bloomberg) High Yield Market Highlights US junk bonds dropped heading into […]
CAM High Yield Weekly Insights
Fund Flows & Issuance: According to a Wells Fargo report, flows week to date were -$6.5 billion and year to date flows stand at -$8.3 billion. New issuance for the week was nil and year to date issuance is at $31.0 billion. (Bloomberg) High Yield Market Highlights US junk bonds are headed toward 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.