In selecting bonds for inclusion in client portfolios, we seek the following attributes: 

• Quality

• Type (Government, Agency, and Corporate)

• Economic Sector

• Average Coupon

• Average Maturity

• Reinvestment Rate Risk

• Average Yield-to-Maturity

• Average Current Yield

• Mix of Premium, Par discount Bonds

• Volatility in price or yield, i.e. Duration

• Liquidity of issues

• Bond Indenture Terms and Call Features

• Yield on Cost

• Turnover

• Cash Flow

• Denomination Sizes

Fixed income tactical decisions may be induced by some of the following:

• Structural adjustments in maturity or duration in anticipation of interest rate changes

• Identifying Mispriced Bonds

• Credit Analysis - Quality rating change after the fact, look for potential up-grades

• Spread Analysis: A - AA - AAA

• Upgrade quality when spreads narrow

• Exploit spread relationships between market segments

• Bond Swaps substituting to improve yield, quality, flexibility