GW&K has been managing taxable bond portfolios for clients for more than three decades. We aim to take advantage of the relative valuation among distinct bond sectors and the increased opportunities to generate income and capital appreciation in changing market environments. Our selective and opportunistic long-term investing style seeks to capture attractive risk-adjusted returns over time.
We are active, multi-sector asset allocators. Depending on where we are in the economic cycle, the interest rate climate, and other market factors, we seek out the best relative value among investment grade and high yield corporate bonds, securitized bonds (agency and commercial mortgage-backed securities), government bonds, and Treasuries.
Comprehensive Research
Our active approach combines top down macroeconomic analysis and rigorous bottom-up credit research. We evaluate the business cycle, valuation trends, and market technicals to guide our market and sector allocation decisions. Our security selection process combines fundamental, valuation, and technical analysis to identify companies with solid business models and sustainable cash flows.
Risk Sensitive
A key tenet of our active approach to managing fixed income portfolios is to mitigate risk through diversification, in-depth research, and a distinct bias for quality.
The Taxable Bond Team’s research and security selection process
At GW&K, we have a very unique investment culture that really allows us to form lasting partnerships with our clients. We listen to our clients and then we construct customized portfolios to meet their goals, objectives, and risk control metrics. Taken together, this differentiates us from our competitors.
Mary Kane
Taxable Bond Portfolio Manager
We really believe that our clients win with steady, incremental income over time. Thus, on a day-to-day basis we go out and build our clients diversified yield advantaged portfolios.
Mary Kane
Taxable Bond Portfolio Manager
The success of the taxable bond department is rooted in our active management style. We use multiple sectors of the bond market to add value over time. We aim to take advantage of the relative value opportunities that occur in the marketplace – at the sector, issue, and security level, right down to how we position ourselves along the yield curve.
Mary Kane
Taxable Bond Portfolio Manager
Commentary
GW&K Taxable Bond Market Commentary – 3Q 2024
Taxable Bond | Market Commentary
Midway through the third quarter, the soft-landing scenario was briefly upended by an unexpected weakening in the labor market that sparked fears around growth and a potential policy mistake.
After an unsteady start to the quarter that saw upside surprises to both growth and inflation, evidence emerged that the lagged effects of tight monetary policy might finally be working.
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