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  • Latest Insights
    View From 30,000 Feet: Insights into the Investment Environment and Client Portfolios
    MacKay Shields | September 30, 2019
    September 30, 2019 | MacKay Shields
    European Central Bank Policy: All in for One Final Hand
    Global Fixed Income Team | September 30, 2019
    September 30, 2019 | Global Fixed Income Team
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Global Fixed Income Team

Overview Philosophy Process Products Team
The Global Fixed Income Team manages a number of income-oriented fixed income strategies ranging from traditional portfolios such as core, core plus and credit to more progressive options investing in high yield, emerging markets and unconstrained strategies. Our experience in managing fixed-income portfolios encompasses most sectors, securities and markets, and also includes asset allocation as a key component in many of our strategies. We seek to achieve attractive risk-adjusted returns by eliminating those risks for which the compensation is insufficient among bonds and across sectors. A team of more than 20 investment professionals with an average of 20+ years of investment experience work together to manage our global fixed-income strategies and seek to deliver solid investment performance for our clients.
The longstanding investment philosophy of our global fixed-income strategies is rooted in our strong beliefs:
  • Our basic tenet is that bonds have limited upside (mature at par) but significant downside potential (default with no recovery).
  • We believe that strong risk-adjusted returns can best be achieved by using a highly disciplined investment approach designed to identify and eliminate any uncompensated risks.
  • Bottom-up research complemented with a top-down macroeconomic overlay can help identify those securities having the most attractive risk/return profiles.
Market inefficiencies may be exploited by experienced investment professionals with expertise in security selection and analysis.
We manage portfolios using a disciplined process that combines both top-down and bottom-up analysis with rigorous risk management. Our top-down review focuses on important economic underpinnings of the market’s risk cycle and is fueled by our understanding and appreciation for the significance of monetary policy and its impact on capital markets. Our bottom-up analysis feeds continuously into our macro analysis to help identify significant changes in financial market conditions, real economic developments and areas of credit excess. As part of this review, we analyze a progression of 32 quantitative and qualitative factors to evaluate individual credits, which are historically the largest drivers of our portfolio returns, in order to identify inappropriate or uncompensated risk. Risk management is imbedded throughout our entire process, with a special focus on credit risk, interest rate risk, structure risk and liquidity risk.
Bank Loans
Objective
Bank Loans seeks to outperform the benchmark by eliminating uncompensated risk from investments in bank loans, sometimes referred to as leveraged loans or bank debt. The strategy strives to achieve an information ratio of greater than 1.
Investment Universe
Typically invests in bank loans of below investment grade issuers.
Core
Objective
Core seeks to outperform the benchmark by eliminating or reducing uncompensated risk while allocating across Core sectors. The strategy strives to achieve an information ratio greater than 1.
Investment Universe
Securities are typically found in the Barclays U.S. Aggregate Index, although additional high grade off-benchmark investments may be permitted, including but not limited to Rule 144A securities without registration rights, mortgage dollar roles, TIPS, and floating rate notes.
Core Plus
Objective
Core Plus seeks to outperform the benchmark by eliminating or reducing uncompensated risk while opportunistically allocating investments across a range of core and off-benchmark sectors. The strategy strives to achieve an information ratio of greater than 1.
Investment Universe
Typically invests in the same sectors represented by the Barclays U.S. Aggregate Bond Index, as well as high yield (20%), emerging market debt (10%) and non-US Dollar exposure (10%).
Core Plus Opportunities
Objective
Core Plus Opportunities seeks to outperform the benchmark by eliminating or reducing uncompensated risk while opportunistically allocating investments across a range of core and off-benchmark sectors. The strategy strives to achieve an information ratio of greater than 1.
Investment Universe
Typically invests in the same sectors represented by the Barclays U.S. Aggregate Bond Index, as well as high yield including bank loans (30%), emerging market sovereigns and corporates (10%) and non-US Dollar exposure (10%).
Global High Yield Active Core
Objective
Global High Yield seeks to outperform the benchmark by eliminating uncompensated risk from investments in below investment grade securities. The strategy strives to achieve an information ratio of greater than 1.
Investment Universe
Typically invests in below investment grade securities using an integrated top down and bottom up approach to management.
Global Multi-Asset
Objective
Global Multi-Asset seeks current income consistent with reasonable opportunity for future growth of capital and income.
Investment Universe
The strategy utilizes a top down and bottom up approach that allocates between 30-70 percent each to equities and fixed-income based on best opportunities in the markets.
High Yield Active Core
Objective
High Yield Active Core seeks to outperform the benchmark by eliminating uncompensated risk from investments in below investment grade securities. The strategy strives to achieve an information ratio of greater than 1.
Investment Universe
Typically invests in below investment grade securities using an integrated top down and bottom up approach to management.
Investment Grade Credit
Objective
Investment Grade Credit seeks to outperform the benchmark by eliminating or reducing uncompensated risk from investments in corporate credit securities. The strategy strives to achieve an information ratio of greater than 1.
Investment Universe
Typically invests in the universe of securities represented by the Barclays Credit Index.
Short Duration High Yield
Objective
Short Duration High Yield seeks to provide an attractive risk adjusted return through eliminating uncompensated risk with investments in below investment grade securities. The strategy strives to achieve an information ratio of greater than 1.
Investment Universe
Typically invests in below investment grade securities and can also use cash and derivatives to lower the duration of the portfolio, pursuant to client guidelines.
Unconstrained Bond
Objective
Unconstrained Bond seeks to exploit opportunities in the global fixed income markets through a process of multi-sector asset allocation to achieve the highest absolute and risk adjusted return.
Investment Universe
Typically invests in a diversified portfolio of debt or debt-related securities in sovereign, and securitized and credit assets to mitigate risk.

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Dan C. Roberts, PhD*
Executive Managing Director
Head of Global Fixed Income
Portfolio Managers / Macro Economist
11
Credit Research & Risk Analysts**
12
Dan C. Roberts is an Executive Managing Director, Head of the Global Fixed Income Team and its Chief Investment Officer. His responsibilities include spearheading macro-economic research, managing portfolios and chairing GFI’s Investment Policy Committee (IPC). Directing the IPC is Dan’s most important investment responsibility as this Committee is the foundation of the GFI team-based approach to managing portfolios. It sets all portfolio strategy within the context of the team’s macro view and monitors compliance with its decisions. No significant positions are taken in any portfolio without the approval of the IPC. The IPC’s voting members are GFI’s three most senior investment professionals, who have worked together for nearly two decades.

Dan joined MacKay Shields in 2004 when the firm acquired the fixed income business of Pareto Partners, where he had served as Chief Investment Officer. Dan first began assembling his team in 1989, when he was appointed head of fixed income at UBS Asset Management. In 1997 the team joined Forstmann-Leff International and was subsequently purchased by Pareto Partners in 2000. Prior to UBS, Dan worked at Chase Manhattan Bank, initially as a Financial Economist before being named head of Global Interest Rate and Currency Swaps Trading. Before joining the private sector, Dan served at The White House with the President’s Council of Economic Advisors from 1981 to 1983, was the Chief of Staff of the U.S. Congress’ Joint Economic Committee from 1984 to 1985 and was an economist at the U.S. Securities and Exchange Commission from 1977 to 1978.

Dan holds a BBA and a PhD from University of Iowa. He has been working in the investment industry since 1977.
*On September 23, 2019, Dan Roberts announced his retirement effective December 31, 2019, at which time he will transition to Senior Advisor.
**Two members are part of the firm’s Risk Management Team.
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An affiliate of New York Life Investment Management Holdings LLC
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