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
Credit spreads clawed their way back from the wides of last week and are poised to finish the period tighter. The OAS on the Corporate Index was 3 basis points tighter this week through Thursday. The 10yr Treasury yield inched lower throughout the week as investors remained wary of risk assets. The 10yr was 7bps […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk-bond yields surged to seven-month highs as risk premiums rose to levels not seen since August, driving the biggest one-day loss since December, amid the escalating trade war after Donald Trump threatened more tariffs on European exports. The risk premium for junk bonds, as reflected in spreads, closed […]
CAM Investment Grade Weekly Insights
Credit spreads moved meaningfully wider this week in sympathy with the rout in equities but the credit market has a more optimistic vibe as we go to print Friday morning. The OAS on the Corporate Index was 10 basis points wider on the week, closing at 97, its widest level of 2025 and the widest […]
CAM Investment Grade Weekly Insights
Credit spreads showed some stability this week which was impressive given the deluge of new issue supply. It looks as though the period will finish on a positive note based on price action this Friday morning. The OAS on the Corporate Index was unchanged at 87 basis points this week through Thursday. The 10yr Treasury […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bond racked up the biggest one-day loss in nearly eight weeks on Thursday as equities plunged. High-yield markets, which have been jittery amid evolving headlines over US tariffs, are on track for their biggest weekly loss since mid-December. Spreads surged to a near five-month high after jumping […]
CAM Investment Grade Weekly Insights
Credit spreads finally experienced their first bout of widening in 2025. Now, to be clear, we are not talking about much of a move in the grand scheme of things. Although the index closed Thursday at its widest level of 2025 it sits only 7 basis points off the tights. The OAS on the Corporate […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds defied policy uncertainty, elevated volatility, and tumbling equities as they headed for their second monthly gain this year, with modest returns of 0.6%. Yields also declined for the second consecutive month, falling six basis points to 7.14%. The broad gains in the US junk bond […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bond yields edged up, looking through trade tariffs noise and mixed earnings, with Walmart posting disappointing forecasts on Thursday. Traders awaited manufacturing PMI data due later today for clues on the interest-rates path. Higher yields continued to bring borrowers into the market Four companies sold a […]
CAM Investment Grade Weekly Insights
Credit spreads remained near their tightest levels of 2025 during the holiday shortened week. The option adjusted spread of the Bloomberg US Corporate Bond Index closed at 78 on Thursday February 20 after closing the week prior at the same level. The 10yr Treasury yield did not exhibit much change during the week and was […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds snapped back on Thursday, notching the biggest one-day returns in a week after it became clear that reciprocal tariffs were not likely before April. Yields tumbled six basis points to 7.26%. The gains spanned across ratings. CCCs, the riskiest part of the high-yield market, racked […]
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.