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 High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds staged a solid comeback from last week’s losses and are on track to post modest gains as yields plunged 22 basis points in three sessions – from 7.90% to 7.68% – and spreads tightened 42bps to 339. The rally extended across the ratings spectrum after […]
CAM Investment Grade Weekly Insights
Credit spreads were meaningfully wider on the week while Treasuries rallied, sending yields lower. The Bloomberg US Corporate Bond Index closed at 98 on Thursday August 1 after closing the week prior at 93. The 10yr Treasury yield traded through its previous YTD low of 3.88% from back in January and it is trading at […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bond spreads jumped 11 basis points, the most one-day widening in six months, to a three-month high of 325, abruptly snapping the broad rally and triggering negative returns across the risk spectrum. The losses came after data showed further evidence that US manufacturing shrank the most in eight […]
CAM Investment Grade Weekly Insights
Credit spreads were modestly wider on the week. The Bloomberg US Corporate Bond Index closed at 93 on Thursday July 25 after closing the week prior at 91. The 10yr Treasury yield was slightly lower on the week at press time, trading at 4.21% this Friday morning after closing last week at 4.24%. Through Thursday, […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds are poised to see their eighth straight weekly gains, potentially the longest such streak since January 2021, while spreads continue to hang around 300 basis points on interest-rate cut expectations. A survey of US economists showed that the expectation that the Federal Reserve will likely […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds are headed for their seventh week of gains, which would match the run at the end of last year, though an 11-day winning streak ended Thursday amid broad weakness in equities. Though high yield overall lost 0.02%, CCCs continued to rebound from their underperformance That riskiest part […]
CAM Investment Grade Weekly Insights
Credit spreads were a touch wider on the week. The Bloomberg US Corporate Bond Index closed at 91 on Thursday July 18 after closing the week prior at 89. The 10yr Treasury yield was slightly higher on the week, trading at 4.24% this Friday morning after closing last week at 4.18%. Through Thursday, the corporate […]
CAM Investment Grade Weekly Insights
Credit spreads were little changed during the week. The Bloomberg US Corporate Bond Index closed at 94 on Thursday June 27 after closing the week prior at the same level. The 10yr Treasury yield is slightly higher on the week, trading at 4.33% this Friday afternoon after closing last week at 4.26%. Through Thursday, the […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds are poised for a second-straight monthly gains, returning 0.9% so far as investors have shrugged off a hawkish Federal Reserve that’s signaled just one quarter-point cut in 2024. Yields have dropped eight basis points to 7.92%, while spreads widened just five basis points to 313bps as […]
CAM Investment Grade Weekly Insights
Credit spreads moved incrementally wider for the second consecutive week. The Bloomberg US Corporate Bond Index closed at 94 on Thursday, June 20, after closing the week prior at 92. It isn’t shocking to see spreads take a breather as they have been at tight levels relative to historical trading ranges, and they have widened […]
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.