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
Spreads inched tighter during the week with the Bloomberg US Corporate Bond Index at its narrowest level of the year. The index closed at 87 on Thursday April 11 after having closed the week prior at 89. The 10yr is trading at 4.52% this Friday morning after closing last week at 4.40%. Through Thursday, the […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds are headed for their second straight weekly loss as yields jump to a four-month high after the March core consumer price index rose for the third straight month, fueling fresh concerns that the Federal Reserve could delay interest-rate cuts to the end of year. Junk-bond yields breached […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds are headed toward the biggest weekly loss since mid-January on renewed concerns about the Federal Reserve delaying rate cuts and holdings interest rates higher for longer on robust economic data. The drop was also driven by rising commodity prices, led by oil and copper, fueling more inflation […]
CAM Investment Grade Weekly Insights
Spreads stuck to a tight range this week and are looking to finish the period at the narrowest levels of 2024. The Bloomberg US Corporate Bond Index closed at 88 on Thursday March 21 after having closed the week prior at 89. The 10yr is trading at 4.22% this Friday morning after closing last week […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bond rally came as a lagged response after Federal Reserve Chair Jerome Powell’s reiteration that rate cuts are likely to begin later this year. Yields plunged to a nearly 12-week low of 7.65%, after dropping for four straight sessions, and are on track for the biggest weekly decline […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights The US junk bond rally finally broke on Thursday with the biggest one-day loss in four weeks driving the market to its first modest weekly loss since mid February. Data showed inflation continues to be sticky, even as retail sales showed some sluggishness signaling consumer spending may not hold as […]
CAM Investment Grade Weekly Insights
Spreads moved tighter throughout the week. The Bloomberg US Corporate Bond Index closed at 91 on Thursday March 15 after having closed the week prior at 95. The 10yr is trading at 4.31% this Friday morning after closing last week at 4.07%. Through Thursday, the Investment Grade Corporate Index YTD total return was -1.40%. Although […]
CAM Investment Grade Weekly Insights
Spreads were relatively unchanged during the week as the index sat 7bps off its tightest levels of the year through Thursday’s close. The Bloomberg US Corporate Bond Index closed at 96 on Thursday March 8 after having closed the week prior at 97. The 10yr is trading at 4.07% this Friday morning after closing last […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights The US junk bond market is headed toward a third-straight weekly gain, with its current six-day winning streak the longest this year and yields dropping to 7.75%. It’s allowed yields for the riskiest part of the market, CCCs, to fall below 12% for the first time this year. They’ve fallen […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights The broad rally in risk assets has propelled CCCs, the riskiest part of the junk bond market, to the top as the best performing asset class in February. Returns for the month were 1.7% after climbing for six consecutive sessions. The gains came after S&P 500 breached the 5,000 […]
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.