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 inched tighter this week, breaching a new year-to-date low. The Bloomberg US Corporate Bond Index closed at 81 on Thursday October 10 after closing the week prior at 83. The 10yr Treasury yield was 9 basis points higher this week through Thursday, moving from 3.97% to 4.06%. Through Thursday, the corporate bond index […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights The US junk-bond market stalled at the start of the fourth quarter and is headed for its second weekly loss this month and the biggest in five months. That’s after recording losses for seven straight sessions, the longest losing streak since mid April. Yields jumped to a four-week high of […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds kick off the fourth quarter on a somber note and are on track to end the eight-week gaining streak to post their biggest weekly loss in four months. The US junk bond rally faded as the market posted losses for the second consecutive session […]
CAM Investment Grade Weekly Insights
Credit spreads traded within a narrow window this week and are 1 basis point better week over week. The Bloomberg US Corporate Bond Index closed at 90 on Thursday September 26 after closing the week prior at 91. The 10yr Treasury yield was higher this week through Thursday, up 5.5 basis points from where it […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds rebounded cautiously after a four-day losing streak as spreads dropped just below 300 basis points and yields held steady at 7.03%. Junk bond yields, prices and returns came under pressure after a barrage of new issuance took the week’s volume to $9b and September supply […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds are headed for their seventh weekly gain after amassing the biggest one-day returns in six weeks. The market is poised for the biggest weekly jump in four months, with returns of 0.86% so far this week. Yields plunged, falling below 7% for the first time […]
CAM Investment Grade Weekly Insights
Credit spreads moved meaningfully tighter this week with the index trading at its richest level since late July. The Bloomberg US Corporate Bond Index closed at 91 on Thursday September 19 after closing the week prior at 96. The 10yr Treasury yield drifted higher throughout the week, up 6 basis points from where it closed […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds are headed for their sixth straight week of gains, and yields still hover around two-year lows on expectations that the Federal Reserve will begin easing interest-rate policy in its meeting next week. Expectations swing between a 25 and a 50 basis point cut. The gains […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds gained for the second straight session after data showed US companies added the fewest jobs since the start of 2021, reinforcing the broad trend that the labor market is cooling substantially. Yields tumbled seven basis points to a more than two-year low. While the labor […]
CAM Investment Grade Weekly Insights
Credit spreads did not change much this week though the index may finish the period a basis point tighter if the current trend holds through the end of the day on Friday. The Bloomberg US Corporate Bond Index closed at 92 on Thursday September 5 after closing the week prior at 93. The 10yr Treasury […]
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.