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 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 […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds notched their biggest one-day gains in more than four weeks and are poised for a rebound off last week’s losses to score the biggest weekly gains in four, as equities hit an all-time high, driving spreads to a more than two-year low of 306 basis points. With […]
CAM Investment Grade Weekly Insights
Another week is in the books and once again it is a year-to-date tight for credit spreads. The Bloomberg US Corporate Bond Index closed at 89 on Thursday February 22 after having closed the week prior at 92. The 10yr is trading at 4.26% this Friday morning after closing last week at 4.28%. Through Thursday, […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bonds may end a three-week rally as they head to close the week with modest negative returns. Markets were jolted earlier this week when faster-than-expected inflation caused the biggest one-day loss in four months. The consumer price index rose by more than forecast in January on a monthly and annual […]
CAM Investment Grade Weekly Insights
Credit spreads are back at the tightest levels of the year. The Bloomberg US Corporate Bond Index closed at 92 on Thursday February 15 after having closed the week prior at 95. The 10yr is trading at 4.30% this Friday morning after closing last week at 4.18%. Through Thursday, the Investment Grade Corporate Index YTD […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights After a bumpy start to the year, US junk bonds are headed for their third straight week of gains, propelled by CCCs, the riskiest tier of the high yield market. Gains spanned across the market, spurred by economic growth backed by strong labor market, expanding business activity and cooling inflation […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights US junk bond supply so far this month is 13% above that for all of January 2023, helped by $3.5b of sales Thursday that was the busiest session in three months. The market is on track to have its heaviest overall month in more than two years, with new borrowers […]
CAM Investment Grade Weekly Insights
Credit spreads are once again trading at the tightest levels of the year as we go to print. The Bloomberg US Corporate Bond Index closed at 93 on Thursday January 25 after having closed the week prior at 95. The 10yr is trading at 4.16% this Friday morning after closing last week at 4.12% –the […]
CAM High Yield Weekly Insights
(Bloomberg) High Yield Market Highlights A back-and-forth start to the year has continued this week for the US junk bond market, which rose last week after starting 2024 with a loss. Yields have climbed 19 basis points since last Friday to 7.90%, following a week of robust economic data on retail sales, housing sentiment, industrial […]
CAM Investment Grade Weekly Insights
Credit spreads are looking to finish the week on a strong note, trading at the tightest levels of the year as we go to print. The Bloomberg US Corporate Bond Index closed at 95 on Thursday January 18 after having closed the week prior at 97. The 10yr is trading a 4.16% this Friday morning, […]
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.