We believe that sound investment management is inseparable from a solid ethical foundation. Our values, as we have practiced them for seven decades, consist of:

• The search for value drives the investment process.
Value is realized most often when supported by both fundamental and technical factors.
• A broader opportunity set results in better returns.
A portfolio's risk-adjusted performance improves with an increase in the number of strategies employed in its management.
• Consistent outperformance requires both top-down and bottom-up expertise.
Teams of experienced professionals must use both quantitative and fundamental methods to identify value in both macro and idiosyncratic positions.
• The bond markets offer multiple structural inefficiencies to be exploited.
The best portfolios incorporate these persistent "structural alpha" opportunities to produce consistent excess returns.
• Rigorous risk management is key to long-term investment success.
A variety of risk-management methods and techniques minimize the chance of negative surprises.