Short & Intermediate Duration Fixed IncomePrint

2018 1Q

In more closely examining the front-end index’s performance over the first quarter, the least negative excess returns were posted by the Technology, Energy and Consumer Cyclical sub-sectors. Financials, Capital Goods and the Utility sub-sectors represented laggards. Our sub-sector weightings and exposures in Automotive Finance, Health Care (including selected municipals that fall into this category), Media and Entertainment, and Pharmaceuticals generated positive excess returns across our strategies.

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