Strategy Inception: 3/31/1998
Duration Emphasis: Intermediate
Primary Style Emphasis: Core
Benchmark: BE Intermediate Aggregate
Investment Focus: Long Only
Intermediate Fixed Income
Quarterly Summary
Quick Facts
Product Description
Sawgrass Asset Management’s Intermediate Fixed Income strategy focuses on U.S. dollar-denominated government, investment-grade corporates, and agency mortgage-backed securities. BBB securities within the product are limited to benchmark weight, and effective duration is maintained within 20% of benchmark. Alpha is derived from four main sources: duration, yield curve, sector allocation, and security selection.
Investment Process
Our investment process forms the foundation of a disciplined and consistent approach to portfolio construction:
- Interest rate and yield curves are evaluated by reviewing current and historical market factors.
- Sector analysis is accomplished by determining relative value among sectors incorporating fundamental and technical factors.
- Security selection is achieved by screening the universe with a proprietary relative value model, comparing credit quality of an issuer’s fundamentals based on multiple financial metrics and spreads.
- An optimal portfolio is constructed by combining idea generation with specific client portfolio guidelines.
Lead Portfolio Manager
David Furfine, CFA
Mr. Furfine is a Partner at Sawgrass, directs the firm’s fixed income management and research efforts, and is the lead portfolio manager for all of the firm’s fixed income products. He is responsible for interest rate analysis and portfolio construction. He serves on several of the firm’s committees, including strategic planning and management committees, as well as chair of the firm’s fixed income investment committee.
Risk management and a repeatable process
The premium we place in investment securities is a good thing for our clients. The return pattern in Fixed Income is asymmetrical, meaning there are more downside than upside risks, so that’s why focusing on risk management is so vital for us.
The Sawgrass Advantage
- Fully aligned interests between our team and our clients
- Continuity of leadership and low team turnover
- Enhanced investment expertise through long-term experience
- Goal is to provide a high-quality portfolio, without taking unnecessary risks
- Demonstrated success in fulfilling investor needs
- Consistent, repeatable process over time based on sound judgment and mature perspective
Please refer to this product’s Performance Disclosure Statement.
- Dependable, knowledgeable and consistent service
- High confidence in understanding of institutional client challenges and successful outcomes with a commitment to educate and serve
- Responsive to client needs