U.S. Short Duration Strategy
U.S. Short Duration Strategy

U.S. Short Duration Strategy

 
 
 
Summary

The U.S. Short Duration Strategy seeks current income, preservation of principal and liquidity by investing in a diversified portfolio of securities issued by the U.S. Government and its agencies. To help achieve this objective, the team invests in U.S. Government securities and investment-grade corporate bonds with maturities of less than three years.

 
 
Investment Approach
Philosophy

The team employs a value-based investment philosophy. They believe that significant inefficiencies can exist in the fixed income markets and, as value managers, they look for situations where the market’s implied forecasts are extreme and position client portfolios to capture the value inherent in these situations. The team seeks to add value and exploit inefficiencies across eligible sectors by combining traditional analysis with innovative technology.

 
Differentiators
Integrated Investment Approach

The team’s investment approach integrates strong qualitative analysis with robust quantitative valuation tools at every stage of the investment process, providing a robust credit management process.

Research with Portfolio Management

Strategic investment decisions are made by a team of experienced investors who continually conduct ongoing research to be at the forefront of fixed income research and are thought leaders in this field. Opinions from all members of the team are debated to ensure that portfolios reflect the team’s best ideas.

Global Research

An emphasis on a team-based approach to research and investment allows investors to benefit from the combined insight and expertise of MSIM’s global fixed income team. Approximately 80 percent of MSIM’s research is generated in-house, and this is supplemented by Morgan Stanley sell-side and third party research.

 
 
 
Investment Process
1
Macro Analysis:

The team employs a top-down approach to asset class allocation. The allocation decision starts with macroeconomic analysis. They believe that market participants often misjudge the likely paths of monetary policy, inflation, and credit quality—key paths that, for the most part, are aligned with the business cycle or inflation cycle. The team employs fundamental and quantitative analyses to identify and exploit any mispricing in an effort to generate superior returns over the long term. Mispricing often occurs when market expectations are excessive and unlikely to be realized.

2
Yield-Curve Analysis:

The team utilizes a proprietary term structure model that imputes the market expectations of inflation and monetary policy from market prices. These forecasts are compared to the likely range of outcomes—taking into account fiscal policy, monetary policy, general business conditions and historical precedent—to determine yield-curve positioning.

3
Valuation Analysis:

The risk parameters established by the portfolio management team guide the portfolio managers in implementing security selection decisions. To attain these targets, the portfolio managers refer to the value opportunities already identified by the various research teams in making their security selection decisions. Portfolio managers have the ultimate responsibility for fulfilling portfolio targets while simultaneously ensuring that all selected securities are compliant with the investment guidelines.

4
Portfolio Construction:

The team's research focuses on identifying value in as many opportunities as possible. Portfolios are built security by security with vigorous attention paid to assessing and comparing a wide variety of possible investments.

 
 
Portfolio Managers
Managing Director
33 years industry experience
Executive Director
24 years industry experience
Executive Director
22 years industry experience
 
 
Insights
Global Fixed Income Bulletin
A Bumpy Ride
Jun 15, 2018
The Global Fixed Income team discusses how May was a schizophrenic month for financial markets, with both bouts of "risk on" and "risk off", and how they expect the high volatility to continue.
Global Fixed Income Bulletin
Ranges Are Meant to be Broken
May 11, 2018
The Global Fixed Income team discusses how we may have seen markets settle in a range in April, but that new economic data (better or worse) could force the market to change its expectations.
 
 
 
 

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