Fixed Income Strategies

Delivering Stability, Income, and Resilience

Intermediate-duration fixed income strategies, actively managed with discipline, designed to preserve capital and provide attractive risk-adjusted returns.

Why Fixed Income Matters

It’s a core allocation built to stabilize portfolios through changing market cycles. Our bond strategies are carefully constructed to deliver income while minimizing interest rate risk and avoiding unnecessary complexity.

In a world of shifting yields and persistent volatility, fixed income plays a vital role:

Our Approach

Our fixed income strategies are built
around three core principles:

Security-Specific, Bottom-Up Analysis

Every bond we buy is evaluated on fundamentals: balance sheet strength, free cash flow, covenant protections, and liquidity.

Intermediate Duration Discipline

Portfolios maintain duration within ±1 year of the benchmark, limiting interest rate risk while preserving yield opportunities.

Focused, Transparent
Portfolios

Typically 35–50 CUSIP-level holdings. We never use leverage, structured products, or derivatives. Your portfolio is designed to be clear, understandable, and resilient.

Our Fixed Income Strategies

A straightforward, risk-sensitive corporate bond portfolio
designed to generate reliable income.

35–45 holdings
Max issuer exposure: 5%
Sector exposure capped at 25% or 2.5× benchmark weight
Cash position: typically <5%
Excludes tobacco, offensive weapons, distressed debt, sovereigns, and structured products

An intermediate-duration bond strategy balancing corporate, government,
and agency securities, with a slight corporate overweight for additional yield.

40–50 holdings
Same issuer/sector constraints as CFI (with flexibility for Treasuries and Agencies)
Cash position: <5%
No derivatives, no leverage
Focus on total return through diversified credit exposures

Portfolio Structure Snapshot

Holdings

35-50 individual, CUSIP Specific Bonds

Issuer Limits

5% max per issuer

Sector Limits

25% max, or 2.5× benchmark weight

Cash

Typically <5%

Focus on Simplicity

Only plain-vanilla bonds with clear structures

Insights & Research

Our team publishes timely market commentary to help clients understand opportunities and risks in fixed income markets. Recent highlights include:

Treasury Market Primer: Back to Textbook Basics?

Go to perspectives page

Fixing Your Fixed Income Allocation

Go to perspectives page

Quarterly Fixed Income Thematic Insights

Go to perspectives page

Why JAG Fixed Income

Alignment

We invest our own capital alongside yours.

Accountability

Transparent, client-first reporting and communication.

Consistency

A philosophy tested across multiple market cycles since 1998.

Discipline

Never chasing fads, never relying on leverage, always focused on long-term results.

Meet The JAG Team

Norm Conley

Dave Kingston

Charles O’Rourke, CFA®

Alan Vogt

Frequently Asked Questions

What is the primary objective of JAG’s Fixed Income strategies?

Our goal is to deliver consistent total returns while minimizing interest rate risk. We construct focused, value-centric portfolios of high-quality bonds with an intermediate duration profile.

How are the Corporate Fixed Income and Enhanced Core Fixed Income strategies different?

Corporate Fixed Income focuses solely on corporate debt. While Enhanced Core includes a mix of corporate and government securities. Both aim to provide stability, income, and capital preservation through rigorous bottom-up research.

What makes JAG’s fixed income approach distinctive?

We avoid derivatives, leverage, and overly complex instruments. Our portfolios are built security-by-security through a disciplined, research-driven process that emphasizes relative value, credit quality, and liquidity.

How does JAG manage risk in fixed income portfolios?

Risk is managed through diversification (35–50 holdings), sector exposure limits, issuer caps, laddered maturities, and a rigorous sell discipline. We also avoid sectors like tobacco, offensive weapons, and distilled spirits.

What are the typical characteristics of a JAG fixed income portfolio?

Our portfolios typically hold 35–50 securities, maintain less than 5% cash, and have average credit quality in the A-to-BBB range. Duration is generally kept within +/- 1 year of the benchmark.

What benchmarks are used to evaluate performance?

Corporate Fixed Income is benchmarked against the Bloomberg Intermediate Corporate Index, while Enhanced Core Fixed Income uses the Bloomberg Intermediate Government/Credit Index.

How actively are the portfolios managed?

While we employ a buy-and-hold bias, we are not hesitant to sell a position if its risk/reward profile deteriorates. This disciplined approach helps avoid credit deterioration and enhances total return potential.

What economic environments favor JAG’s fixed income strategies?

Our strategies tend to outperform in periods of stable or tightening credit spreads and a steepening yield curve. They are designed to maintain resilience across interest rate cycles.

What types of clients are suited for JAG’s fixed income strategies?

Our fixed income strategies are well-suited for institutions, foundations, endowments, and high-net-worth individuals seeking stable income with managed interest rate and credit risk.

How can I invest in JAG’s fixed income strategies?

These strategies are available as an SMA vehicle through various platforms. Contact us to discuss access and customization options.

Let’s Build Your Future With Clarity and Confidence

Start a conversation about how JAG Capital Management can create a portfolio and plan that’s as unique as you are.