Traci Alloway

Sure.

So the fund was set up.

be the only fixed income fund that our private clients needed.

So we have an extremely broad mandate.

We can go anywhere.

So it was a very, very early unconstrained bond fund, which has some distinct advantages and some distinct disadvantages.

Advantages are we get to go where we see the best opportunities.

Our mantra is to look for the most attractive parts of the market.

And then we look for the least risky ways to play

those most attractive parts at any given time.

And so as the cycle changes, as business cycles are stronger, we would gravitate more towards credit.

And as it weakens, we could gravitate more towards treasury.

So the fund has, over its lifecycle, moved back and forth.

But by and large, since the financial crisis, we've been largely in high yield, IG, and convertible bonds.

Our client base has predominantly been

RIAs and wealth management firms and individuals, some of those are existing private clients of the firm right now.

So fund is about $5.8 billion, and it is structured as a 40-act open-end mutual.

So once upon a time, if you were looking to invest in credit, say in 2002, you would have had a limited set of options.

So you basically had investment grade, which are bonds issued by people always use the word blue chip companies, which sounds so old fashioned to me nowadays, but companies with relatively strong bonds.

Balance sheets that are rated by the rating agencies as investment grade, or you would have the option of bonds in the high yield market, aka junk, so companies with weaker balance sheets and weaker credit ratings.