Investment Objective

Our goal in the TIM Core (Aggregate) Fixed Income portfolios is to provide attractive long-term total return through a combination of current income and capital appreciation by investing in a portfolio of income-producing securities while consistently outperforming the Barclays Capital Aggregate Index over a full market cycles (typically 3-5 years) and generating less-than-commensurate risk.

Philosophy

• Fundamental and research-driven approach to security selection to identify and exploit mispricings in the least efficient sectors of the fixed income universe
• Identify companies that have superior management with experience and a history of success
• Identify companies that exhibit superior business models with good growth potential
• Seek additional alpha through active management of duration, yield-curve and sector positioning
• Seek companies with prudent management of debt/capital structure

Portfolio Structure

• Portfolios are generally invested in investment-grade bonds with maturities ranging from zero to 30 years
• Portfolios are generally fully invested and not subject to wide swings in duration
• Well-diversified by issue, industry and sector
• Low turnover is a byproduct of our philosophy