Style and Value Proposition

Our first principle: provide customized and solutions-oriented fixed income asset management services

• FPCM continuously assesses value across full spectrum of fixed income markets
• Most portfolios are executed in separate account format designed to address specific objectives of the client

We focus on client goal, not perpetuity of investment mandate

• We avoid product-driven investment approaches and view each mandate in context of client’s overall portfolio
• Since we participate across multiple markets, our firm’s prosperity isn’t linked to potentially unsustainable perpetuity of one activity

Our fundamental analysis leads us to be long-term oriented in our investment outlook

• Excessive turnover detracts from client returns
• Adjustments made in light of evolving market conditions and client objectives

Depth and breadth of experience found among the team members provide superior working knowledge

• Ability to assess and potentially exploit exposures created by complex securities
• Sell-side experience provides insights into manufacturing of fixed income market sectors