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First Principles Quarterly - Summer 2015


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We are pleased to share the Summer 2015 edition of First Principles Quarterly.

First Principles Quarterly (“FPQ”) captures our portfolio management team’s insights across the global fixed income markets.

Topics covered in this edition include potential opportunities in the municipal bond market, investor considerations regarding the structure and management incentives of mortgage REITs, and the potential impact of shifts in the composition of the Barclays Aggregate Bond Index on manager performance prospectively.

We invite your comments and questions.

View the First Principles Quarterly – Summer 2015 (pdf)