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First Principles Quarterly – Winter 2013-14


Compass with rope coil

We are pleased to share the Winter 2013-14 edition of First Principles Quarterly.

First Principles Quarterly (“FPQ”) is a quarterly publication from FPCM that captures the insight of our portfolio management team across the global fixed income markets.

For the Winter, we explore topics such as answering “Did the Federal Reserve actually taper?” and achieving a win/win with long-dated FRNs.

We welcome your feedback. Feel free to reflect questions and comments to our various portfolio managers or your contact at FPCM.

We also invite you to explore our website (

View the First Principles Quarterly – Winter 2013-14 (pdf)