Short Duration Stable Value Fixed Income
Overview
Strategy Details
Available Vehicles
- Institutional Separate Account
Portfolio Managers
Chris Harms
Portfolio Manager, Co-Head of Relative Return
Cliff Rowe, CFA
Portfolio Manager
Daniel Conklin, CFA
Portfolio Manager
About the Team
A comprehensive fixed income platform powered by seasoned investors and focused, benchmark aware investment strategies.
Investment Strategy
- Stable value portfolios can be customized based on a provider’s restrictions, enabling us to adhere to a mandate’s specific guidelines while providing the same philosophy and process as our Short Duration Fixed Income strategy
- Individual investment ideas are evaluated on the basis of their investment return potential and contribution to portfolio risk
- Top-down macroeconomic analysis combined with bottom-up security selection drives portfolio construction
- Securities rated below investment grade are limited to 10% of the portfolio, depending on client guidelines
- Duration bands: +/- 0.5 year (typically within +/- 0.25 year) relative to the index
- Typical portfolio: approximately 100 to 150 issuers, 150 to 225 issues
- All investments must be US dollar denominated
- Issuer maximum is 3% or the benchmark weight plus 2% (whichever is greater at the time of purchase), Treasurys and GSEs excluded
- Industry maximum of 25% of the benchmark weight plus 10% (whichever is greater at the time of purchase)
- Investment universe typically includes US Treasurys, agencies, asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), investment grade corporate bonds, mortgage-backed securities (MBS), Yankee bonds (including emerging markets) and high yield corporate bonds
Composite Performance
Cumulative Total Return (%)
As of 9/30/2025| Period | Gross | Net | Index |
|---|---|---|---|
| 3 Months | 1.56% | 1.50% | 1.19% |
| Year-To-Date | 5.05% | 4.86% | 4.14% |
Annualized Total Return (%)
As of 9/30/2025| Period | Gross | Net | Index |
|---|---|---|---|
| 1 Year | 5.11% | 4.86% | 4.12% |
| 3 Years | 6.15% | 5.90% | 4.68% |
| 5 Years | 2.42% | 2.21% | 1.78% |
| Since 6/1/2018 | 3.12% | 2.91% | 2.39% |
Period Performance (%)
As of 9/30/2025| Year | Gross | Net | Index |
|---|---|---|---|
| 2024 | 5.40% | 5.15% | 4.36% |
| 2023 | 6.24% | 5.99% | 4.61% |
| 2022 | -4.79% | -4.95% | -3.69% |
| 2021 | -0.13% | -0.29% | -0.47% |
| 2020 | 4.98% | 4.80% | 3.33% |
| 2019 | 5.12% | 4.93% | 4.03% |
| 2018 | 1.46% | 1.35% | 1.53% |
Documents
Important Disclosures
Performance data shown represents past performance and is no guarantee of future results. Current performance may be lower or higher than quoted. Returns are shown in US dollars and are annualized for one and multi-year periods. Gross returns are net of trading costs. Net returns are gross returns less effective management fees.
KEY RISKS: Credit Risk, Issuer Risk, Interest Rate Risk, Liquidity Risk, Prepayment Risk and Extension Risk. Investing involves risk including possible loss of principal.
There is no guarantee that the investment objective will be realized or that the strategy will generate positive or excess return.
Investment vehicles may not be available to all investors and are subject to eligibility.
The Composite includes all discretionary accounts with market values greater than $5 million managed by Loomis Sayles with stable value guidelines and invests primarily in investment grade fixed income securities of all major fixed income sectors such as corporates, governments, and mortgages with short term maturities. The Composite inception date is June 1, 2018. The Composite was created in October 2022.