Active US Treasury (1yr-30yrs)

Seeks to outperform the Bloomberg US Treasury Index while maintaining a benchmark-aware risk return objective
Strategy Assets $688.6 million As of 6/30/2026
Asset Class Fixed
Inception Date 1/30/2020

Overview

Strategy Details

Primary Benchmark
Bloomberg US Treasury Index

Portfolio Manager

Michael Gladchun

Michael Gladchun

Portfolio Manager

26 years Industry Experience
22 years Tenure at Loomis Sayles

About the Team

A comprehensive fixed income platform powered by seasoned investors and focused, benchmark aware investment strategies.

$143.9B assets under management (as of 6/30/2026)

Our Performance data shown represents past performance and is no guarantee of future results.

Investment Strategy

  • The investment process utilizes fundamental analysis of macro-economic trends and policies and
    also quantitative signals to guide positioning in duration, yield curve and TIPS
  • The strategy utilizes a tactical, rules based process designed to seek alpha in an unbiased, risk
    controlled manner
  • The strategy tends to have a large relative overweight to more liquid on-the-run Treasury securities
  • Duration bands: +/- 1.5 years relative to the benchmark
  • Investment in TIPS limited to 15% of duration contribution
  • Investment universe includes US Treasury bills, notes, bonds, agency discount notes, TIPS and
    STRIPS
  • All investments must be US dollar denominated
  • Eligible derivatives may include US Treasury futures

Composite Performance

Cumulative Total Return (%)
As of 6/30/2026
Period Gross Net Index
3 Months 0.44%0.40%0.32%
Year-To-Date 0.76%0.69%0.28%
Annualized Total Return (%)
As of 6/30/2026
Period Gross Net Index
1 Year 3.25%3.10%2.71%
3 Years 3.60%3.45%3.17%
5 Years 0.30%0.16%-0.42%
Since 3/1/2020 0.56%0.42%-0.32%
Period Performance (%)
As of 6/30/2026
Year Gross Net Index
2025 7.08%6.92%6.32%
2024 0.80%0.65%0.58%
2023 4.00%3.84%4.05%
2022 -10.89%-11.00%-12.46%
2021 -1.51%-1.64%-2.32%
2020* 4.37%4.26%2.70%
*Inception Date 3/1/2020

Documents

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.

Commodity, interest and derivative trading involves substantial risk of loss.

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 $1 million managed by Loomis Sayles with investment guidelines prescribing investment in U.S. Treasury securities with maturities that range from one to thirty year maturities and has a benchmark of the Bloomberg U.S. Treasury Index. The Composite inception date is March 1, 2020. The Composite was created in March 2020.