• Safety of Principal
• Minimize Risk of Permanent Loss of Capital
• Stable Net Income

INVESTMENT PHILOSOPHY

• Research Driven
• Protection First
• Not a Benchmark Hugger
• Seeking Relative Values Across Different Bonds
• Active Manager

INVESTMENT PROCESS

• Relative Values
• Balance Sheet Analysis
• Bottom-Up Selection
• Fundamental Analysis
• Qualitative Analysis
• Price Conscious

RESEARCH PROCESS

• Fundamental Analysis
• Revenue Growth Models
• Return on Capital
• Free Cash Flow Analysis
• Pricing Power
• Expected Return Calculation
• Growth Longevity Analysis
• Sustainable Business Models
• Trends Across Industries
• Fundamental Momentum
• Qualitative and Quantitative Screening
• Flexible Team Structure

PORTFOLIO CONSTRUCTION

• Benchmark Aware
• Alpha through Security Selection instead of Sector Allocation
• Diversified Across Fixed Income Sectors
• Buy and Hold Approach

RISK CONTROL

• Risk|Reward Ratio Focused
• Low Volatility
• Downside Control
• Fundamental Risk
• Idiosyncratic Risk
• Permanent Loss of Capital
• Position Size
• Permanent Loss of Capital
• Never Compromise on Quality
• Deep Research Driven