Fixed Income
Government Corporate Bond
A Focus on Quality, Valuation, and Conviction
Madison’s Government/Corporate Bond strategies provide a transparent, risk-focused approach to fixed income, blending U.S. Government and investment-grade corporate securities. Guided by our disciplined process, we seek to provide stability and preserve capital while generating competitive income and returns. Our team combines active risk management with deep credit and sector research to construct portfolios with short-to-intermediate durations that aim to perform across market cycles.
Strategies
-
Madison Intermediate Government/Corporate Bond strategies are actively managed, transparent, and risk-focused bond portfolios that invest in U.S. Government and Investment-grade U.S. Corporate debt securities with short-to-intermediate durations.
-
Reinhart Active Intermediate is a high-quality, actively managed bond strategy with the goal of providing superior yields and returns while minimizing volatility and default risk. To pursue our goals, we emphasize high-quality securities through a duration-constrained approach.
-
Reinhart Limited Duration is a high-quality, actively managed bond strategy with the goal of providing superior yields and returns while minimizing volatility and default risk. To pursue our goals, we emphasize high-quality securities through a duration-constrained approach.
-
Reinhart Active Intermediate Catholic Values is a high-quality, actively managed bond strategy with the goal of providing superior yields and returns while minimizing volatility and default risk. To pursue our goals, we emphasize high-quality securities through a duration-constrained approach.
-
Madison Short Term Strategic Income is an active, total return solution that aims to generate a high level of current income with diversified exposure to fixed income sectors, typically maintaining a duration range of 3-5 years. The strategy actively manages fixed income risks (duration, yield curve, sector, credit) through a disciplined investment process that emphasizes downside protection.
Fixed Income Team
Mike Sanders, CFA®, FRM®
Head of Fixed Income, Portfolio Manager
William Ford, CFA®
Co-Head of Reinhart Fixed Income, Portfolio Manager
Michael Wachter, CFA®
Co-Head of Reinhart Fixed Income, Portfolio Manager
Peter Altobelli, CFA®
Portfolio Manager, Credit Analyst
Katherine Doyle
Portfolio Manager, Credit Analyst
William Fain
Insurance Portfolio Manager
Douglas Fry, CFA®
Portfolio Manager
Alyssa Johnson
Insurance Analyst
Ajla Kavazovic
Credit Analyst
Adam Lynch
Portfolio Manager, Credit Analyst
Michael Massel, CFA®
Credit Analyst
Jeffrey Matthias, CFA®, CAIA®, CIPM®, CFP®
Portfolio Manager
Donald J. Miller, CFA®
Head of Insurance Solutions, Insurance Portfolio Manager
Andrew Scargill
Fixed Income Associate
Alan Shepard, CFA®
Portfolio Manager, Analyst
Matt Stoner
Credit Analyst
Arissa Wallander
Fixed Income Analyst
Related Insights
In addition to the ongoing market risk applicable to portfolio securities, bonds are subject to interest rate risk, credit risk and inflation risk. When interest rates rise, bond prices fall; generally, the longer a bond’s maturity, the more sensitive it is to this risk. Credit risk is the possibility that the issuer of a security will be unable to make interest payments and repay the principal on its debt. Bonds may also be subject to call risk, which allows the issuer to retain the right to redeem the debt, fully or partially, before the scheduled maturity date. Proceeds from sales prior to maturity may be more or less than originally invested due to changes in market conditions or changes in the credit quality of the issuer.
Madison’s expectation is that investors in the strategy will participate near fully in market appreciation during bull markets and experience something less than full participation during bear markets compared with investors in portfolios holding more speculative and volatile securities. Therefore, the investment philosophy is intended to represent a conservative investment strategy. There is no assurance that Madison’s expectations regarding this investment strategy will be realized.
Duration is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates. Duration measures how long it takes, in years, for an investor to be repaid the bond’s price by the bond’s total cash flows.
Yield Curve is a line that plots yields (interest rates) of bonds having equal credit quality but differing maturity dates. The slope of the yield curve gives an idea of future interest rate changes and economic activity. There are three main types of yield curve shapes: normal (upward sloping curve), inverted (downward sloping curve) and flat. Yield curve strategies involve positioning a portfolio to capitalize on expected changes.