Core Fixed Income



Objective & Philosophy
The Core Fixed Income investment strategy seeks a favorable long-term total return through income, while also giving special consideration to capital preservation. The account focuses on high-quality, investment-grade fixed-income securities that the investment team believes appear undervalued with attractive risk/return profiles due to market and structural inefficiencies.
Key Facts
Asset Class: Fixed Income
Inception Date: 03/01/1990
Benchmark: Lehman Brothers U.S. Aggregate Bond Index
Portfolio Management: John Cerra, CFA, Managing Director
Investment Strategy
The Core Fixed Income team utilizes a detailed bottom-up approach that emphasizes extensive credit research, yield-curve analysis and ongoing assessments of duration characteristics in an effort to identify undervalued market sectors and individual securities. The investment team carefully manages portfolio risk related to ratings downgrades and defaults by analyzing company financial statements, reviewing rating agency reports and assessing industry trends on a quarterly basis. The strategy’s option-adjusted duration is typically similar to that of its benchmark.
Performance & Statistics

All data is shown in U.S. Dollars. Non-performance information is based on a representative account of the strategy. Each portfolio may differ due to specific investment restrictions and guidelines. Past performance is not an indicator or guarantee of future results. The gross performance returns presented reflect the reinvestment of dividends and other earnings but do not reflect the deduction of investment advisory fees and other expenses. A client's return will be reduced by advisory fees and any other expenses it may incur in the management of its investment advisory account.

Portfolios within the composite are subject to certain risks such as market and investment style risk. Fixed-income investments are subject to certain risks such as interest rate, inflation and credit risks.

The Lehman Brothers U.S. Aggregate Index measures the performance of the U.S. investment-grade, fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities.

The separate account minimum is $50 million.

This material is provided for informational purposes only and should not be regarded as a recommendation or an offer to buy or sell any product or service to which this information may relate. TIAA-CREF claims compliance with the Global Investment Performance Standards (GIPS®). TIAA-CREF is a group of companies that manages domestic, international and global investment strategies for clients worldwide, and provides insurance-related financial services. To receive a complete list and descriptions of TIAA-CREF composites and/or a presentation that adheres to the GIPS standards, please Contact Us.

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