Cincinnati Asset Management

Fixed Income Managers Specializing in U.S. Corporate Bonds


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Preservation of Capital

Cincinnati Asset Management is a boutique, fixed income manager specializing in U.S. Corporate Bonds. Established in 1989 to build and manage high performance fixed income portfolios for individuals and institutions, our conservative and disciplined approach stresses preservation of capital, diversification, and high investment income. We have specialized in the management of corporate fixed income securities for our clients for over 30 years. We are an independent investment adviser registered with the SEC and structured as a corporation that is employee owned. The strength of our Firm lies with our niche focus, commitment to our investment process and depth of experience of our Portfolio Teams, Managing Directors and employees.

Recent Insight

15 Nov 2024

CAM Investment Grade Weekly Insights

Credit spreads inched wider this week, just off their tightest levels of the year.  The Bloomberg US Corporate Bond Index closed at 77 on Thursday November 14 after closing the week prior at 74.  The 10yr Treasury moved from 4.30% last Friday to 4.43% through Thursday and it is a few basis points higher this […]

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15 Nov 2024

CAM High Yield Weekly Insights

(Bloomberg)  High Yield Market Highlights     The US junk bond market halted the post-election rally and recorded losses for three straight sessions as yields jumped nine basis this week to 7.21%. The market is on track to end a two-week rally, with the week-to-date loss at 0.16%. The rally lost further momentum after Chair […]

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08 Nov 2024

CAM High Yield Weekly Insights

(Bloomberg)  High Yield Market Highlights     US junk bonds are headed for their second weekly gain after rallying for five straight sessions since Donald Trump won the presidency and Republicans regained control of the Senate. Yields tumbled to a three-week low and are on track for their second weekly decline. Spreads tighten for the […]

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08 Nov 2024

CAM Investment Grade Weekly Insights

Credit spreads ripped tighter this week.  The Bloomberg US Corporate Bond Index closed at 75 on Thursday November 7 after closing the week prior at 83.  The index finished Thursday at its tightest level of 2024.  The 10yr moved from 4.38% last Friday to 4.33% through Thursday but that does not tell the whole story […]

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01 Nov 2024

CAM High Yield Weekly Insights

(Bloomberg)  High Yield Market Highlights     US junk bond yields surged to a near-three-month high as the first month of the fourth quarter came to a close amid uncertainty over the path of the interest-rate policy after a string of better-than-expected economic data in October. Yields jumped 34 basis points in October, the most […]

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01 Nov 2024

CAM Investment Grade Weekly Insights

Credit spreads moved slightly wider this week but remain just 5 basis points off YTD tights.  The Bloomberg US Corporate Bond Index closed at 84 on Thursday October 31 after closing the week prior at 82.  The 10yr moved from 4.24% last Friday to 4.28% through Thursday.  Through Thursday, the corporate bond index year-to-date total […]

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25 Oct 2024

CAM High Yield Weekly Insights

(Bloomberg)  High Yield Market Highlights US junk bonds are headed for their biggest weekly loss in six months as yields surge alongside rise in Treasury yields and 9% loss in equities so far this week. Yields advanced in three of the last four sessions to close at 7.31%, up 15 basis points in four sessions. […]

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25 Oct 2024

CAM Investment Grade Weekly Insights

Credit spreads moved wider this week after touching their snuggest levels of the year just 7 days ago.  The Bloomberg US Corporate Bond Index closed at 84 on Thursday October 24 after closing the week prior at 81.  The 10yr Treasury yield moved higher this week, cresting at a 3-month high on Wednesday. The 10yr […]

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18 Oct 2024

CAM Investment Grade Weekly Insights

Credit spreads moved tighter again this week and are now trading at the narrowest levels that they have seen in years.  The Bloomberg US Corporate Bond Index closed at 79 on Thursday October 17 after closing the week prior at 81.  The 10yr Treasury yield was less than a full basis point lower week over […]

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18 Oct 2024

CAM High Yield Weekly Insights

(Bloomberg)  High Yield Market Highlights     US junk bonds are headed for a first weekly gain in three, propelled by CCCs, the riskiest part of the high-yield market, after strong economic data underlined the resilience of the economy. A string of recent reports showed robust retail sales, expanding services activity and a strong jobs […]

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Clients

Individuals

Individual investors benefit from the same disciplined approach we apply to the management of portfolios of our institutional clients.  We buy/sell securities in institutional size that typically is more efficient than smaller retail purchases.  The individual investor participates in these larger trades and enjoys the same pricing that the institutional client receives.

Institutional

We focus on the needs of institutional clients, including pension plans, endowments, charitable organizations, and insurance companies.  Our strategic investment philosophy, rather than a tactical trading approach, assures that the longer term requirements of these institutions are being met through disciplined investing.  We are also able to tailor a portfolio to meet specific investment objectives.

Approach

Our investment process concentrates in the U.S. Corporate Bond market and offers solutions to investors which span the entire spectrum of credit quality from Investment Grade to High Yield. In all cases fundamental credit research is a primary element of our portfolio management process. Our approach stresses preservation of capital, diversification and high investment income.

CAM follows a conservative “bottom-up value” investment discipline that seeks out companies that are currently out of favor with investors, but poised to improve. The primary focus is preservation of capital with a secondary, but extremely important, emphasis on total return. Our portfolios are not managed to a benchmark from a portfolio construction perspective, but do look to outperform respective benchmarks over a full market cycle with less volatility. We do not utilize interest rate anticipation tactics. We look to minimize the impact of macro-economic factors, such as interest rate risk, from the investment process by employing defensive maturity structure within the portfolio

Research

View our research materials, like white papers and yield-spread analysis, as well as our weekly insight.

Investment Solutions

High Yield

For investors seeking potentially greater returns, this strategy focuses on bonds rated in the top two rating categories (BA & B).  Securities rated CAA and lower are not eligible for purchase.

Investment Grade

Designed for the more conservative investor interested in an intermediate, investment grade corporate strategy that provides a premium yield to Treasury securities.

Short Duration

For investors interested in a shorter maturity profile which targets an allocation of 50% Investment Grade and 50% High Yield securities in one portfolio.

Broad Market

Combines the Investment Grade and High Yield strategies in an approximate 2/3 – 1/3 blend.  It is designed for the investor who desires to achieve greater returns than the Investment Grade strategy while incurring less volatility than the High Yield strategy.

Short Duration : Investment Grade

Designed for investors interested in a shorter maturity profile but do not wish to hold any non-investment grade securities.  The average maturity of the portfolio, once seasoned, is less than half of that of our core Investment Grade strategy.  

CAMBX

The CAM Broad Market Strategic Income Fund provides an opportunity for long-term investors to find a conservative risk/reward balance that focuses on downside protection and total return.