Pugh Capital has been managing active fixed income portfolios since 1991. Our focus on downside risk management is not just a philosophy, it’s a discipline.
OUR PHILOSOPHY*
Our investment philosophy is rooted in the belief that fixed income inefficiencies can be exploited over a market cycle and that volatility provides opportunity. Our goal is to surpass clients’ expectations related to risk management and consistent risk-adjusted returns.
OUR PROCESS*
Our investment process incorporates top-down macro views, bottom-up fundamental analysis, relative value, risk management, and ongoing process enhancements. Our top-down process efficiently frames our portfolio risk taking and sector allocation decisions. It focuses on our analyst’s idea generation and on the type of risk that we believe is best positioned for the economic and market conditions both near and intermediate term. From a bottom-up perspective, our analysts initiate their fundamental analysis by screening each industry to identify companies with sustainable business models, taking into account secular and cyclical trends as well as regulatory headwinds or tailwinds. A key differentiator of our process is our boutique model and team-based approach, which helps ensure that all perspectives are heard. The depth and breadth of our investment professionals’ experience also enhances our investment process.
*Past performance is not a guarantee or a reliable indicator of future results. Investing involves risk; principal loss is possible. Investors should carefully consider risk when investing in bonds, which include, but are not limited to, default, credit rating, interest rate, duration, prepayment, liquidity, and structural risks. There is no guarantee that investment strategies presented will work under all market conditions. Risk management processes cannot eliminate the risk of losses. Diversification does not assure a profit nor protect against loss in a declining market. Each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Refer to the Legal & Disclosures section for additional disclaimers and disclosures regarding performance, risk, and investment process.
Information presented is for informational purposes only. It is not intended as investment advice. Nothing in this publication is a solicitation of any type. For U.S. institutional investors only. Please review Pugh Capital’s Form ADV Part 2A for important information about risk, services offered, and fees, which is available upon request. Please contact Deanna Hobson, Deputy CEO, at (206) 322-4985, or write Pugh Capital Management, 520 Pike Street, Suite 2900, Seattle, WA 98101, or info@pughcapital.com.