At GIA, our investment process is simple, disciplined, and repeatable, and provides the foundation for our fixed income strategies. We believe:

• Fundamental factors drive long-term investment returns.
• Macro risks are difficult to diversify and should not constitute a key source of excess return.
• Credit risk is well compensated, measurable and diversifiable.
• Disciplined credit research by experienced analysts across industries, rating categories and national boundaries adds value.

We take a global approach to our research and build yield-advantaged portfolios from the bottom up, one bond at a time. We seek excess return from analyzable and diversifiable sources — sources that are often misunderstood, less followed, or of limited interest to larger “macro” driven investors. We believe this is a competitive advantage and enhances our ability to generate strong performance.

Credit tends to offer the highest yield in the fixed income market and, over time, has enjoyed prolonged periods of outperformance relative to other sectors. When the universe of securities is expanded globally, we believe credit offers excellent opportunities for diversification.

Although our investment process is primarily based on bottom-up credit analysis, an assessment of macro-economic conditions plays an important role in that analysis. Our macro-economic outlook provides the global context each analyst/manager uses to inform her/his research and conclusions.