Investment Grade Fixed IncomeIncome with risk discipline.
A separately managed fixed-income strategy combining economic and yield-curve analysis with bottom-up credit research. Portfolios are built around defined duration, quality, income, and liquidity objectives.
Investment Grade, Actively Managed
The BAM Investment Grade Fixed Income strategy is led by Art Ernst, CFP®, who has more than 35 years of experience managing corporate bonds, Treasuries, agencies, convertibles, and mortgage-backed securities.
The strategy is designed around the client’s mandate. Economic conditions and the yield curve inform duration and sector positioning, while issuer research determines which securities enter the portfolio.
Income and preservation
Generate portfolio income while keeping capital preservation and liquidity central to the mandate.
Quality and diversification
Emphasis on investment-grade corporates, Treasuries, agencies, and selective mortgage-backed securities.
Mandate-specific construction
Duration, credit exposure, and security selection are managed within defined client objectives and risk parameters.
Positioning and portfolio characteristics may change. See the current tear sheet for complete information and disclosures.
From the Rate Environment to the Individual Bond
Macro conditions shape the portfolio framework. Credit work determines what we own.
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1
Assess the environment
We review economic growth, inflation, Federal Reserve policy, and other conditions affecting interest rates and credit markets.
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2
Set duration and curve exposure
Yield-curve shape, term premiums, and the client mandate inform the portfolio’s maturity and duration profile.
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3
Underwrite the issuer
We analyze balance-sheet strength, cash flow, debt service, covenants, structure, and the compensation offered for credit risk.
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4
Construct and monitor
Individual bonds are assembled within duration, quality, sector, liquidity, and concentration limits, then monitored as conditions change.
What we are trying to avoid
Yield is not free. We do not want portfolio income to come from unrecognized duration, credit, structure, or liquidity risk. Every incremental source of yield should have an understood role in the mandate.
The Fixed Income Team
Portfolio decisions, security analysis, and client conversations stay with the same small team.
Art Ernst, CFP®
Art leads the Investment Grade Fixed Income strategy and has more than 35 years of experience managing investment-grade and high-yield corporates, Treasuries, agencies, convertibles, and mortgage-backed securities.
BAM is employee-owned and claims compliance with the Global Investment Performance Standards (GIPS®).
Tom Byrne
Firm leadership, governance, and institutional client stewardship.
Mike Chen
Quantitative research, portfolio analytics, security selection support, and risk review.
Current Performance and Portfolio Detail
The June 2026 tear sheet includes performance, current positioning, duration targets, credit-quality distribution, and complete disclosures. For institutional due diligence, contact the investment team directly.
Past performance is not a guarantee of future results. Please review the tear sheet for complete performance information and disclosures.