Fixed Income

Fixed income allocations are mostly implemented through the use of bond ETFs for diversification and liquidity reasons within separately managed accounts. The use of ETFs also allows nimble and easy duration adjustments. In cases where individual issues are used, SSIM bases their research on their equity methodology, Moody’s, and Standard & Poor’s ratings. The portfolios are limited to only investment grade bonds, and we do not use mortgage backed securities. Cash may be a significant holding before and during a deterioration of the equity or fixed income markets.