Fixed Income Overview
Process

The Pyramis Fixed Income team utilizes a bottom up, fundamental investment approach focused on research and risk management. This process is complemented by a team-based structure to ensure continuity across our portfolios.

People

In addition to leveraging Fidelity's global research platform, our Fixed Income team employs:

people

Integrated Management Risk Framework

Managing risk is a critical component of our process. Our investment-grade portfolios:

Are constructed to seek to be highly diversified.

Are managed duration neutral to their benchmarks.

Purchase US dollar denominated bonds.

Leverage our proprietary quantitative risk modeling.

Are supported by our dedicated counterparty team.

Innovation

We invest significant resources to seek to ensure that the tools our team uses to build and manage client portfolios are second to none. Whether it involves the development of proprietary models or researching third party software, we are continuously looking for opportunities to improve our portfolio management efficiency and effectiveness through innovation.

Fixed Income Spotlight

Fixed Income Overview

The Pyramis Fixed Income Platform combines extensive research resources and a collaborative investment approach to manage strategies across a broad spectrum of disciplines. Our investment philosophy has remained consistent for over 15 years*: we believe markets can be inefficient, and by taking an active management approach backed by solid fundamental research and broad team-based analysis, we can seek to deliver strong long term results while constraining risk to an appropriate level. Read more about this team and their capabilities in the Fixed Income Overview.

*Resources depicted reflect the combined resources of Pyramis, Fidelity Investments, and FIL as of 6/30/10.

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High Income Overview

Fidelity has one of the largest dedicated leveraged finance teams in the industry. Consisting of over 35 professionals dedicated to researching and investing across the capital structure of below investment grade rated companies. We have been successfully managing high income portfolios since the formation of the team in 1977 and across numerous credit environments. Read more about this team and their capabilities in the High Income Overview.

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Fixed Income Products

Investment Grade

Broad Market Duration

The objective is to seek to generate returns that exceed the Barclays Capital Aggregate Bond Index through investments in US investment-grade dollar denominated fixed income securities, while protecting downside risk. View Investment Process

Short Duration

The objective is to seek to generate returns that exceed the Barclays Capital 1-3 Year Government/Credit Bond Index through investments in investment-grade fixed income securities, while protecting downside risk. View Investment Process

Intermediate Duration

The objective is to seek to generate returns that exceed the Barclays Capital Intermediate Government/Credit Bond Index through investments in investment-grade fixed income securities, while protecting downside risk. View Investment Process

Long Duration

The objective is to seek to generate returns that exceed the Barclays Capital Long Term Government/Credit Index or customized index through investments in investment-grade fixed income securities, while protecting downside risk. View Investment Process

Pyramis Investment Grade Credit

The objective is to generate returns that exceed the Barclays Capital Credit Bond Index through investments in investment-grade fixed income securities. View Investment Process

Long Corporate Bond

The Long Corporate Bond strategy seeks to outperform the Barclays Long Corporate Bond A or better index by investing in a full spectrum of US dollar denominated corporate bonds with an emphasis on long duration issues rated A or better.

Mortgage-Backed Securities

The objective is to seek to generate returns that exceed the Barclays Capital Mortgage-Backed Securities Index through investments in investment-grade fixed income securities, primarily mortgage related securities and other securitized debt instruments. View Investment Process

Treasury Inflation-Protected Securities

The objective is to seek to generate returns that exceed the Barclays Capital Treasury Inflation Protected Securities Index by investing primarily in Treasury inflation protected securities. View Investment Process

Non-Investment Grade

High Yield Bond

The strategy seeks to achieve total returns in excess of the Merrill Lynch High Yield Master II Constrained Index primarily through investments in a universe of lower-rated corporate debt securities providing high current income and potential for capital appreciation. View Investment Process

Leveraged Loans

The strategy seeks to achieve total returns in excess of the Standard & Poor's LSTA Performing Loan Index primarily through investments in a universe of lower-rated corporate bank loans providing high current income and potential for capital appreciation.

Emerging Markets Debt

The objective is to seek to achieve total returns in excess of the J.P. Morgan EMBI Global Index primarily through investments in emerging market debt securities. View Investment Process

Multi-Sector

Core Plus

The objective is to seek to achieve absolute and risk-adjusted returns in excess of the Barclays Capital Aggregate Bond Index by investing in both investment-grade and non-investment-grade sectors, including high yield, emerging market debt, and high yield CMBS securities, bank debt and global bonds, while protecting downside risk. View Investment Process

For more information on these products, please contact Gene Morrison at pyramisfixedincome@pyramis.com.

Liability Driven Investing

Pyramis has created a comprehensive library of Liability Driven Investing thought leadership pieces including a series of whitepapers and quarterly newsletters.

Click here to view and download these documents, or for more information on Pyramis' Liability Driven Investing capabilities, please contact Michael Senoski.

Defined Contribution Offerings

For more information on investment strategies for Defined Contribution plans, please click here.

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Events

NASRA Annual Meeting

  • August 6–11, Seattle, WA

See meeting details.


SACRS Public Pension Investment Management Program

  • August 9–11, Berkley, CA

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NAST Annual Conference

  • August 22–25, Williamsburg, VA

See meeting details.


TEXPERS Summer Educational Forum

  • August 23, Williamsburg, VA

See meeting details.


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    401-292-4713

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    401-292-4723

    joe.dattilo@pyramis.com

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    Senior Vice President, Relationship Manager

    401-292-4713

    gerard.branka@pyramis.com

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    Joe Dattilo

    Senior Vice President, Relationship Manager

    401-292-4723

    joe.dattilo@pyramis.com

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    Senior Vice President, Relationship Manager

    401-292-4722

    sue.curran@pyramis.com

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    401-292-4723

    joe.dattilo@pyramis.com

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    401-292-4722

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    401-292-4723

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