Redefining the Investment Landscape

Duration

The duration of our core product ranges from 90-110% of the index. The duration decision is whole market based. Both our fixed income and equity professionals assess market risk premiums as reflected by the shape/steepness of the yield curve. That, combined with an understanding of the business cycle enables us to recognize potential inflection points in the overall market and ultimately to be opportunistic in terms of overall portfolio duration. Other factors utilized in the duration decision include: real or inflation-adjusted yields, Federal Reserve action or bias, equity market activity as well as the strength/weakness of the dollar and or trade deficit.

© 2011 Piedmont Investment Advisors, LLC.