Our fundamental objective is the relative outperformance of the client-directed benchmark. We assess the structural dynamics of this unmanaged universe of securities in terms of duration buckets, broad sector and quality distribution as well as the level of risk in terms of spread duration. This clear understanding of the benchmark enables us to define our “opportunity set.” Generally, our universe of securities or “opportunity set” consist of the Barclays Capital Aggregate holdings in addition to B rated and higher securities that fall within the High Yield universe. We also utilize the 144A market.