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Philosophy & Objective
Municipal Fixed Income assignments at Northern Trust are constructed with the goal of generating consistent performance with predictable volatility. We emphasize the objectives of:
We have investment views, but our trading scale and skill allows us to be modest in taking traditional manager bets (duration and credit). We add thoughtful approaches to yield curve, sector, structure & state decisions, yet aiming to end up with portfolios that are often higher quality AND higher return than their benchmarks.
Managing credit risk is the cornerstone of our research process:
We incorporate key elements of our relative value style, emphasizing a rigorous security selection process while closely monitoring and controlling portfolio risk relative to a client-selected benchmark.
We strive to capitalize on market inefficiencies to maximize total return - both income return and price appreciation:
Disciplined Risk Controls
We believe a comprehensive portfolio review process combined with a key understanding of risk is essential to meet our investment objectives:
We combine original credit and macroeconomic research with experience and judgment in the development of portfolio structure and characteristics:
Northern Trust's capabilities can be delivered as separate accounts or mutual fund vehicles.
Northern Trust Asset Management is composed of Northern Trust Investments, Inc. Northern Trust Global Investments Limited, Northern Trust Global Investments Japan, K.K, NT Global Advisors, Inc., 50 South Capital Advisors, LLC and personnel of The Northern Trust Company of Hong Kong Limited and the Northern Trust Company.