Investment Sub-advisor Profile
J.P. Morgan Asset Management (JPM) is a bottom-up* manager with a distinguished skill set in adding value through security selection. We believe JPM has ample capacity to meet the return objectives in a risk-controlled manner.
Western Asset Management (WAM) is a top-down** manager that uses a team approach with groups of specialists dedicated to different market sectors. The team focuses on four key areas to determine portfolio structure: (1) sector allocation, (2) issue selection, (3) duration weighting and (4) term structure weighting. WAM believes that sector allocation is the most important source of value in an actively managed fixed-income portfolio.
Duration is a commonly used measure of the potential volatility of the price of a debt security, or the aggregate market value of a portfolio of debt securities, prior to maturity. Securities with a longer duration generally have more volatile prices than securities of comparable quality with short duration.
For those Funds which employ the 'manager of manager' structure, SEI Investments Management Corporation (SIMC) has the ultimate responsibility for the investment performance of the fund due to its responsibility to oversee the sub-advisers and recommend their hiring, termination and replacement.