Joseph Broscius

Allegiance Capital's approach is to develop an investment strategy customized to each client's unique needs. Their process is a global, top-down, trend-following approach. Portfolios are positioned to take advantage of price and momentum trends in the bond market. The target duration for a portfolio is based upon the client's liability structure and general risk tolerance. The decision of where the portfolio duration will lie within the appropriate spectrum is determined by the firm's proprietary model. The model uses technical analysis to predict future price action based upon historical price trends and momentum. Given a specific duration target, a portfolio's maturity structure can alternatively be biased towards one which is laddered, bulleted or barbelled. These portfolio structures are utilized to take advantage of flattening or steepening. Typically, portfolios are constructed with a well-diversified maturity structure to provide flexibility to reposition the portfolio should portfolio sales be subject to severe loss constraints. Yield curve positioning is determined by applying technical analysis utilizing the firm's proprietary model. Portfolios are over- or under-weighted in certain market sectors based upon their incremental yield advantage, expected return and the associated additional risks assumed. Value judgments are made relative to whether incremental yield spreads will tighten or widen from their current levels (in the context of their historical relationships). Portfolio decisions are based upon whether the current deviations from the historical norms are perceived to be due to short-term factors, such as, temporary supply/demand imbalances, or more fundamental long-term changes. Individual security selection principally involves assessing the credit worthiness of the issuer, the structure of the security, and any imbedded options or sinking fund provisions contained in the security. Value judgments are made as to the proper compensation in incremental yield that is appropriate for accepting these risks. These judgments are made utilizing quantitative tools. Individual securities are also selected based upon their aid in achieving the portfolio's other objectives such as, total return, asset/liability matching, issuer diversification and quality constraints.

Evergreen Investment Management offers a variety of equity investment products including domestic, international, global and emerging markets portfolios which are available using both fundamental and quantitative investment processes. The firm's domestic and international fixed-income strategies include short-term, money market, municipal, investment grade, high yield and structured solutions. Though not limited by sector or market-cap, the firm tends to invest in the stocks of companies in the finance, electronic technology and health technology sectors. Evergreen invests globally across all market-caps. The firm maintains a medium turnover rate. Evergreen's domestic, international and global strategies are managed by Metropolitan West Capital Management (MWCM). These strategies invest in high-conviction ideas with a long-term focus on value. MWCM employs rigorous research and an objective sell discipline to construct and actively monitor portfolios of high quality companies around the world. Evergreen's enhanced equity strategies are managed by Global Strategic Products. The strategies seek to achieve repeatable, competitive results through a disciplined quantitative approach. Portfolios are designed to seek consistent outperformance of their benchmarks with lower risk. The strategies employ disciplined proprietary analytical tools and systems to identify repeatable sources of value in the equity markets. Strategies include index and enhanced index equity products. The firm's core equity strategies are managed by Golden Capital Management. These strategies use a consistent, risk-controlled approach to core investing through all market cycles with a focus on capital growth and preservation. Portfolios consist of companies with attractive valuations and strong earnings that produce competitive long-term returns with relatively low volatility. The core-style investment process blends quantitative and fundamental analyses. Evergreen's domestic and international equity strategies are managed by Berkeley Street Equity. The strategies use fundamental analysis to identify companies with superior growth and value potential. Berkeley Street Equity constructs and monitors portfolios across the full range of core equity, sector-specific and international mandates. They employ fundamental, bottom-up research to identify quality investments for their growth and value portfolios. In addition to their US market portfolios, Berkeley Street Equity also offers global and international portfolios designed to provide investors with broad global diversification through core, fundamentally-oriented portfolios that are responsive to changing global equity markets. The firm's global fixed-income strategies are managed by First International Advisors. The strategies invest in investment grade, non-US debt securities while also seeking capital appreciation opportunities in emerging markets and below investment grade bonds. The firm pursues a variety of sectors and regions for diversification and offers currency overlay capabilities.