How We Work

IR+M embraces a “no surprises” philosophy, equipping clients with proactive communication about market and investment developments.   We take a genuine interest in our clients and are committed to providing accessibility and transparency.

Philosophy

IR+M’s investment philosophy is based on the belief that careful security selection and active risk management provide superior results over the long term. We build portfolios comprised of attractive US fixed income securities using a disciplined, bottom-up investment approach.

Security Selection

We strive to add value through vigilant security selection, placing an emphasis on attractive, overlooked and inefficiently priced issues. We dedicate ourselves to finding bonds that offer attractive structural advantages with appropriate credit exposure and a desirable risk-return profile.

Discipline & Opportunity

We are benchmark aware, but not beholden and believe a portfolio of carefully selected securities has a major advantage over a market-value weighted index.

We maintain duration-neutral portfolios and do not make directional bets based on macro factors or forecasted changes in the yield curve.

Take What The Market Gives

We seek to increase exposure to spread sectors when the market provides attractive opportunities and reduce exposures during tight spread environments when compensation for taking risk is diminished.

We are diligent, value-oriented investors who believe that maintaining a yield advantage produced by an emphasis on mispriced securities provides and important cushion for returns.

Process

We strive to deliver strong performance by employing an understandable, consistent and disciplined investment process. Our manageable asset size allows us the agility to acquire substantial positions of our best ideas. Without the liquidity constraints faced by many larger firms, each idea can potentially become a meaningful piece of our portfolios.

Fixed Income Universe

In the US fixed income universe, there are thousands of possible investment opportunities across the corporate, securitized, government, and municipal sectors.

Investment Process Filters

We search for bonds offering compelling structural advantages, appropriate credit exposure, and a desirable risk-return profile.

Implementation

Portfolio managers and analysts evaluate security and cross-sector relative-value opportunities, while the Target Team sets overall sector exposure targets driven by our bottom-up security selection process. Portfolio Managers, Analysts, and Traders, from our Sector and Risk Teams, work together to build portfolios of our best ideas.