Fixed Income Fund
Carrying a relatively low degree of market risk and total return over time, the Fixed Income Fund is invested primarily in intermediate and long-term US Dollar-denominated government and investment grade corporate fixed income obligations.
Four organizations manage portions of the Fixed Income Fund on behalf of UCF —
Community Capital Management
Founded in 1998, Community Capital Management (CCM)
is an SEC-registered investment advisor that specializes in managing impact investing and fossil fuel free portfolios. Its intermediate fixed income strategy, launched in 1999, focuses on making qualified investments under the Community Reinvestment Act. Over the last 16 years, it has delivered steady risk-adjusted returns while providing added diversification and positive impact on the community.
Lazard Asset Management
Lazard Asset Management
manages the emerging market debt (EMD) blend strategy with both a global thematic approach and a bottom-up credit research focus that stresses total return, a benchmark agnostic approach, and active asset allocation to EMD asset classes. The emerging market debt blend strategy includes both dollar denominated as well as local currency sectors. The portfolio is broadly diversified across currencies, countries and sectors. Founded in 1970, Lazard is located in New York City and manages $183 billion across many strategies.
The Pension Boards-United Church of Christ, Inc.
The Pension Boards-United Church of Christ, Inc’s
(PBUCC) Fixed Income team manages the Core Fixed Income portfolio, a diversified portfolio comprised of US government and corporate bonds. The team comprises long-term investors who seek to capitalize on opportunities that arise when valuations move toward extremes. It believes that over longer periods the majority of returns in the bond market will be derived from yield and not capital appreciation. Since the 2008 financial crisis, tactical adjustments have been driven more often by macro factors such as changes in the economic, political, and regulatory environment. Based at the combined PBUCC/UCF headquarters in NYC, the Fixed Income team manages over $1 billion, and has invested on behalf of the UCF since 1987.
manages the Bank Loan portfolio with a bottom-up credit research focus that stresses capital preservation and income generation as primary objectives. The Bank Loan portfolio is comprised of floating-rate loans made to non-investment grade borrowers. Bank Loans are senior in the capital structure, providing protection in the case of default, and are floating-rate, mitigating the risk of interest rate increases. Founded in 1971, WAMCO is headquartered in Pasadena, CA and manages $459 billion across many strategies.