Regardless of the investment strategy selected, our management team uses a similar approach that combines quantitative management and active management in a proportion that depends on the strategy.

Quantitative management uses models and tools, which are developed mainly in house, to provide greater flexibility, in-depth knowledge of results and frequent updates.

Regardless of the strategy, there is always room for judgment, which we regard as the active management component. Before making decisions, the managers meet frequently and discuss the economic, political and financial context to establish their positioning and the resulting strategies to be used for client portfolios.

Risk management is at all times an integral part of our investment decisions and in fact has been one of the Company's fundamental values for many years. This prudent management approach includes a corporate bond philosophy that emphasizes avoidance of defaults.

To increase the portfolios' current yield, rather than overweighting corporate bonds, which already represent a large portion of the benchmark indexes, we are partial to risk diversification that emphasizes municipal bonds. Moreover, we are recognized for our expertise in this area.