The committee is ultimately responsible for overseeing the amount of risk in our portfolios. For bond portfolios, the global policy committee formulates broad strategic themes, makes duration decisions and allocates among sectors. At the same time, our sector strategists, credit research analysts and traders provide industry outlook perspectives, sector and security research as well as track performance attribution.
Equity analysts focus on in-depth company research.
We actively manage fixed-income portfolios by creating by the most desirable return and risk characteristics. We tailor portfolios to our client's specific needs. This includes determining the amount of liquidity, factoring in tax considerations and income requirements and heeding time horizons. Sixty percent of our value added is due to stock selection. Our equity portfolios are team managed and well diversified, both of which control the level of risk within a portfolio.