Pugh Capital is a registered investment advisor specializing in the management of investment-grade fixed income portfolios for institutional investors. The firm was founded in Seattle, Washington in 1991 with one client and $5 million in assets under management. The firm's founding principals built the company through capital infusions, the reinvestment of earnings and "sweat equity".

Since the firm's inception, Pugh Capital has focused on providing clients with consistent returns above their stated benchmarks while minimizing downside risk. As a result of these efforts, the firm has grown our assets under management to $1.1 billion as of December 31, 2007.

Pugh Capital offers five investment grade fixed income strategies on a separate account basis to institutional investors:

Core Fixed Income
Pugh Capital's Core Fixed Income strategy seeks to add value by diversifying across all investment-grade sectors of the fixed income market. Portfolios are generally "AA" rated and have an average duration of 4.5 - 5.0 years. This strategy is benchmarked to the Lehman Aggregate Index.

Long Term Fixed Income
Pugh Capital's Long Duration Strategy is managed against the Lehman Long Government/Corporate Index. Portfolios are invested in investment grade securities and emphasize maturities between 10 and 30 years. The average duration of this strategy ranges from 10.5 - 11.5 years.

Intermediate-Term Fixed Income
This strategy is managed against the Lehman Intermediate Government Index. Pugh Capital's Intermediate Term Fixed Income portfolios invest in "A" rated or better securities with maturities of 1 -10 years. Portfolios maintain an average duration of 3.0 to 4.0 years.

Short-Term Fixed Income
Pugh Capital's Short Term Fixed Income strategy invests only in securities which hold an "A" rating or better. Portfolios managed in this strategy are benchmarked to the Merrill 1-3 year Government Index and maintain an average maturity of 1.5 - 2.5 years.

Mortgage Strategy
Our Mortgage Strategy is managed against the Lehman Mortgage Index and primarily holds agency mortgage securities. Portfolios in this product have an average duration of 3.0 to 5.0 years and average "AAA" rating.

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