Pugh Capital has been managing active fixed income portfolios since 1991. Our focus on downside risk management is not just a philosophy, it’s a discipline.
Our investment philosophy is rooted in the belief that fixed income inefficiencies can be exploited over a market cycle and that volatility provides opportunity. Our goal is to surpass clients’ expectations related to risk management and consistent risk-adjusted returns.
Our investment process is designed to capitalize on market inefficiencies while providing capital preservation and downside risk protection. The process combines top-down macro views, bottom-up fundamental research, downside risk management, and ongoing process enhancements. Investment ideas are developed through this process, with responsibility shared by the CIO, portfolio managers and analysts. A key differentiator of our process is our boutique model and team-based approach, which helps ensure that all perspectives are heard. The depth and breadth of our investment professionals’ experience also enhances our investment process. Several elements of each phase are summarized below.