The Westwood Trust International Fixed Income strategy:

  • Invests in bonds with the highest real yields.
  • Manages currency exposures in order to protect principal and enhance returns.
  • Patiently rotates among countries.
  • Controls risk by purchasing undervalued securities.

Disciplined Approach

  • Top-down, value driven process for structuring the portfolio
  • Real (inflation–adjusted) yield is the primary measure of value
  • Currency valuation is next in importance – the strategy focuses on appreciating, undervalued currencies and overvalued currencies that can be hedged
  • Other considerations:
    • Inflation trends
    • Political risks
    • Monetary trends
    • Business cycle and liquidity measures
  • Investments are typically concentrated in 8-14 countries that appear to offer the best total return potential

Investment Team

Westwood Trust’s International Fixed Income strategy is sub-advised by Brandywine Global, Philadelphia, PA.

The portfolio is managed by:

  • Stephen S. Smith, Managing Director & Portfolio Manager
  • David F. Hoffman, CFA, Managing Director & Portfolio Manager
  • Jack P. McIntyre, CFA, Portfolio Manager, Senior Research Analyst