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INCORE Short Government

Heidi Adelman, Chief Investment Officer – Mortgage Investments Portfolio Manager

Investment Approach

The INCORE Short Government strategy seeks to provide a high level of current income, consistent with the preservation of investors’ capital, by investing primarily in securities issued by the U.S. Government and its agencies or instrumentalities. We seek to outperform the Barclays Capital 1-5 Year U.S. Government Bond Index over a full market cycle with less risk.

Philosophy & Process

To provide a high level of current income, consistent with the preservation of investors’ capital, we focus on seasoned GNMA mortgage loans backed by the full faith and credit of the U.S. Government. We believe the bond market in general, and this niche segment in particular, is inherently inefficient due to market segmentation, imperfect information, and over-the-counter trading. This inefficiency creates opportunity which we seek to capitalize on in large part by conducting fundamental, bottom up analysis. We purchase securities with above average yield and below average prepayment sensitivity, resulting in holdings that are biased toward stability of cash flows.

 

 

Strategy assets include both discretionary and non-discretionary assets under management that are managed in a similar style.

Heidi Adelman, Chief Investment Officer – Mortgage Investments Portfolio Manager

Heidi Adelman is Chief Investment Officer and lead portfolio manager of INCORE’s Short Government strategy. In this role, she is responsible for all agency mortgage-backed and U.S. government securities. She is also lead portfolio manager for government and mortgage-only portfolios. The Victory Short Government team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Ms. Adelman joined Victory Capital in 1996. Previously, she worked for KeyCorp, holding positions in the audit, asset management compliance and money market asset management areas.

Ms. Adelman earned a B.S. from The Ohio State University.


Monica Caster

Monica Caster is a mortgage-backed securities trader for INCORE Capital Management. In this role, she is responsible for mortgage-backed as well as government securities trading for taxable fixed income portfolios. The Victory Short Government team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Prior to joining Victory Capital in 2012, Ms. Caster spent six years as a member of Victory Capital's product management team, responsible for driving strategic growth and product positioning for several of Victory Capital’s investment strategies. She also led product development efforts to increase effectiveness, profitability and distribution.

Ms. Caster earned a B.A. in business administration and economics from Baldwin-Wallace College and an MBA from Cleveland State University. She is a CFA® charterholder.

Harriet Uhlir, Portfolio Manager

Harriet Uhlir is a portfolio manager for INCORE Capital Management. In this role, she helps devise and implement portfolio strategy. The Victory Short Government team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Prior to joining Victory Capital in 2012, from 2001 to 2012 Ms. Uhlir was a senior portfolio manager in securities lending at Victory/Key specializing in mortgages. In addition to her investment experience, she spent three years as a consultant at SunGard Data Systems and three years at KeyCorp in asset accounting services and security movement & control.

Ms. Uhlir earned a B.A. in mathematics from the University of Cincinnati and an MBA in finance from Case Western Reserve University.

Investment Approach

The INCORE Short Government strategy seeks to provide a high level of current income, consistent with the preservation of investors’ capital, by investing primarily in securities issued by the U.S. Government and its agencies or instrumentalities. We seek to outperform the Barclays Capital 1-5 Year U.S. Government Bond Index over a full market cycle with less risk.

Philosophy & Process

To provide a high level of current income, consistent with the preservation of investors’ capital, we focus on seasoned GNMA mortgage loans backed by the full faith and credit of the U.S. Government. We believe the bond market in general, and this niche segment in particular, is inherently inefficient due to market segmentation, imperfect information, and over-the-counter trading. This inefficiency creates opportunity which we seek to capitalize on in large part by conducting fundamental, bottom up analysis. We purchase securities with above average yield and below average prepayment sensitivity, resulting in holdings that are biased toward stability of cash flows.

 

 

Strategy assets include both discretionary and non-discretionary assets under management that are managed in a similar style.

Monica Caster, CFA

Trader - Short Government

Monica Caster is a mortgage-backed securities trader for INCORE Capital Management. In this role, she is responsible for mortgage-backed as well as government securities trading for taxable fixed income portfolios. The Victory Short Government team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Prior to joining Victory Capital in 2012, Ms. Caster spent six years as a member of Victory Capital's product management team, responsible for driving strategic growth and product positioning for several of Victory Capital’s investment strategies. She also led product development efforts to increase effectiveness, profitability and distribution.

Ms. Caster earned a B.A. in business administration and economics from Baldwin-Wallace College and an MBA from Cleveland State University. She is a CFA® charterholder.

Harriet Uhlir

Portfolio Manager - Short Government

Harriet Uhlir is a portfolio manager for INCORE Capital Management. In this role, she helps devise and implement portfolio strategy. The Victory Short Government team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Prior to joining Victory Capital in 2012, from 2001 to 2012 Ms. Uhlir was a senior portfolio manager in securities lending at Victory/Key specializing in mortgages. In addition to her investment experience, she spent three years as a consultant at SunGard Data Systems and three years at KeyCorp in asset accounting services and security movement & control.

Ms. Uhlir earned a B.A. in mathematics from the University of Cincinnati and an MBA in finance from Case Western Reserve University.