Heidi Adelman’s team manages our Short Government strategies. Our 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. The philosophy focuses on a belief that the bond market is inherently inefficient due to multiple types of participants with different objectives. This inefficiency creates opportunity. The distinctive process and approach by the team begins with conducting fundamental, bottom up analysis aimed at identifying valuation anomalies and holdings that are biased toward stability of cash flows due to borrowers who have historically been unable or unwilling to prepay efficiently. Baseline economic and scenario/sensitivity analysis drives the portfolio’s U.S. Treasury allocation which serves to manage duration and provide liquidity. Technical analysis of underlying market dynamics, evaluation of broad sector themes, and relative value analysis determine sector weights and yield curve allocation. The team has over 70 years of cumulative industry experience.