Pacific Income Advisers (PIA) is a leading independent, employee-owned investment advisory firm, managing approximately $4.5 billion (as of 6/30/10) for institutional and private clients worldwide. Since PIA’s inception in 1986, the firm has managed traditional investment grade fixed income strategies utilizing a disciplined, fundamental investment approach that has consistently produced attractive “risk-adjusted” returns.  As a core bond manager, PIA was among the first to construct an investment discipline built on yield curve analysis.  PIA’s “alpha thesis” is driven by the firm’s significant intellectual capital committed to risk measurement.  Additionally, PIA benefits from strong analytical competencies in mortgage-backed securities as certain PIA investment professionals are also the senior management team of Anworth (NYSE: ANH), a publicly traded mortgage REIT.

On May 1st of 2010, PIA completed a “lift-out” of the entire six-person investment management team of Grandview Capital Management, LLC, a Manhattan Beach based firm that specializes in high yield securities and bank loans.  The Grandview team, anchored by Robert Sydow, Kevin Buckle and Jim Lisko, joins PIA with over 75 years of investment experience and a 10-year audited High Yield track record. The newly formed PIA High Yield Department will be responsible for managing High Yield separate accounts and assisting in the management of PIA Core Enhanced portfolios. Grandview Capital Management will continue to exist with the sole objective of continuing the management of its existing Waterfront CLO through maturity.  Looking forward, PIA envisions attractive traditional and alternative product development opportunities that will capitalize on the synergy between the PIA Investment Grade and High Yield departments.

Current Investment Commentary




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