Pacific Income Advisers (PIA) is a leading independent, employee-owned investment advisory firm, managing approximately $13 billion (as of 3/31/13) 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.