Since our 1974 inception, bonds have played an important role in our overall performance. As part of the investment strategy for accounts within our CM Value 1 composite, we have invested in bonds when we believe they have offered an equal or better value than stocks or cash. Over the past 34 years approximately 7% of these assets have been invested in bonds. The majority of these bonds have been invested in U.S. Treasury securities of varying durations and corporate bonds of varying durations and credit quality.

In January 2002, we began managing bond accounts as a stand-alone investment option. The objective of our individually managed bond portfolios is to preserve capital and maximize total return. We focus on, but are not limited to, purchasing U.S. dollar denominated fixed income securities which we believe to be undervalued. While we reserve the flexibility to invest in all types of fixed income securities as part of our total return bond strategy, we typically invest in U.S. government securities (bills, notes, and bonds) and U.S. corporate bonds of varying durations and credit quality.

Our portfolio construction is driven by our value-based bottom-up security selection and top-down macroeconomic analysis. We believe our diversified portfolios are positioned to generate strong long-term risk-adjusted investment performance (see the CM Bond Composite Performance).

Minimum account size for an individually managed bond account is $1,000,000. Or for accounts of any size see our CM Advisers Fixed Income Fund (symbol: CMFIX). For details, a prospectus, and statement of additional information, go to our Fixed Income Fund page.