Unique to New Century Advisors is the way we are "Rethinking Fixed Income."  Our investment philosophy is embodied by the following quote by Benjamin Graham:


        "The essence of investment management is the management
                     of risks, not the management of returns."

While most fixed income managers view the market as sectors or segments, New Century Advisors' focuses on parsing the market into specific risks, which can not only be valued, but also isolated and employed in portfolios to more effectively meet clients' needs. In this vein, we divide the fixed income market into the following six risk factors:

      1. Interest Rates
      2. Term Structure
      3. Inflation
      4. Volatility
      5. Credit
      6. Non U.S.

We evaluate the relative attractiveness of each risk factor using a combination of valuation models, technical factors and human judgement to create what we believe is a superior portfolio. We believe the empirical results speak for themselves as this philosophy delivers superior risk-adjusted excess returns.

Integrating Analysis and Judgment

Constructing a Portfolio