Seix Firm Brochure - Seix Investment Advisors

About Us
Founded in 1992, Seix Investment Advisors is an investment
management firm wholly owned by RidgeWorth Investments that
Seix Investment Advisors
focuses exclusively on managing fixed income strategies.
offers investors access to
We are dedicated to providing outstanding asset management
solutions across the
fixed income spectrum,
seeking to consistently
generate alpha.
for our clients. Our strategies can serve as the core of a fixed
income allocation or as a dynamic complement to an existing
portfolio. RidgeWorth supports our administrative functions,
allowing our investment team to devote its attention to managing
fixed income portfolios.
As of December 31, 2015, our assets under management are
$25.7 billion.
SEIX INVESTMENT PROCESS
Sector Trends
TOP-DOWN
AWARE
Industry Dynamics
Broad Economic
Trends
Quality Spreads
Business/Credit
Cycle Analysis
Supply/Demand
1
Volatility/Liquidity
Federal Reserve
Policy
BOTTOM-UP
FOCUS
Interest Rates/
(Dis)inflation
Focused Approach
ADVANTAGE
Our experience and singular focus provides us with an indepth knowledge of the specific risks and rewards inherent
in fixed income investing. By consistently implementing our
disciplined credit/security analysis and risk management
practices, we are well positioned to capture upside potential
and limit downside risk.
DISCIPLINE
We apply a strict fundamental, bottom-up approach focused
on rigorous credit and security analysis, informed by a keen
awareness and top-down view of the macro factors that affect
economies, markets and fixed income sectors.
EXPERIENCE
Our portfolio managers are driven by a culture of performance.
They work collaboratively with our team of career analysts and
traders in the pursuit of superior absolute, relative and riskadjusted returns over a full market cycle.
INDEPENDENCE
SENIOR MANAGEMENT
Seix has cultivated an environment of independence and
Ashi S. Parikh
welcomes contrasting opinions among senior management,
Chief Executive Officer
portfolio managers and analysts. We continue to foster a
culture where the pursuit of the best ideas thrives.
James F. Keegan
Chief Investment Officer
AGILITY
and Chairman
Our process is clearly defined and systematic, yet
George K. Goudelias
accommodates the flexibility to add value by identifying
Managing Director
potential “off-the-radar” opportunities, market dislocations and
Head of Leveraged Finance
capital structure inefficiencies to enhance return potential.
2
Investment Grade
Taxable Fixed Income
For investors seeking a complete, institutional quality
DISCIPLINED CORPORATE
CREDIT PROCESS
fixed income solution, we believe investment grade
fixed income is a critical anchor in a diversified
multi-asset portfolio. We blend a distinctive bottom-
1
up focused and top-down aware approach that
emphasizes income, liquidity, quality and diversification
in the pursuit of superior risk-adjusted returns.
At the end of the spread cycle, successful fixed income
portfolio management often entails a “winning is about
not losing” risk reduction strategy that proactively
8
Target
Spread/Downside
Threshold
7
Capital Structure
Analysis
Targeted
Universe
2
Industry
Relative Strength
3
Investment
Process
Business
Risk Analysis
avoids reaching for yield. Prudent risk management is
6
4
Investment
Thesis
Financial Risk
Assessment
a cornerstone—not an afterthought—in our process.
We employ a multi-dimensional approach focused on a
5
Proprietary
Debt Ratings
strict portfolio construction methodology, sell discipline
and trading strategies designed to target active risk
and mitigate residual risk that is underpriced.
FOCUSED MORTGAGE-BACKED
SECURITIES PORTFOLIO CONSTRUCTION
PORTFOLIO MANAGEMENT
Macro View
MBS Market View
»» Housing/Rates
»» Prepayments
James F. Keegan
»» MBS Relative Value
»» TBA vs. Spec Pools
Perry Troisi
»» Federal Reserve
Intervention
»» Spreads vs. Treasuries
Michael Rieger
Seth Antiles, PhD
1
Determines
Portfolio
Idea
Carlos Catoya
Jon Yozzo
»» CMOs vs. Collateral
»» Government Initiatives
7 »» SectorGeneration
Weight
Ongoing
»» Coupon Bias
Surveillance
2
Company
Specific Research
»» Structure Allocation
3
6
»» Cross-Sector
Allocation
Investment
Recommendation
& Execution
Process
3
Industry & Country
Disciplines
Debt Ratings
Leveraged Finance
Seix’s industry analysts have created a number of
proprietary industry models to evaluate potential
leveraged finance opportunities.
COLLABORATIVE LEVERAGED
FINANCE PROCESS
LEVERAGED LOANS
As specialists in leveraged loans, we bring a number
1
of advantages to investors interested in capitalizing on
Idea
Generation
7
Ongoing
Surveillance
this area of the market, including:
2
Company
Specific Research
loans that possess the most attractive risk/reward
Investment
Process
6
Recommendation
& Execution
3
Industry & Country
Disciplines
5
Structure
Review
»» Meticulous portfolio construction focused on
4
relationships
»» Commitment to liquidity and diversification by sector
and issue size
»» Downside protection and downside tolerance limit
Relative Value &
Diversification
HIGH YIELD
We adhere to strict security selection and a risk
management approach to enhance returns and protect
against downside risk in this historically asymmetrical
market, that:
»» Identifies a path to movement from high yield to
investment grade over time
»» Seeks issues that may be misunderstood or misrated
by agencies and the markets
»» Practices a strict sell discipline, employing an upside
PORTFOLIO MANAGEMENT
George K. Goudelias
spread target designed to capture upside potential
and downside tolerance limits focused on limiting
downside risk
Michael Kirkpatrick
James FitzPatrick, CFA
Vincent Flanagan, CFA
4
Tax-Exempt Fixed Income
Our municipal bond strategies are positioned to add value
for investors seeking to minimize tax liabilities. Conservative
in our overall posture, we seek value in underappreciated
technical and fundamental corners of the market.
OPPORTUNISTIC
TAX-EXEMPT PROCESS
A four-component approach combines relative value
trading, security selection, duration management and yield
curve positioning and sector rotation. This process
Relative Value
Trading
is designed to:
»» Achieve an optimal balance of risk and return
»» Focus on bottom-up analysis of individual
credit issues
»» Take advantage of discrepancies in
Sector
Rotation
Portfolio
Construction
supply and demand
»» Build on deep relationships with dealers
and traders
Characteristic of our team’s distinctive approach is
proactive yield curve management, an ongoing emphasis
on quality and an ability to recognize inefficiencies within a
fragmented municipal bond market. We seek to neutralize
the impact of interest rates on the portfolio through active
duration management.
PORTFOLIO MANAGEMENT
Ronald Schwartz, CFA
Dusty L. Self
Christopher Carter, CFA
5
Duration Management
&
Yield Curve Positioning
Security
Selection
Seix Investment Advisors offers various
strategies and subadvises mutual funds
for RidgeWorth Investments.
SEPARATELY MANAGED ACCOUNTS
Investment Grade Strategies
Leveraged Finance Strategies
Core
Energy Opportunities
Core Plus
Full Market High Yield
Corporate
High Quality High Yield
Intermediate Term
Leveraged Loans
Securitized
Short Duration
Tax-Exempt
Multi-Sector Absolute Return Strategy
MULTI-SECTOR PRODUCT
STRUCTURED PRODUCTS
Collateralized Loan Obligations
RIDGEWORTH FUNDS
Taxable
RidgeWorth Seix Core Bond Fund
RidgeWorth Seix Corporate Bond Fund
RidgeWorth Seix Floating Rate High Income Fund
RidgeWorth Seix High Income Fund
RidgeWorth Seix High Yield Fund
RidgeWorth Seix Short-Term Bond Fund
RidgeWorth Seix Total Return Bond Fund
RidgeWorth Seix Ultra-Short Bond Fund
RidgeWorth Seix U.S. Government Securities Ultra-Short Bond Fund
RidgeWorth Seix U.S. Mortgage Fund
Tax-Exempt
RidgeWorth Seix Georgia Tax-Exempt Bond Fund
RidgeWorth Seix High Grade Municipal Bond Fund
RidgeWorth Seix Investment Grade Tax-Exempt Bond Fund
RidgeWorth Seix North Carolina Tax-Exempt Bond Fund
RidgeWorth Seix Short-Term Municipal Bond Fund
RidgeWorth Seix Virginia Intermediate Municipal Bond Fund
6
One Maynard Drive, Suite 3200
Park Ridge, New Jersey 07656
seixadvisors.com
201.391.0300
3333 Piedmont Road NE
Suite 1500
Atlanta, GA 30305
ridgeworth.com
888.784.3863 for Shareholder Services/Individual Investors
866.595.2470 for Investment Professionals/Institutional Investors
All investments involve risk. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss.
Intermediate term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return. Generally, a fund’s fixed income securities
will decrease if interest rates rise and vice versa. A fund’s income may be subject to certain state and local taxes and, depending on your tax status, the federal
alternative minimum tax. Although a fund’s yield may be higher than that of fixed income funds that purchase higher-rated securities, the potentially higher yield is
a function of the greater risk of that fund’s underlying securities. Floating rate loans are typically senior and secured, in contrast to other below-investment grade
securities. However, there is no guarantee that the value of the collateral will not decline, causing a loan to be substantially unsecured. Loans generally are subject
to restrictions on resale. Certain types of loans may limit the ability of a fund to enforce its rights and may involve assuming additional credit risks.
There is no guarantee a specific investing strategy will be successful. Individual investors are advised to consult with their investment professional about their
specific financial needs and goals before making any investment decisions. Investment process, strategies and procedures detailed in this brochure are intended
to be general guidelines, subject to market conditions and client-specific investment guidelines and restrictions, and are measured at the time of purchase. Seix
Investment Advisors LLC may deviate from these guidelines if market conditions warrant, or if the investment professionals deem doing so would be in clients’ best
interests. Guidelines do not guarantee any reduction of risk or loss.
Before investing, investors should carefully read the prospectus or summary prospectus and consider the fund’s investment
objectives, risks, charges and expenses. Please call 888.784.3863 or visit ridgeworth.com to obtain a prospectus or summary
prospectus, which contains this and other information about the funds.
©2016 RidgeWorth Investments. All rights reserved. RidgeWorth Investments is the trade name for RidgeWorth Capital Management LLC, an investment adviser
registered with the SEC and the adviser to the RidgeWorth Funds. RidgeWorth Funds are distributed by RidgeWorth Distributors LLC, which is not affiliated with
the adviser. Seix Investment Advisors LLC is a registered investment adviser with the SEC and a member of the RidgeWorth Capital Management LLC network of
investment firms. All thrid party marks are the property fo their respective owners.
SXBroch-1215