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Fixed income investments are an important part of most institutional portfolios as they offer diversification from a pure equity
portfolio to help control overall volatility. Examples include U.S. treasuries and government agencies, treasury inflation protection securities (TIPS),
corporate debt, mortgage-backed securities, collateralized mortgage obligations (CMO), asset-backed securities (ABS) and commercial mortgage backed
securities (CMBS).
WSIB staff internally manages fixed income investments for 15 separate portfolios including the Commingled Trust Fund (CTF), Plan 3 retirement funds,
Deferred Compensation Program (DCP) Savings Pool, Labor & Industries, Permanent Funds, GET College Tuition Program, and Developmental Disabilities
Endowment Fund (DDEF).
Currently, there are eight professionals in the WSIB’s fixed income unit with varying responsibilities, including portfolio management and trading,
credit research and analysis, and risk management and database analytics.
Depending on long-term objectives and allocation constraints as established by Board policy or state law, fixed income may be the only investment
for some fund portfolios. It may also be part of diversified asset mix, as is the case for the CTF and DCP.
Please see Goals and Strategies for the various investment fund objectives and policies. |
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