Loomis Sayles Full Discretion Team

We are high conviction, active credit investors focused on results for our clients.

 

We have a legacy of independent thinking and leaning into the market when others may be pulling away. We take a deep-value, equity-like approach to credit selection across global fixed income markets. Our disciplined process helps gives us confidence in seeking to identify macro trends, formulate a clear view on market sectors, and invest throughout the credit cycle.

For more than 40 years, we have been applying our distinctive style of bond picking to deliver portfolios designed to provide excess yield potential and have low correlations to traditional benchmark-focused fixed income strategies.

Frozen, frothy, and everything in between.

The Full Discretion Approach to Credit Selection

During our decades as bond investors, we’ve managed through all sorts of credit conditions.
And we have consistently observed that the market is inefficient at pricing specific risk.

We use repeatable credit selection strategies to capitalize on this persistent inefficiency and drive excess return potential.

 

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Full Discretion Team 
Range of Institutional Strategies and Mutual Funds

The Loomis Sayles Full Discretion team were among those who pioneered multisector investing with a long-term, flexible, benchmark-agnostic approach. The team manages a range of institutional strategies and mutual funds to help meet different investor needs. Each seeks to identify and capitalize on mispricings throughout market cycles using fundamental research and active management.

 

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Quarterly Credit Update- March 2022

The credit cycle has advanced to the later stages of the ‘Expansion’ phase characterized by higher expected volatility and a greater risk of a downturn scenario. Risk premiums currently appear attractive relative to history, but catalysts for spread tightening appear limited given concerns over persistent inflation and the current geopolitical landscape.

Break Out of the Box with Loomis Sayles Multisector

Many bond investors are in an uncomfortable
position today. Yields are low, spreads are tight, and durations have extended out. There’s not a lot of cushion for making mistakes. In an environment like this, we do not want to be boxed in by an index.

In Case You Missed It: A Conversation with Full Discretion's Portfolio Managers

On December 9, 2020, Full Discretion portfolio managers Elaine Stokes, Matt Eagan and Brian Kennedy joined Jim Sia, Head of Relationship Management, for a live call with institutional clients and consultants to discuss Dan Fuss’ step back from portfolio management, the deep investment resources of the Full Discretion team, and the team’s outlook going into 2021. Read on for the highlights.

Credit Check: The Full Discretion Approach to Credit Selection

Credit markets are frequently moving. During our decades as bond investors, we’ve seen them frozen during times of crisis, frothy when investors have seemed desperate for yield, and everything in between.

Matt Eagan's LinkedIn Articles

Explore the deep-dive articles written by Matt Eagan on LinkedIn.

A Fixed Income Predicament: The Case for a Flexible, Active Approach

Low Yield Landscape Amid Interest Rate Unknowns Call for Active Bottom-Up Security Selection Through the Credit Cycle.

Meet the Managers

Matt Eagan, EVP, CFA
Portfolio Manager and Co-Head of the Full Discretion Team
Matt Eagan is an executive vice president, portfolio manager, and co-head of the full discretion team at Loomis, Sayles & Company. He has 30 years of investment industry experience as a portfolio manager and fixed income analyst. Matt is a co-portfolio manager of the firm’s flagship Loomis Sayles Bond Fund, as well as the Credit Income, Fixed Income, Global Allocation, High Income, High Income Opportunities, Institutional High Income, Investment Grade Bond, Investment Grade Fixed Income, Strategic Alpha and Strategic Income funds. He is also a member of the firm’s Board of Directors.
Elaine Stokes, EVP
Portfolio Manager and Co-Head of the Full Discretion Team

Elaine Stokes is an executive vice president, portfolio manager and co-head of the full discretion team at Loomis, Sayles & Company. She has 33 years of investment industry experience and joined Loomis Sayles in 1988. Elaine is also a member of the firm’s Board of Directors. Elaine is a co-portfolio manager for the firm’s flagship Loomis Sayles Bond Fund, as well as a variety of mutual fund and institutional strategies, including the Credit Income, Fixed Income, High Income, High Income Opportunities, Institutional High Income, Investment Grade Bond, Investment Grade Fixed Income, Strategic Alpha and Strategic Income funds, and the Loomis Sayles Multisector Full Discretion, Core Plus Full Discretion, High Yield Conservative, High Yield Full Discretion and US High Yield strategies.

Brian Kennedy
Portfolio Manager
Brian Kennedy is a vice president of Loomis, Sayles & Company and co-portfolio manager of the firm’s multisector institutional strategies and mutual funds. He started his investment industry career in 1990 and joined Loomis Sayles in 1994. Brian co-manages a variety of mutual fund and institutional strategies, including the Loomis Sayles Bond, Credit Income, Fixed Income, High Income, High Income Opportunities, Investment Grade Bond, Investment Grade Fixed Income, Strategic Alpha and Strategic Income funds, as well as the multisector, core plus full discretion and US high yield institutional accounts
Todd Vandam, CFA
Portfolio Manager

Todd Vandam is a vice president of Loomis, Sayles & Company and co-portfolio manager of the Loomis Sayles Strategic Alpha and High Income funds as well as several US high yield and global high yield institutional strategies. He also heads up the firm’s high yield sector team.

Explore more of the Full Discretion team. 

Meet the 30 investment professionals whose experience and expertise help drive alpha across Full Discretion strategies

Meet the Full Team
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DISCLOSURE:

Diversification does not ensure a profit or guarantee against a loss.

Any opinions or forecasts contained herein reflect the current subjective judgments and assumptions of the Full Discretion Team only, and do not necessarily reflect the views of Loomis, Sayles & Company, L.P. This information is subject to change at any time without notice.

market conditions are extremely fluid and change frequently.

any investment that has the possibility for profits also has the possibility of losses.

commodities, interest and derivative trading involves a substantial risk of loss.

past performance is no guarantee of, and not necessarily indicative of, future results.  

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