Our Short Government strategies seek to provide a high level of current income, consistent with the preservation of investors’ capital, by investing primarily in securities issued by the U.S. Government and its agencies or instrumentalities. The philosophy focuses on a belief that the bond market is inherently inefficient due to multiple types of participants with different objectives. This inefficiency creates opportunity.
The distinctive process and approach by the team begins with conducting fundamental, bottom-up analysis aimed at identifying valuation anomalies and holdings that are biased toward stability of cash flows due to borrowers who have historically been unable or unwilling to prepay efficiently. Baseline economic and scenario/sensitivity analysis drives the portfolio’s U.S. Treasury allocation, which serves to manage duration and provide liquidity. Technical analysis of underlying market dynamics, evaluation of broad sector themes, and relative value analysis determine sector weights and yield curve allocation. The team has over 70 years of cumulative industry experience.
Chief Investment Officer, Victory Income Investors - Short Government
Heidi Adelman is Chief Investment Officer and lead portfolio manager of Victory’s Short Government strategy. Victory Income Investors is a Victory Capital Investment Franchise.
Ms. Adelman joined Victory Capital in 1996. Previously, Ms. Adelman worked for KeyCorp, holding positions in the audit, asset management compliance and money market asset management areas. She earned a bachelor’s of science degree in finance from The Ohio State University.Read Full Bio