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The Wall Street Journal recently published an article on stable value in a rising interest rate environment.

A 401(k) Defense Against Rising Rates
By Dorianne Perrucci
The Wall Street Journal
April 5, 2013

“Stable Value accounts are likely to fare better than bonds when interest rates head up…”
 
This issue of Stable Value Perspectives examines the dynamics of the stable value asset class over the past 15 years, looks toward a possible future of rising rates and explores how stable value might react to various interest rate shocks. The study concludes with an analysis of how current market expectations might affect a stable value portfolio.
 
In this issue of Fixed Income Perspectives: Galliard has been an investor in the taxable municipal bond market for over 18 years - since firm inception - seeing it as a viable alternative to the corporate bond market and an attractive option for core bond portfolios, particularly long credit mandates. We currently manage over $2.5 billion in taxable municipal bonds from over 400 different issuers across the maturity curve.
 
More than 230 institutional investors rely on Galliard for the successful management of their fixed income and stable value investments. Over the years, our clients recognize that Galliard has consistently adhered to a proven investment philosophy and has delivered expected results.
Learn more about Fixed Income and Stable Value at Galliard.

News

STATISTICS AS OF 3/31/14

  • Assets under
    management:
    Over $86.7 billion
  • 242 institutional clients nationwide

ECONOMIC UPDATE

  • We expect growth in 2014 of 2.5% to 3.0%.
  • Higher interest rates are necessary for savers as the economic recovery continues.

MARKET OVERVIEW

  • Growth finally accelerating, Headwinds to growth subside.  
Wells Fargo Stable Return Fund Reopened

Galliard Capital Management is pleased to announce the reopening of the Wells Fargo Stable Return Fund. The $30 billion stable value fund, temporarily limited in 2013 in response to the Federal Reserve’s commitment to preserve historically low interest rates, is now available to new investors.

Dave Ferry, Senior Director at Galliard and advisor to the Fund, confirmed the news. Ferry noted that the Fund’s reopening followed a meaningful rate jump in the second quarter of 2013. The jump, positively reflected in 10-year Treasury yields, prompted Galliard executives to reevaluate the Fund’s hiatus. According to Ferry, the Fund welcomes new investors with a minimum investment of $5 million in stable value assets.

Galliard Welcomes Jennifer Lammers as New Chief Compliance Officer and Kaleigh Causey and Evan Hewitt as Client Portfolio Analysts

Galliard Capital Management is pleased to welcome Jennifer Lammers to its Compliance team. As Chief Compliance Officer, Jennifer is responsible for Galliard’s compliance program and for regulatory matters.

Before joining Galliard, Jennifer served as Chief Financial Officer and Chief Compliance Officer for Fiduciary Counseling Inc. and as Chief Compliance Officer for Clearwater Management Company and Clearwater Investment Trust. Her diverse professional experience includes managing the internal audit department for a Fortune 500 company and acting as the controller for a start-up company. Jennifer, a certified public accountant, holds a B.S. from Brigham Young and an MBA from the University of Houston.

Galliard also welcomes Kaleigh Causey and Evan Hewitt as client portfolio analysts. Before joining Galliard, Kaleigh served PIMCO as a senior associate in its financial institutions group. She holds a B.S. from the University of California, Los Angeles. Evan Hewitt, before joining Galliard, served 3M as a foreign exchange and treasury analyst. Evan received his B.A. from Macalester College.

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