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Did you know that more than 90% of agency MBS trading volume occurs in the forward market? Galliard utilizes TBA securities as part of its overall diversification/risk mitigation strategy for managing fixed income portfolios. Read the new Fixed Income Analyst Insights to learn more about TBAs and forward contracts.
At its core, stable value is a fixed income investment, so it stands to reason that plan sponsors, consultants, and stable value investors may be concerned about the prospect of rising interest rates. However, we believe that the unique protections provided by stable value may actually benefit investors in a rising rate environment.
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.



  • Assets under
    Over $85.0 billion
  • Over 240 institutional clients nationwide


  • Resurgent Consumer Fuels U.S. economy
  • Fed keeps rates on hold, opting to delay “liftoff” over global growth concerns


  • Fed Punts on Rate Hike Decision as Global Growth Concerns and Falling Inflation Spooks Markets  

Money Market Reform Spurs Renewed Interest in Stable Value

MONEY MARKET FUND REFORM has altered the capital preservation landscape and has led to a renewed interest in stable value from defined contribution plan sponsors who utilize money market mutual funds (or “money market funds”). In this issue of Stable Value Analyst Insights, we provide a summary of the key amendments adopted by the U.S. Securities and Exchange Commission (SEC) to the money market fund rules. We also highlight key differences between money market funds and stable value funds. Lastly, we revisit the compelling case for stable value as a defined contribution capital preservation option. The SEC amendments to the money market fund rules did not directly impact stable value. However, we believe the impact of reform on money market funds further strengthens the case for stable value as an optimal principal preservation choice compared to money market funds.

Read Money Market Reform and Stable Value


Stable Value Masterclass Video on Asset TV, October 2015

Karl Tourville, Founding Managing Partner of Galliard Capital Management, along with two other industry experts, Warren Howe of MetLife and Jim King of Prudential, participated on an Asset TV Masterclass panel discussing stable value. Watch the video to learn more about the stable value asset class, how stable value performs with respect to rising interest rates, and what plan sponsors can expect from stable value in the current market environment.

Click below to watch the video on Asset.TV


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