Location: Richmond, Va.
Principals: Bradley Coats, president; and Patrick Kelly, Duncan Buoyer and Patrick O'Hara, managing directors
Style: Core fixed-income manager
AUM as of June 30: $2.08 billion
Three-year annualized performance: 10.56%
Benchmark (Lehman Aggregate): 10.08%
Three-year alpha: 0.95
Agincourt Capital was started in 1999 by the team that managed fixed income at Sovran Capital Management, a subsidiary of Bank of America, Richmond. BofA was consolidating its units, and the team members decided to continue the business.
"We named it Agincourt, which comes from a legendary battle fought by a tiny English army against a much larger army," explained Patrick O'Hara. "Agincourt is very small, with just 13 employees."
The firm has been using a core strategy with a value tilt. It has been overweighting high-grade corporate bonds and continues to like them as an asset class, said Patrick Kelly. "They (high-grade corporates) have been doing well as the economy improves. Last year they were priced to default level, which gave us a great opportunity to add to that position. We still like them this year and believe they represent good value."
One consultant, who asked for anonymity, said he really respected the firm for its disciplined strategy.