Credit Suisse Group's Total Commodity Return strategy held a familiar spot as the best-performing fixed-income portfolio for 2005, continuing to top high-yield and long duration strategies.
Credit Suisse Group's approach produced a 27% return for the 12-month period ended Dec. 31, nearly doubling the performance of the next best bond strategy, according to the Separate Accounts Monitor performance database of Morningstar Inc., Chicago.
Led by portfolio manager Nelson Louie, the Credit Suisse strategy was the top-performing fixed-income portfolio in the SAM universe for the second straight quarter and for all but the second quarter last year.
Following New York-based Credit Suisse was Zazove Associates, Incline Village, Nev., whose high-yield convertible securities strategy returned 13.6% for the 12-month period.
Rounding out the top five performers for 2005 was the fixed-income composite strategy of Hoisington Investment Management Co., Austin, Texas, which returned 11.6%; New York-based Jennison Associates LLC's active extra-long fixed-income strategy, with 9.7%; and New York-based Ryan Labs Inc.'s very-long liability enhanced strategy, which returned 9.5%.
All of the top five performers handily topped the Citigroup Broad Investment-Grade Bond index, which returned 2.6% for the year ended Dec. 31. The median strategy in the Morningstar managed account fixed-income universe also returned 2.6% for the year.