Preferred Income Strategy

The strategy seeks to add value through applying in-depth fundamental analysis to preferred securities and common stock issues. With an average of more than 25 years of industry experience, the team brings a significant amount of collective knowledge to bear on the asset class.

 

Philosophy

The team believes they can deliver long-term outperformance by investing in high-quality companies with sustainable, strong cash-generative business models that are also trading at less than their intrinsic value. To do so, the team employs a fundamental, bottom-up security selection process, aiming to create a diversified portfolio with an emphasis on quality and risk management, particularly with regard to credit, liquidity, and call risk.  

Managed by

Joseph H. Bozoyan, CFA

Portfolio Manager, Preferred Income

Joseph is a portfolio manager on the preferred income management team at Manulife Investment Management. He was previously a managing director and senior investment analyst on the company’s intrinsic value team, providing dedicated research for all strategies managed by that team. Prior to joining the company, Joe was a senior equity analyst on small-, SMID, and all-cap portfolios at Ironwood Investment Management; earlier in his career, he held analyst roles at companies such as Evergreen Investments, RCM, and Sun Life. Joe holds the Certified Financial Analyst designation, and is a member of the CFA Society Boston.

  • Education: B.S. in Finance, Providence College; M.B.A., Boston College, Carroll School of Management
  • Joined the company: 2011
  • Began career: 1993
Joseph H. Bozoyan, CFA

Bradley Lutz, CFA

Portfolio Manager, Preferred Income

Brad is a managing director and portfolio manager on the preferred income team at Manulife Investment Management; he’s also a senior investment analyst, supporting the company’s fixed-income strategies. Brad provides expertise in the power and utility, aerospace and defense, and industrials sectors. Most recently, he was responsible for the same duties at Declaration Management & Research, an affiliate of Manulife. Earlier in his career, Brad worked for Summit Investment Partners, with research, trading, and portfolio management responsibilities for high-yield and investment-grade corporate bonds; prior to that, he was with Pacholder Associates as a high-yield credit analyst. Brad holds the Certified Financial Analyst designation.

  • Education: B.S. in Finance, Miami University
  • Joined the company: 2002
  • Began career: 1992
Bradley Lutz, CFA

Vehicles

At Manulife Investment Management, we offer investment strategies through a variety of vehicles to suit a broad range of client needs. Contact our institutional sales or consultant relations team to find out if this strategy/vehicle is offered in your region. 

  • Separate accounts

    Our separate accounts and separately managed accounts (SMAs) are designed for institutions and high-net-worth clients seeking tailored investment solutions and direct ownership of securities. 

  • CITs

    Our professionally managed collective investment trusts (CITs) are available in certain qualified retirement plans.

  • Mutual funds

    Mutual funds are liquid, professionally managed portfolios which are available to both institutional and retail investors.

Key facts

  • Inception date

    August 2002

  • Strategy AUM (USD)

    $4.9 billion

  • Benchmark

    BofA Merrill Lynch US All Capital Securities Index

  • Style

    Preferred securities

  • Average portfolio manager experience

    27 years

Important disclosures

All information shown is as of March 31, 2021, unless otherwise indicated. Strategy-level information may differ from vehicle-specific information. Not all vehicles are available in all locations and may be offered through affiliates of Manulife Investment Management.

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