Preferred Income

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.

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Important information

The material contains information regarding the investment approach described herein and is not a complete description of the investment objectives, risks, policies, guidelines or portfolio management and research that supports this investment approach. Any decision to engage Manulife Investment Management should be based upon a review of the terms of the prospectus, offering documents or investment management agreement, as applicable, and the specific investment objectives, policies and guidelines that apply under the terms of such agreement. There is no guarantee investment objectives will be met. The investment process may change over time. The characteristics set forth above are intended as a general illustration of some of the criteria the strategy team considers in selecting securities for client portfolios. Client portfolios are managed according to mutually agreed upon investment guidelines.

This information has been provided by Manulife Investment Management. All material is compiled from sources believed to be reliable and correct but accuracy cannot be guaranteed. This is not to be construed as an offer to buy or sell any financial instrument nor does it constitute an offer or invitation to invest in any fund managed by Manulife Investment Management and has not been prepared in connection with any such offer. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the securities and sectors listed.

References to securities, transactions or holdings should not be considered a recommendation to purchase or sell a particular security and there is no assurance that, as of the date of publication, the securities remain in the portfolio. Additionally, it is noted that the securities or transactions referenced do not represent all of the securities purchased, sold or recommended during the period referenced and there is no guarantee as to the future profitability of the securities identified and discussed herein.

The indices cited are widely accepted benchmarks for investment performance within their relevant regions, sectors or asset classes, and represent non managed investment portfolio.