Core Fixed Income

Overview
Performance
Literature
Team

Approach

The Core Fixed Income strategy employs a multi-sector total return approach, investing exclusively in investment grade securities. We believe that intensive security level research paired with a broadly informed awareness of the economic and credit cycle is critical to identifying superior investment opportunities and managing downside risk.

Key Benefits

Top-down macro themes shape overall strategy and provide context for our bottom-up security selection
Balanced emphasis on quantitative and qualitative inputs foster strong checks and balances and validation for our investment themes
Proprietary risk budgeting and management tools guide portfolio construction
Historically competitive absolute and risk-adjusted performance over time

Performance

As of 2/28/25	1 Month	3 Month	YTD	1yr	3yr	5yr	10yr	Since Inception (2/01/98)
Gross	2.18	1.17	2.77	6.51	0.00	0.07	2.01	4.24
Net	2.16	1.10	2.73	6.24	-0.25	-0.18	1.74	3.91
Index*	2.20	1.06	2.74	5.81	-0.44	-0.52	1.51	3.97

* Bloomberg U.S. Aggregate Bond Index

Past performance does not guarantee future results.

Periods greater than one year are annualized. Performance data is considered final unless indicated as preliminary. Monthly performance is based on full GIPS Composite returns. Access the GIPS page for full composite details.

The Composite performance information represents the investment results of a group of fully discretionary accounts managed with the investment objective of outperforming the benchmark. Information is subject to change at any time. Gross returns are presented after all transaction costs, but before management fees. Returns include the reinvestment of income. Net performance is shown after the deduction of a model management fee equal to the highest fee charged.

Literature

Voya Core Fixed Income Strategy Brief

Date: December 31, 2024

Includes Investment Commentary

Approved For: Financial Professional or Qualified Institutional Investor Use Only

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Investment Team

Sean Banai, CFA

Head of Multi-Sector

Years of Experience: 26

Years with Voya: 26

Sean Banai is head of multi-sector for the fixed income platform at Voya Investment Management. Previously, Sean was a senior portfolio manager and before that head of quantitative research for proprietary fixed income. Prior to joining the firm in 1999, he was a partner in a private sector company. Sean received a BA and an MS in actuarial science from Georgia State University. He holds the Chartered Financial Analyst® designation.

Dave Goodson

Head of Securitized

Years of Experience: 29

Years with Voya: 23

Dave Goodson is a managing director, head of securitized fixed income and a senior portfolio manager for non-agency and agency mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities strategies at Voya Investment Management. Prior to joining Voya, he was a principal at an independent investment bank focused on asset-backed commercial paper transactions. Previously, Dave began his career as a vice president in Wachovia Securities’ asset-backed finance group, marketing and executing securitizations for the bank’s corporate clients. He earned a BS in management from the Georgia Institute of Technology

Randy Parrish, CFA

Head of Public Credit

Years of Experience: 35

Years with Voya: 24

Randy Parrish is a managing director and head of public credit at Voya Investment Management, overseeing the investment grade, emerging market and leveraged credit teams. Previously at Voya, Randy was head of high yield and served as a portfolio manager and analyst on the high yield team. Prior to joining Voya, he was a corporate banker in leveraged finance with SunTrust Bank and predecessors to Bank of America. Randy earned a BBA in business administration from the University of Georgia and is a CFA® Charterholder.

Disclosures

Principal Risk

The principal risks are generally those attributable to bond investing. Holdings are subject to market, issuer, credit, prepayment, extension and other risks, and their values may fluctuate. Market risk is the risk that securities may decline in value due to factors affecting the securities markets or particular industries. Issuer risk is the risk that the value of a security may decline for reasons specific to the issuer, such as changes in its financial condition. The strategy may invest in mortgage-related securities, which can be paid off early if the borrowers on the underlying mortgages pay off their mortgages sooner than scheduled. If interest rates are falling, the strategy will be forced to reinvest this money at lower yields. Conversely, if interest rates are rising, the expected principal payments will slow, thereby locking in the coupon rate at below-market levels and extending the security’s life and duration while reducing its market value.