Formed in 1989, Declaration (DMR) is an investment team within Manulife Asset Management (US) LLC, which has approximately $48 billion in institutional assets under management. Each of Manulife Asset Management (US) LLC and Declaration is an indirect wholly owned subsidiary of Manulife Financial Corporation and part of the Manulife Asset Management group of affiliated investment managers. With offices in Manhattan, Boston, and Mclean (VA), DMR manages approximately USD $9.5bn in assets under management as of March, 31, 2012, focusing primarily on securitized asset class.
Within Manulife Asset Management, Declaration’s investment focus is structured finance and securitized asset strategies. The investment team has significant experience managing mortgage-backed securities of all types, other structured finance securities and corporate bonds for institutional clients. The strategy goal is “risk efficiency” as defined by the ratio of total return per unit of volatility or standard deviation. As a secondary goal, the strategy seeks to provide diversification versus high yield bond, bank loan and pure credit strategies.
The investment strategy seeks to exploit pricing anomalies in securitized assets, primarily: (i) Agency MBS and Agency IO/IIO issued by U.S. government agencies and entities such as the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association; (ii) Non-Agency RMBS issued by private sector entities; and (iii) CMBS. Portfolio holdings may range from short tenor senior classes to stressed issues with substantial risk of non-payment and correspondingly higher yields.