Credit Relative Value is a long-short relative value/absolute return strategy that allocates capital across a range of fixed income opportunities.
Securitized Credit Opportunities is a high yielding alternative credit strategy that seeks to outperform the U.S. high yield corporate credit market over a full market cycle.
Multi-Sector Income is a fixed income strategy with an objective of providing a higher level of income to investors through active management of sector allocation and security selection.





The strategy seeks to capture excess returns focused within the corporate credit, securitized credit, and agency MBS sectors, with opportunistic allocations to rates (sovereign credit and interest rate sectors). We seek to generate alpha over a market cycle primarily from sector allocation and security selection while actively managing market spread and interest rate exposures. The strategy is appropriate for investors interested in alternative fixed income that are concerned about the direction of interest rates and/or credit spreads.

Jonathan Duensing, CFA

Deputy Chief Investment Officer,
Senior Portfolio Manager

23 years of Industry Experience
20 years at Amundi Smith Breeden

Jonathan M. Duensing, CFA is the Deputy Chief Investment Officer, Managing Director and Senior Portfolio Manager at Amundi Smith Breeden LLC.  Mr. Duensing heads the Corporate Credit Investment Team and is a Senior Portfolio Manager responsible for managing corporate credit and multi-sector fixed income strategies. 


  • Focuses on security selection and sector allocation, while managing spread and interest rate exposure.
  • Invests in both investment and non-investment grade bonds – average credit quality range Baa - BB.
  • Primarily focused within the corporate credit, securitized credit, and agency MBS sectors.
  • Opportunistic allocations in rates (sovereign credit and interest rate sectors).

Why Amundi Smith Breeden?

  • The Senior Portfolio Manager has managed or co-managed this strategy since inception (2004). The strategy’s portfolio managers have, on average, 19 years of industry experience.
  • The Strategy’s absolute return focus and design allows the flexibility to identify value and position appropriately across credit and other fixed income asset classes.
  • Relative to market directional strategies, active management of interest rate and market spread risks lowers macro factor exposures while allowing for tactical and strategic positioning opportunities.

Ratings Distribution


Sector Distribution


Data as of December, 2016. The strategy webpage includes targeted returns that are based on a variety of factors and assumptions and involve significant elements of subjective judgment and analysis. Factors considered in estimating target returns include the following:

Capital allocation strategies with an emphasis on corporate credit; return generated through security selection and sector rotation in a wide range of credit quality; returns generated through the trading of LIBOR-based securities; return created from opportunistic purchases and sales combined with the use of leverage as appropriate; and analysis of current and future market conditions, economic conditions, and interest rates.

Amundi Smith Breeden cannot guarantee the success of the investment strategy. Past results are not necessarily indicative of future performance. No assurance can be made that profits will be achieved or that substantial losses will not be incurred. All investments involve risk including the loss of principal. This information is supplemental to the presentations shown in the Appendix.  Please refer to the Appendix for further important disclosures that are considered integral to this presentation.