Our Process

Fixed Income

Fixed Income Philosophy

We believe a yield-focused portfolio, built bond by bond through fundamental bottom-up analysis, can over time generate attractive total returns relative to peers.*

A History of Stability and Experience

  • 17 years of average portfolio manager tenure at USAA. Industry experience averages 24 years
  • 48 Research Analysts with an average of 19 years experience
  • 14 Traders averaging 24 years industry experience

Investing Across the
Credit Spectrum

Total AUM: $105.1 Billion
(As of 3/31/18)

Total includes Mutual Fund and
Insurance Portfolios

Source: USAA Investments**


AAA Investment Grade: Highest
AA Investment Grade: High
A Investment Grade: Good
BBB Investment Grade: Fair
<BBB Below Investment Grade: Speculative


Accessing the world’s leading money managers.

We believe that constructing portfolios with complementary managers can provide more consistent risk-adjusted returns over the long term.

Our Aim

  • Superior results for investors with low correlations, complementary investment styles or approaches, or different factor exposures.


Consider the investment objectives, risks, charges and expenses of the USAA mutual funds carefully before investing. Download a prospectus containing this and other information about the funds from USAA Investment Management Company, Distributor. Read it carefully before investing.