Calvert Investment Management, Inc.
The Calvert Investment Management, Inc. (CIM) investment team integrates top down economic and fundamental analysis with bottom-up security selection to construct a wide range of fixed-income portfolios. Our investment process seeks diversification across five sources of alpha or relative outperformance. These strategies include duration targeting, active yield curve positioning, broad sector allocation, security selection and active tactical trading.
An active trading style and in-depth, primary credit analysis have always been key strengths of CIM's management strategy, with an investment process that draws on an extensive knowledge of markets and dealers. The CIM team continually monitors changing yield spreads and the multitude of new issues coming to market. They maintain a strong relationship with a network of Wall Street dealers that enables them to take early advantage of new issues and other market opportunities.
Catherine Roy, CFA, Senior Vice President and Chief Investment Officer Fixed Income, also serves as lead portfolio manager on the Calvert Green Bond Strategy Portfolio and is a member of the Calvert Asset Allocation and Balanced Funds Committee. Ms. Roy joined Calvert in August, 2004. She has been in the financial services industry since 1981. Before joining Calvert, Ms. Roy was Head of U.S. Fixed Income and Senior Portfolio Manager for Baring Asset Management. Her responsibilities included investment oversight of U.S. fixed income portfolios, lead manager on the Core Plus Fixed Income Strategy, and U.S. sector specialist on the global bond asset allocation committee. She also served as the U.S. dollar sector specialist, providing insight and U.S. Treasury Yield forecasts into the firm’s global optimization models. Prior to her work at Baring Asset Management, Ms. Roy was S.V.P and Senior Portfolio Manager with Scudder Insurance Asset Management, managing over $11 billion in fixed income assets for insurance companies, with a primary focus on U.S. dollar investment grade taxable securities. Other positions include serving as Chief Investment Officer and Portfolio Manager with Massachusetts-based insurance companies SBLI and Constitution Capital Management. Past Board positions include The Greater Washington YWCA (board member and Investment Committee Chair) and Leadership Montgomery (Investment Committee Chair). Ms. Roy holds an undergraduate degree from Barnard College. She is a member of the CFA Institute and CFA Society of Washington, DC.
Thomas Dailey is a vice president and portfolio manager for CIM, and monitors the day-to-day management of Calvert's tax-free bond portfolios. Mr. Dailey joined Calvert in 1989 and has served as a portfolio manager since 1995, during which time he has managed several of Calvert's fixed-income and money market portfolios. He currently oversees the implementation of Calvert's tax-free investment strategies. He has worked in the securities and financial industry since 1989. Mr. Dailey received a BS in finance and administration/management from LaRoche College.
Matthew Duch is a vice president and portfolio manager in the taxable fixed-income team at CIM. Mr. Duch is lead portfolio manager of Calvert Short Duration Income Fund, Calvert Bond Portfolio, Calvert High Yield Bond Fund, Calvert Government Fund, and the fixed-income portions of Calvert Balanced Portfolio and Calvert VP SRI Balanced Portfolio. He is a co-portfolio manager of Calvert Income Fund, Calvert Long-Term Income Fund, Calvert Ultra-Short Income Fund, and Calvert VP Income Portfolio. Mr. Duch has been an integral part of the taxable bond portfolio management team since 2006. Before joining Calvert, he was a trader/sector manager at Deutsche Asset Management in New York City and worked at Scudder Kemper Investments in Chicago in several positions, including corporate trader and assistant portfolio manager. Mr. Duch received a B.A. in economics from Butler University.
Mauricio Agudelo is a portfolio manager, responsible for monitoring credit, finding relative value opportunities and trading different fixed-income classes for CIM. He received a BS in finance from the University of Maryland and attended the Robert H. Smith School of Business where he received citations in business culture and language with a concentration in Spanish.
Eric Elg serves as Portfolio Manager for Calvert Investment Management, Inc. Mr. Elg has gained fixed-income experience in quantitative and portfolio management roles since 1999. Prior to joining Calvert in 2007, he was a senior quantitative analyst at Sun Capital Advisers and Fidelity National Financial. Previously he was a Portfolio Manager for an independent firm managing Cash Equivalent and Short Duration portfolios for high profile institutions. Prior to his investment management career he raised private equity for his own start-up firm. He received his B.S. in Physics from California Polytechnic State University, and holds an M.B.A. from Pepperdine University.
Vishal Khanduja, CFA, is a vice president and portfolio manager with CIM. Prior to joining Calvert in 2012, Mr. Khanduja was with Columbia Management where he was a member of the global rates and currency team and a co-portfolio manager of two inflation-protected securities funds. Prior to joining Columbia, he was an associate director in fixed-income analytics at Galliard Capital Management. Mr. Khanduja holds his MBA in investment management from the Henry B. Tippie School of Management at the University of Iowa and a bachelor of engineering degree from the Veermata Jijabai Technological Institute in India.
Ivan Naranjo, CFA, is a junior portfolio manager. He joined Calvert in 2007 as a junior trading assistant and has worked in the financial industry since 2004. Mr. Naranjo holds a degree in finance from the University of Maryland. He is a Financial Risk Manager (FRM) Level I candidate, and received his CFA designation in 2013.
Fatima Batalvi, CFA, is a senior securities analyst for CIM. In this role since 2001, Ms. Batalvi is responsible for evaluating the credit risk of prospective investments in taxable and tax-exempt fixed-income securities, and performing credit surveillance on securities in Calvert's money market funds. She previously held the position of performance analyst for Calvert beginning in 1999. Prior to joining Calvert, Ms. Batalvi was employed by Deutsche Morgan Grenfell Asset Management, London. She has worked in the financial industry since 1995. Ms. Batalvi earned a BBA and an MBA from the Institute of Business Administration, Pakistan. She also earned an MS in finance from Seattle University. She is currently a member of the Chartered Financial Analyst Institute, and of the Chartered Financial Analyst Society of Washington, D.C.
Brian Ellis, CFA, is a senior fixed-income risk analyst for Calvert Investment Management, Inc. Mr. Ellis joined the taxable fixed-income team in 2012, and is responsible for overseeing portfolio and risk analytics, analyzing and communicating portfolio strategy, and special research projects. Mr. Ellis began work at Calvert in 2009 as a Business Analyst, responsible for investment technology. Prior to joining Calvert, he was with Legg Mason Capital Management, where he was responsible for investment technology and operations. Mr. Ellis earned his BS in Finance from Salisbury University. He is a member of the CFA Institute and CFA Society of Washington, DC.
Patrick Faul, CFA, has held the position of vice president, head of credit research since 2009, beginning as co-head of credit research in 2008. In this role, he is responsible for analyzing fixed-income securities for prospective purchase or sale, including the evaluation of structure, eligibility and credit risk. Mr. Faul began in the industry and at CIM, in 1987. Before starting in his current role, he held positions in portfolio accounting and fund administration for Calvert. Between 1992 and 1995, Mr. Faul held positions in accounting and treasury functions for ICMA Retirement Corp., returning to Calvert in 1995. Mr. Faul earned his BS in economics from the Wharton School of the University of Pennsylvania. He is also a member of the Chartered Financial Analyst Institute and of the Chartered Financial Analyst Society of Washington, D.C.
James Lee is a senior securities analyst for CIM, responsible for investment decisions for high-yield and crossover corporate credit securities. Prior to joining Calvert in 2008, he was a director and senior fixed-income analyst for Deutsche Asset Management, New York, where he was responsible for credit and relative-value investment decisions for multiple sectors (basic industries, healthcare, REITs, homebuilders) within Deutsche's global client portfolios. Prior to Deutsche Asset Management, Mr. Lee was the senior securities analyst at Conseco Capital Management, where he was responsible for investment decisions for high-yield, bank loans and high-grade assets for the automotive and industrial sectors. Mr. Lee has extensive experience in high-yield and high-grade investments. Mr. Lee earned his BA with a major in economics from the University of Pennsylvania.
Kim Nguyen-Taylor is a senior credit analyst for CIM, responsible for relative value recommendations based on credit as well as environmental, social, and governance(ESG) risk analysis, across Calvert's fixed-income portfolios. Prior to joining Calvert in 2010, she was a managing director at Bear Stearns Asset Management, and vice president at JP Morgan in New York, working on teams managing institutional separate-managed accounts, as well as collateralized loan obligations and proprietary credit portfolios. At these firms, Ms. Taylor worked for a combined 10 years in a buy-side credit analyst role within the corporate bond, leveraged loan, and credit derivative markets. Ms. Taylor focused on distressed and high-yield investments across the retail, consumer products, and other industrial sectors. While at JP Morgan, she also worked in private banking and credit derivative sales. She began her career in the financial economics consulting group at Arthur Andersen in New York. Ms. Taylor holds a B.A. in economics from Cornell University. She is FINRA Series 7 and 63 licensed.
Christopher Santos, CFA, CPA, is a senior credit analyst for CIM, responsible for analyzing fixed-income securities for prospective purchase or sale, including evaluation of structure, credit and environmental, social, and governance (ESG) risk. Mr. Santos joined CIM in 1992, and held positions in portfolio accounting and fund administration before becoming a senior securities analyst in 1999. Early in his career, he was an auditor for Ernst & Young. He has worked in the industry since 1992, and earned a B.S. in accounting from George Mason University. Mr. Santos is also a member of the Chartered Financial Analyst Institute and of the Chartered Financial Analyst Society of Washington, D.C.