Full Duration Manager
Full Duration Fixed Income investment manager can invest a portion of the portfolio (up to 20%) in non-U.S. fixed income securities. The Full Duration investment manager can invest in foreign markets often described as “Developed Markets” and to a lesser extent “Emerging Markets”. The investment manager will be limited to no more than 5% of the Fixed Income portfolio in emerging market securities. The Full Duration Fixed Income investment manager can also invest in below investment grade fixed income securities. Up to 20% of the portfolio can be in securities generally considered to be below investment grade. The duration on this portfolio will be higher than the duration of the U.S. Fixed Income portfolio. Therefore, this portfolio will be subject to higher up and down price volatility as interest rates change. In the chart below, this type of investment is described as “Fixed Income – Full Duration”.
Investopedia – Fixed Income