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HCM is a specialized Private Wealth Investment Management Firm dedicated to managing alternative investments and related separately managed accounts in the tax exempt and taxable fixed income markets. The partners of HCM individually are among the most experienced in the industry today and collectively they form one of the most accomplished and experienced fixed income teams in the U.S. They are dedicated to managing client's assets in the same strategy as they manage their own funds. HCM partners are focused exclusively on fixed income markets and bring a special awareness and dedication to this important area of a client's portfolio. HCM was among the first to identify the globalization of risk characteristics in the fixed income markets and devise an approach to managing risk and return based on this paradigm. Our proprietary analytical process permits us to compare risk levels across traditional sectors efficiently and build portfolios of fixed income securities which calibrate risk/return much more appropriately than traditional market capitalization indices. HCM seeks to maximize returns in the fixed income markets by deconstructing the risk components of the various types of fixed income securities and thereby building efficient portfolios which optimize these variables. Fixed income securities are generally categorized by issuer type i.e., municipal, corporate, agency, sovereign, and mortgage. The actual differentiation and important determinant of risk in a portfolio is the degree of risk present in each security as determined by credit, duration, option volatility and currency exposure other than the home currency.