Core Plus became institutionalized in the late 1980s and 1990s as investors sought a middle ground between traditional Aggregate-indexed core bond portfolios and more flexible multi-sector approaches. While the framework has always paired benchmark-oriented core exposures with select off-benchmark allocations to enhance income and total return, the definition of "plus" has evolved significantly.  Traditional core plus allocations to high yield bonds, emerging market debt, and non-U.S. fixed income, still exist, however active managers are increasingly seeking a broader opportunity set that includes private credit, convertible securities, preferreds, hybrids, structured credit, and non-agency residential mortgage-backed securities.

This panel will explore how today's managers are using these sectors to diversify credit risk, seek differentiated sources of return, and build more resilient fixed income portfolios. Discussion topics will include relative value, liquidity, transparency, implementation challenges, and portfolio construction considerations for investors seeking durable income with the potential for enhanced returns.

Luke Stifflear, CFA | Senior Managing Director, Head of Private and Structured Credit, PPM America, Inc. (PPM) | In this role, he oversees a team of portfolio managers and analysts responsible for making investment decisions and underwriting investments across private corporates, project finance/infrastructure, asset-backed finance and structured real estate. In addition, he is responsible for investment and allocation decisions for the firm’s investment grade private credit and investment grade public and private credit strategies which are managed on behalf of investors globally. Prior to joining PPM in 2007, Luke was a principal in the debt capital markets group at William Blair & Company, where he was responsible for originating and structuring traditional private placement bonds and lease structured bonds for institutional investors. Previously, he was a credit analyst in the structured leasing group at Northern Trust. Luke earned a master’s degree in business administration from the University of Illinois and a bachelor’s degree in economics from the State University of New York. He is a CFA^® charterholder.

Matt Brill, CFA, Head of North America Investment Grade Credit and Senior Portfolio Manager, Invesco Fixed Income | In this role, he is responsible for implementing investment-grade credit strategies across the fixed income platform.  Mr. Brill joined Invesco in 2013 as a senior portfolio manager. Prior to joining the firm, he was a portfolio manager and vice president at ING Investment Management, where he specialized in investment-grade credit and commercial mortgage-backed securities. Before that, he was a portfolio analyst at Wells Real Estate Funds. Mr. Brill has been in the industry since 2002.

Mr. Brill earned a BA degree in economics at Washington and Lee University. He is a Chartered Financial Analyst^® (CFA) charterholder.

Ken Vereen, CFA, Head of Non-Agency Residential Mortgage-Backed Securities (RMBS) Investments for the Fixed Income Structured Investments, Invesco | In this role, he leads strategy, sector recommendations, and credit underwriting for non-agency residential mortgage-backed securities across the Invesco Fixed Income platform.  Mr. Vereen joined Invesco in 2015 as a non-agency RMBS analyst on the Structured Investments team. Prior to joining the firm, he served as an associate on the Commercial Mortgage-Backed Securities (CMBS) primary trading desk at Deutsche Bank. In that role, he structured new-issue CMBS transactions, managed the primary commercial real estate trading book, and modeled non-performing commercial real estate loans. Mr. Vereen has been in the financial services industry since 2011.  Mr. Vereen earned BA and BS degrees, magna cum laude, in finance and economics from the University of Kentucky, and a master’s degree in finance from Vanderbilt University. He is a Chartered Financial Analyst^® (CFA) charterholder and a member of the CFA Society of Atlanta.

Moderated by: Aaron Chastain, CFA, CAIA, Partner, Partner, Corporate Solutions Leader, NEPC | He is based out of our Atlanta, Georgia office. He manages consulting assignments for institutional client portfolios consisting of defined benefit plans, defined contribution plans, and corporate asset pools. He has experience working with large institutional clients ranging from $50 million to over $135 billion in total assets.  Aaron also serves as a member of NEPC’s Corporate Pension Solutions Group and DC Leadership Team, focusing on developing investment solutions and thought leadership to guide advice delivery across NEPC’s corporate client base. 

Prior to joining NEPC, he also served as Head of Aon’s North America Defined Contribution Multi-Asset Solutions Manager Research team, responsible for the firm’s ratings of target date funds, managed accounts, balanced funds, and target risk funds. He was also a Senior Custom Solutions Consultant, specializing in custom target date and multi-manager portfolios. He has authored numerous thought leadership publications, is a frequent conference speaker, and has been interviewed by media outlets including the Wall Street Journal, Pensions & Investments, and PlanAdviser.

Aaron graduated summa cum laude from Berry College with a B.S. in Finance, where he also previously served as an Adjunct Professor of Economics and Finance. He holds the Chartered Financial  Analyst (CFA) and Chartered Alternative Investment Analyst (CAIA) designations and is a member of the CFA Society of Atlanta and CFA Institute.