Biamon expects lower-quality credit will continue to outperform, with spreads tightening through the year because of political and economic factors such as the Federal Reserve leaving rates unchanged and the upcoming elections. Other than moving down the credit ladder however, he is not looking to change his current allocations of 65% to corporates (an overweight position), 20% to agencies (neutral) and 15% to Treasuries (underweight). The fund currently invests 35% of total assets in single-A, 25% in double-A and 5% in triple-A bonds. Biamon has already shifted about 20-25% to single-A securities from higher-quality credits. He doesn't see much more spread tightening in high-quality investment grade corporates and expects carry to be a more significant component of returns for the year. He does not make duration bets and is even to the benchmark's 3.75 years.