The 20 Rising Stars of Fixed Income 2008

Srivastava envisions a more complex fixed-income market in 10 years’ time, a development that will lead to a more diverse and sophisticated set of investment skills among market participants. “The focus on alpha only, rather than on both alpha and beta together, is a subtle change that will force most traditional fixed-income managers to reevaluate their investment approach to the markets,” he said. “Much more emphasis will be placed on isolating the fundamental ‘cheapness’ of a security and then using a combination of such positions to generate portfolio return. To this end, what will be required is a much greater use of synthetic instruments in fixed-income portfolios.” economic development needs, VanScoy explained, adding that the firm offers both institutional- and retailclass shares in its mutual funds. Its client roster includes faith-based organizations, state pension plans and foundations, as well as financial institutions and individual investors. As an expert on the Community Reinvestment Act (CRA), VanScoy runs the firm’s largest fund – the $778 million CRA Qualified Investment Fund. The CRA was enacted in 1977 to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. Through her CRA-related work, she has built up an extensive network of mortgage originators and municipal underwriters to encourage the development of affordable housing, job training programs and affordable healthcare facilities. VanScoy pointed out that socially responsible and mission-related investing grew 18% in both 2005 and 2006, versus just a 3% gain for other professionally managed assets during the same period. “Given the increased interest in socially responsible or mission-related investing, I would hope that mission-related investing would be mainstream in 10 years and part of every investment portfolio,” she said. While VanScoy is passionate about her current specialty, she didn’t know that her career would be headed down the community investment path. “When I started doing this 15 years ago, I didn’t know it existed because it really didn’t exist,” she said. “Now we’ve entrenched ourselves and we really believe in what we’re doing.” Before joining Community Capital in August 1999, VanScoy was the director of mortgage research at SunCoast Capital Group, where she assisted clients in meeting the investment test of the CRA. She also worked at Raymond James Tax Credit Funds and Raymond James & Associates. VanScoy holds NASD series 7, 24 and 63 licenses. She serves on the board of direcMAY 2008 19. BARBARA VANSCOY “In a way, I guess you can say that Mr. Buffett’s approach to stock selection is something we also try to employ in many of our bond strategies,” Srivastava said. “Today’s fixedincome market provides some of the best opportunities ever seen for those that can take a longer-term versus a shorter-term view, and I hope that we can navigate through these opportunities as well as Mr. Buffett has historically.” Srivastava first became acquainted with the fixed-income markets as a university student in Ontario, when he worked as a programmer in Reuters’ fixed-income division. “The mathematical valuation of cash flowsgiven-assumptions appealed to my analytical side, and the movements in rate and spread markets based on corporate or economic data appealed to my general interest in financial markets,” he explained. 24 FIXED INCOME RISING STARS 19. BARBARA VANSCOY Executive Vice President and Senior Portfolio Manager Community Capital Management, Ft. Lauderdale, FL Age: 39 Education: University of Florida (B.S. in Finance) Mentor: Todd Cohen, President and Chief Investment Officer, Community Capital Management VanScoy’s professional mission is to provide investors in every community in the United States with access to secure, market-rate bonds that finance the most pressing needs in their communities. So far, she has helped funnel more than $2 billion toward community development, putting her well on her way to achieving her long-term goal of being remembered as a pioneer in community development investing. With some $927 million in assets, Community Capital is an investment advisor that actively manages portfolios within its fixed-income, community investment mandate. That strategy seeks to invest in high-quality bond issues that respond to community and

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