Income Research + Management

Income Research + Management (IR+M) is a Boston-based investment adviser firm established in 1987, specializing in managing US fixed income portfolios for various clients, including institutions, foundations, municipalities, private funds, and high net worth individuals. The firm offers both discretionary and non-discretionary investment management services, focusing on US fixed income strategies. IR+M does not participate in wrap fee programs and manages over $108 billion on a discretionary basis as of December 31, 2024. For fee structure, IR+M charges management fees based on factors such as client type, portfolio size, and investment strategy. The firm may waive minimum account sizes at its discretion. As of the date of the brochure, IR+M does not have any performance-based fees in place. The firm follows a disciplined bottom-up investment approach, focusing on credit, structure, and price characteristics in security selection. IR+M's investment philosophy aims to provide attractive returns while managing risks associated with the fixed income market. IR+M does not engage in performance-based fees at present but may consider such arrangements in the future, subject to regulatory requirements. The firm manages portfolios side-by-side for affiliated entities and private investment funds, aiming to treat all portfolios fairly and equally. IR+M's brokerage practices prioritize best execution and broker selection based on factors like financial stability, execution quality, and market expertise. The firm does not have soft dollar relationships and does not use directed brokerage arrangements extensively. Additionally, IR+M has policies in place to address errors, custody arrangements, investment discretion, and voting client securities. The firm has no financial commitments impairing its ability to meet client obligations and has not been involved in any bankruptcy proceedings.