Investment-Grade (IG) Corporates
We came into the year defensively positioned with a short-spread duration¹ posture and one of the lowest BBB² allocations we've held over the past several years—along with a healthy liquidity position in cash and Treasuries to allow us to attempt to take advantage of market volatility.

¹ Spreads are the difference in yields between two fixed-income securities with the same maturity, but originating from different investment sectors. Duration is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates. Spread duration is the sensitivity of the price of a security to changes in its credit spread. A credit spread is the difference in yield between a US Treasury bond and another debt security of the same maturity but different credit quality.

² Bonds with a rating of BBB- (on the Standard & Poor's and Fitch scale) or Baa3 (on Moody's) or better are considered "investment-grade." Bonds with lower ratings are considered "speculative" and often referred to as "high-yield" or "junk" bonds. 

Important Risks: Investing involves risk, including the possible loss of principal. Security prices fluctuate in value depending on general market and economic conditions and the prospects of individual companies. The Fund may allocate a portion of its assets to specialist portfolio managers, which may not work as intended. ● Fixed income security risks include credit, liquidity, call, duration, and interest-rate risk. As interest rates rise, bond prices generally fall. ● For dividend-paying stocks, dividends are not guaranteed and may decrease without notice. ● Different investment styles may go in and out of favor, which may cause the Fund to underperform the broader stock market. ● Foreign investments may be more volatile and less liquid than U.S. investments and are subject to the risk of currency fluctuations and adverse political, economic and regulatory developments.

The views expressed herein are those of Wellington Management, are for informational purposes only, and are subject to change based on prevailing market, economic, and other conditions. The views expressed may not reflect the opinions of Hartford Funds or any other sub-adviser to our funds. They should not be construed as research or investment advice nor should they be considered an offer or solicitation to buy or sell any security. This information is current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Wellington Management or Hartford Funds.

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