The following excerpt is taken from an arti cle titled "MERUS to Boost Corporates," which appeared in the January 27, 1992, issue of BondWeek, p. 6: MERUS Capital Management will increase the allocation to corporates in its $790 million long investment-grade fixed-income portfolio by $39.5 million over the next six months to a year, according to George Wood, managing director. MERUS will add corporates rated single A or higher in the expecta- tion that spreads will tighten as the economy recovers and that some cred- its may be upgraded. What types of active portfolio strategies is MERUS Capital Management pursuing?

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