Short Duration Corporate Bonds

Strategy Overview

Account Minimum: $250,000 | Launch of Strategy: June 1, 2004

The strategy is designed for investors interested in a shorter maturity profile which targets an allocation of 50% Investment Grade and 50% High Yield securities in one portfolio. A bottom-up approach identifies investment opportunities that represent the most attractive value with strong prospects for consistent income and growth. The overall average credit rating objective is Baa3 with a duration target of 3.

We access over 30 institutional broker/dealers seeking competitive bids and offerings. This trading network provides all of our clients with best pricing. A strict sell discipline is employed within the strategy.

Portfolio Statistics

(as of 3/31/2022)

wdt_ID	Name	Value
1	Average Maturity	4.10 yrs.
2	Duration	3.40
3	Coupon	3.84%
4	Yield to Maturity	4.18%
5	Current Yield	3.91%
6	Target Diversification	25-30 issues
7	Average Credit Target	BAA3

Resources

Diversified Approach

The objective is to provide a diversified approach to the corporate bond market that can perform in various environments within the context of a duration target of 3.

Enhanced liquidity & safety

By investing only in bonds with an initial issue size generally in excess of $100,000,000.

Shorter Maturity

A shorter maturity profile which blends a fixed allocation of 50% Investment Grade and 50% High Yield in one portfolio..

Diversified Portfolio

The portfolio is diversified across 20 – 30 equal weighted issues and generally limited to a maximum of 15% per industry group.

Established Companies & Industries

Emphasis on established industries leads us to avoid sectors that have precarious operating profiles.

Bottom Up Approach

A bottom-up approach identifies investment opportunities that represent the most attractive value with strong prospects for consistent income and growth.

Strategy Data

Calendar Year Returns (Gross)

Annualized Returns

(period ended 3/31/2022)

Risk Statistics

(period ended 3/31/2022)

Annualized Returns

(period ended 3/31/2022)

wdt_ID	Period	CAM Gross	CAM Net	Weighted Bloomberg Index
1	YTD	-4.11	-4.17	-4.07
2	1 Year	-2.38	-2.64	-2.15
3	3 Years	3.17	2.88	2.98
4	5 Years	3.19	2.87	3.27
5	10 Years	2.76	2.43	3.87
6	Inception	4.00	3.64	5.08

Risk Statistics

(period ended 3/31/2022)

wdt_ID	Period	Standard Deviation CAM SD	Standard Deviation Weighted Bloomberg Index	Sharpe Ratio CAM SD	Sharpe Ratio Weighted Bloomberg Index
1	3 Yrs.	5.92	7.13	0.39	0.30
2	5 Yrs.	4.87	6.00	0.41	0.35
3	10 Yrs.	4.32	4.80	0.48	0.66
4	Inception	5.36	6.37	0.49	0.58

Maturity Distribution

Duration Distribution

Industry Distribution

Credit Quality Distribution

wdt_ID	Type	Value
1	Aaa	0.90
2	Aa	5.80
3	A	30.40
4	Baa	17.90
5	Ba	15.20
6	B	29.00
7	Caa	0.80
8	Ca	0.00
9	< C	0.00
10	NR	0.00

*Moody’s rating organization