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 3/31/2021)

wdt_ID	Name	Value
1	Average Maturity	3.80 yrs.
2	Duration	2.70
3	Coupon	3.96%
4	Yield to Maturity	2.70%
5	Current Yield	3.81%
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.

Low Turnover

A historical low turnover of the portfolio, on average under 60% per year.

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 3/31/2021)

Risk Statistics

(period ended 3/31/2021)

Annualized Returns

(period ended 3/31/2021)

wdt_ID	Period	CAM Gross	CAM Net	Weighted Barclays Index
1	YTD	0.32	0.25	0.22
2	1 Year	12.76	12.46	14.54
3	3 Years	5.61	5.29	5.51
4	5 Years	4.80	4.46	5.48
5	10 Years	3.66	3.32	4.66
6	Inception	4.39	4.02	5.53

Risk Statistics

(period ended 3/31/2021)

wdt_ID	Period	Standard Deviation CAM SD	Standard Deviation Weighted Barclays Index	Sharpe Ratio CAM SD	Sharpe Ratio Weighted Barclays Index
1	3 Yrs.	5.33	6.99	0.74	0.56
2	5 Yrs.	4.34	5.66	0.80	0.73
3	10 Yrs.	4.20	4.84	0.71	0.81
4	Inception	5.37	6.41	0.55	0.63

Maturity Distribution

Duration Distribution

Industry Distribution

Credit Quality Distribution

wdt_ID	Type	Value
1	Aaa	0.00
2	Aa	9.40
3	A	59.00
4	Baa	27.70
5	Ba	3.90
6	B	0.00
7	Caa	0.00
8	Ca	0.00
9	< C	0.00
10	NR	0.00

*Moody’s rating organization