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 6/30/2024)

wdt_ID	Name	Value
1	Average Maturity	2.70
2	Duration	2.20
3	Coupon	4.16%
4	Yield to Maturity	5.81%
5	Current Yield	4.31%
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 an 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 6/30/2024)

Risk Statistics

(period ended 6/30/2024)

Annualized Returns

(period ended 6/30/2024)

wdt_ID	Period	CAM Gross	CAM Net	Weighted Bloomberg Index
1	YTD	2.40	2.27	2.11
2	1 Year	7.26	7.00	8.22
3	3 Years	0.95	0.69	1.16
4	5 Years	2.83	2.55	2.79
5	10 Years	2.16	1.85	3.15
6	Inception	3.88	3.53	4.87

Risk Statistics

(period ended 6/30/2024)

wdt_ID	Period	Standard Deviation CAM SD	Standard Deviation Weighted Bloomberg Index	Sharpe Ratio CAM SD	Sharpe Ratio Weighted Bloomberg Index
1	3 Yrs.	5.09	5.81	-0.49	-0.38
2	5 Yrs.	5.65	6.78	0.11	0.09
3	10 Yrs.	4.72	5.42	0.13	0.30
4	Inception	5.33	6.33	0.42	0.51

Maturity Distribution

Duration Distribution

Industry Distribution

Credit Quality Distribution

wdt_ID	Type	Value
1	AAA	0.00
2	AA	3.40
3	A	32.20
4	BAA	17.30
5	BA	30.00
6	B	14.90
7	CAA	2.20
8	CA	0.00
9	< C	0.00
10	NR	0.00

*Bloomberg Index Ratings