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 09/30/2023)

wdt_ID	Name	Value
1	Average Maturity	3.00
2	Duration	2.60
3	Coupon	4.07%
4	Yield to Maturity	6.85%
5	Current Yield	4.35%
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 09/30/2023)

Risk Statistics

(period ended 09/30/2023)

Annualized Returns

(period ended 09/30/2023)

wdt_ID	Period	CAM Gross	CAM Net	Weighted Bloomberg Index
1	YTD	3.10	2.91	3.96
2	1 Year	6.03	5.77	7.14
3	3 Years	0.23	-0.03	0.41
4	5 Years	2.51	2.22	2.30
5	10 Years	2.00	1.68	2.94
6	Inception	3.68	3.33	4.66

Risk Statistics

(period ended 09/30/2023)

wdt_ID	Period	Standard Deviation CAM SD	Standard Deviation Weighted Bloomberg Index	Sharpe Ratio CAM SD	Sharpe Ratio Weighted Bloomberg Index
1	3 Yrs.	4.72	5.30	-0.34	-0.27
2	5 Yrs.	5.61	6.81	0.13	0.08
3	10 Yrs.	4.61	5.23	0.19	0.34
4	Inception	5.37	6.38	0.41	0.49

Maturity Distribution

Duration Distribution

Industry Distribution

Credit Quality Distribution

wdt_ID	Type	Value
1	Aaa	0.60
2	Aa	3.90
3	A	30.90
4	Baa	19.40
5	Ba	17.70
6	B	21.80
7	Caa	5.80
8	Ca	0.00
9	< C	0.00
10	NR	0.00

*Moody’s rating organization