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

Short Duration Brochure
Short Duration Profile
Short Duration Client Agreement
CAM Strategy Guide

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