Account Details

In our separately managed total return accounts, clients own a portfolio of fixed income securities. For these accounts we are able to customize each portfolio based on individual needs such as legacy positions, target maturity date, cash flow or income needs, etc. that may not be met by a mutual fund.

Performance

Total Return Composite (as of 9/30/19)

  QTD YTD 1 YEAR SINCE INCEPTION
(2/1/2017)
Total Return Composite (gross) 2.09% 5.61% 6.03% 4.92%
Total Return Composite (net) 1.98 5.25 5.56 4.45
Bloomberg Barclays U.S. Aggregate Bond Index 2.27 8.52 10.30 4.40
Bloomberg Barclays U.S. Aggregate 1-3 Year Index (USD) 0.71 3.45 4.67 2.14
ICE BofA Merrill Lynch 3 Month Treasury Bill 0.56 1.81 2.39 1.69
Total Return Composite (gross) Total Return Composite (net) Bloomberg Barclays U.S. Aggregate Bond Index Bloomberg Barclays U.S. Aggregate 1-3 Year Index (USD) ICE BofA Merrill Lynch 3 Month Treasury Bill
QTD 2.09% 1.98% 2.27%
YTD 5.61 5.25 8.52
1 YEAR 6.03 5.56 10.30
SINCE INCEPTION
(2/1/2017)
4.92 4.45 4.40

Click here for more composite information.

Philosophy

We believe the investment grade universe provides a rich, evolving set of opportunities to generate uncorrelated returns through active management. We further believe that passive and relative return fixed income strategies can pose unintended risks and that hedging strategies can be used selectively to insulate investment returns.

Through active duration management, sector allocation and security selection, the Total Return strategy aims to achieve consistent returns in a benchmark-agnostic context in both up and down markets.

Investment Team

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Past performance is not a guarantee of future results.

Rates of return for periods greater than one year are annualized. The information given for this composite is historic and should not be taken as an indication of future performance. Performance returns are presented both before and after the deduction of advisory fees. Account returns are calculated monthly, using a time weighted return method. Account returns reflect the reinvestment of dividends and other income and the deduction of brokerage fees and other commissions, if any, but do not reflect the deduction of certain other expenses such as custodial fees. Monthly composite returns are calculated by weighting account returns by beginning market value. Net returns reflect the deduction of actual advisory fees.

The Bloomberg Barclays U.S. Aggregate Bond Index (“BC Agg”) is an unmanaged index which is widely regarded as the standard for measuring U.S. investment grade bond market performance. It includes all non-convertible, fixed-rate debt issues rated investment grade or higher. This index does not incur expenses and is not available for investment. Index returns reflect the reinvestment of interest. The BC Agg Index performance is not, however, directly comparable to the composites’ performance because accounts in the composites generally in a wide range of fixed income credit qualities and maturities and the BC Agg Index is an unmanaged index that is widely regarded as the standard for measuring U.S. investment grade bond market performance.

The Bloomberg Barclays U.S. Aggregate Bond 1 – 3 Year Index is the 1-3 Year segment of the Bloomberg Barclays U.S. Aggregate Bond Index.

The ICE Bank of America Merrill Lynch 3-Month Treasury Bill Index is a monthly-rebalanced index that consists of a single Treasury Bill issue that matures closest to, but not beyond, three months.

The fee schedule is as follows: 0.50% per annum. A discounted rate is available for tax-free institutions, eleemosynary accounts and large institutions.

Clients invested in fixed income separately managed accounts are subject to various risks including potential loss of principal, general market risk, default risk, interest rate risk, inflation risk, liquidity risk and small and medium-sized company risk. For a complete discussion of the risks involved, please see our Form ADV Brochure and refer to Item 8.

The Total Return Composite includes all fee-paying separately managed accounts and mutual funds that are predominantly invested in fixed income securities of various maturities and qualities, as well as income-generating equities. Individual account performance will vary from the composite performance due to differences in individual holdings, cash flows, etc.

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