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Investment Grade Corporate Bond

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Overview

A domestic debt strategy that employs a top-down and bottom-up approach to primarily invest in a diverse mix of attractively valued U.S. investment-grade corporate bonds.

Strategy Inception Date
August 2, 2010
Composite Inception Date
August 31, 2010
Composite AUM
(as of 10/31/2017)
$208.90 MM
Composite Benchmark
Bloomberg Barclays US Credit Index
Available Vehicles
Performance
Average Annual Returns
Cumulative Returns
Calendar Year Returns
as of 10/31/2017
as of 09/30/2017

Cumulative
Annualized
3 mo ytd as of 2017-09-30
1 yr 3 yr 5 yr since inception
Investment Grade Corporate Bond (gross of fees)
1.32% 5.85% 3.04% 4.25% 4.58% 6.05%
Investment Grade Corporate Bond (net of fees)
1.26% 5.65% 2.76% 3.96% 4.29% 5.76%
Bloomberg Barclays US Credit Index
1.35% 5.08% 1.96% 3.87% 3.23% 4.42%
Cumulative
Annualized
3 mo ytd as of 2017-10-31
1 yr 3 yr 5 yr since inception
Investment Grade Corporate Bond (gross of fees)
1.04% 6.39% 4.40% 4.08% 4.37% 6.05%
Investment Grade Corporate Bond (net of fees)
0.98% 6.17% 4.13% 3.79% 4.08% 5.76%
Bloomberg Barclays US Credit Index
0.95% 5.43% 3.18% 3.62% 3.07% 4.41%

Year Investment Grade Corporate Bond (gross of fees) Investment Grade Corporate Bond (net of fees) Bloomberg Barclays US Credit Index
2011 8.08% 7.79% 8.35%
2012 13.99% 13.70% 9.37%
2013 1.80% 1.51% -2.01%
2014 7.80% 7.51% 7.53%
2015 -0.29% -0.60% -0.77%
2016 5.87% 5.58% 5.63%

Date Investment Grade Corporate Bond (gross of fees) Investment Grade Corporate Bond (net of fees) Bloomberg Barclays US Credit Index
10/31/2012 0.00 0.00 0.00
11/30/2012 -0.02 -0.05 0.00
12/31/2012 0.49 0.44 -0.08
1/31/2013 0.36 0.28 -0.95
2/28/2013 0.95 0.85 -0.26
3/31/2013 1.22 1.10 -0.25
4/30/2013 3.31 3.17 1.54
5/31/2013 2.11 1.94 -0.85
6/30/2013 -1.09 -1.28 -3.68
7/31/2013 0.10 -0.12 -3.00
8/31/2013 -0.74 -0.99 -3.78
9/30/2013 -0.01 -0.28 -2.98
10/31/2013 1.96 1.66 -1.58
11/30/2013 1.85 1.53 -1.84
12/31/2013 2.30 1.95 -2.09
1/31/2014 3.96 3.59 -0.44
2/28/2014 5.38 4.98 0.64
3/31/2014 5.65 5.23 0.76
4/30/2014 7.09 6.65 1.96
5/31/2014 8.67 8.19 3.40
6/30/2014 9.12 8.62 3.49
7/31/2014 8.81 8.28 3.44
8/31/2014 10.59 10.03 4.93
9/30/2014 8.76 8.17 3.46
10/31/2014 9.85 9.24 4.56
11/30/2014 10.31 9.67 5.27
12/31/2014 10.28 9.61 5.28
1/31/2015 13.31 12.60 8.26
2/28/2015 13.04 12.30 7.18
3/31/2015 13.33 12.56 7.55
4/30/2015 12.89 12.09 6.92
5/31/2015 11.84 11.01 6.31
6/30/2015 10.06 9.21 4.45
7/31/2015 10.90 10.03 5.11
8/31/2015 9.71 8.81 4.48
9/30/2015 9.76 8.84 5.01
10/31/2015 11.32 10.37 5.50
11/30/2015 10.95 9.97 5.27
12/31/2015 9.97 8.96 4.47
1/31/2016 10.08 9.05 5.01
2/29/2016 10.32 9.26 5.89
3/31/2016 13.44 12.33 8.56
4/30/2016 15.28 14.13 9.89
5/31/2016 15.09 13.91 9.84
6/30/2016 17.15 15.93 12.34
7/31/2016 19.23 17.96 13.81
8/31/2016 19.69 18.40 14.04
9/30/2016 19.60 18.27 13.72
10/31/2016 18.64 17.28 12.75
11/30/2016 15.61 14.26 9.68
12/31/2016 16.42 15.04 10.35
1/31/2017 17.12 15.70 10.72
2/28/2017 18.48 17.02 11.95
3/31/2017 18.33 16.83 11.78
4/30/2017 19.60 18.07 12.89
5/31/2017 20.90 19.32 14.11
6/30/2017 21.62 20.02 14.41
7/31/2017 22.58 20.94 15.24
8/31/2017 23.19 21.52 16.21
9/30/2017 23.23 21.53 15.95
10/31/2017 23.86 22.13 16.34
Portfolio

Top Industries

(83.1% of assets as of 10/31/2017)


Portfolio Holdings Breakdown

Country
Developed Markets
Fixed Income Sector
Credit Rating Allocation
Country Investment Grade Corporate Bond Bloomberg Barclays US Credit Index Overweight / Underweight
United States 77.2% 71.3% 5.9%
United Kingdom 4.8% 3.2% 1.6%
Canada 2.5% 3.9% -1.4%
France 2.1% 0.7% 1.4%
Germany 2.0% 2.5% -0.5%
Netherlands 1.8% 1.4% 0.4%
Belgium 1.3% 0.6% 0.7%
Switzerland 1.2% 0.7% 0.5%
Ireland 1.1% 0.2% 0.9%
Australia 1.1% 1.0% 0.1%
Italy 0.8% 0.1% 0.6%
Spain 0.6% 0.3% 0.2%
Portugal 0.5% - -
Norway 0.3% 0.2% 0.1%
Guernsey 0.3% 0.1% 0.2%
Hong Kong 0.2% - -
Developed Markets Investment Grade Corporate Bond Bloomberg Barclays US Credit Index Overweight / Underweight
Americas 79.7% 75.3% 4.4%
Europe 16.7% 10.6% 6.1%
Asia Pacific 1.4% 2.9% -1.5%
Fixed Income Sector Investment Grade Corporate Bond Bloomberg Barclays US Credit Index Overweight / Underweight
Corporates 95.8% 83.5% 12.4%
Agencies MBS 0.8% - -
ABS 0.6% - -
Non Agencies MBS 0.3% - -
CMBS 0.2% - -
Agencies 0.2% 5.1% -4.9%
Credit Rating Allocation Investment Grade Corporate Bond Bloomberg Barclays US Credit Index Overweight / Underweight
BBB 49.2% 31.5% 17.7%
A 30.9% 41.6% -10.7%
BB 11.5% 0.0% 11.5%
AA 4.6% 17.2% -12.7%
Agency 0.8% - -
AAA 0.5% 9.6% -9.1%
Unrated 0.2% 0.1% 0.1%
CCC 0.1% - -
Analytics
(As of 10/31/2017)

Performance Statistics
3Y
5Y
Alpha
0.56
1.37
Beta
0.96
0.96
Information Ratio
0.39
1.06
R-Squared
90.60
90.46
Sharpe Ratio
0.98
1.05
Standard Deviation
3.81
3.95
Sortino Ratio
0.51
0.50
Tracking Error
1.17
1.23
Portfolio Characteristics
Rep Portfolio
Benchmark
Yield to Maturity
3.66%
3.10%
Yield to Worst
3.57%
308.97%
Average Effective Maturity
10.29 yrs
10.61 yrs
Current Duration
7.30 yrs
7.20 yrs
Average Coupon
4.04%
-
Convexity
1.0
1.0
Option Adjusted Spread
120.49 bps
91.74 bps
Turnover Ratio
80.00%
-
Yields
Dividend Yield (with sales charge)
2.76%
Dividend Yield (w/o sales charge)
2.90%
Standardized Yield
2.40%

    Fixed income investing entails credit and interest rate risks. Interest rate risk is the risk that rising interest rates, or an expectation of rising interest rates in the near future, will cause the values of the Fund’s investments to decline. Risks associated with rising interest rates are heightened given that rates in the U.S. are at, or near, historic lows. When interest rates rise, bond prices generally fall, and the Fund’s share prices can fall. The Fund invests in below-investment-grade (“high yield” or “junk”) bonds, which are more at risk of default and are subject to liquidity risk. Mortgage-backed securities are subject to prepayment risk. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Emerging and developing market investments may be especially volatile. Derivative instruments whose values depend on the performance of an underlying security, asset, interest rate, index or currency, entail potentially higher volatility and risk of loss compared to traditional stock or bond investments.

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