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 3/31/2024)

wdt_ID	Name	Value
1	Average Maturity	2.80
2	Duration	2.30
3	Coupon	4.16%
4	Yield to Maturity	5.77%
5	Current Yield	4.30%
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 3/31/2024)

Risk Statistics

(period ended 3/31/2024)

Annualized Returns

(period ended 3/31/2024)

wdt_ID	Period	CAM Gross	CAM Net	Weighted Bloomberg Index
1	YTD	1.34	1.28	1.03
2	1 Year	6.70	6.43	8.06
3	3 Years	1.04	0.79	1.33
4	5 Years	3.02	2.74	3.03
5	10 Years	2.23	1.92	3.20
6	Inception	3.88	3.53	4.88

Risk Statistics

(period ended 3/31/2024)

wdt_ID	Period	Standard Deviation CAM SD	Standard Deviation Weighted Bloomberg Index	Sharpe Ratio CAM SD	Sharpe Ratio Weighted Bloomberg Index
1	3 Yrs.	5.10	5.84	-0.36	-0.25
2	5 Yrs.	5.68	6.81	0.17	0.14
3	10 Yrs.	4.74	5.42	0.18	0.33
4	Inception	5.36	6.37	0.43	0.51

Maturity Distribution

Duration Distribution

Industry Distribution

Credit Quality Distribution

wdt_ID	Type	Value
1	Aaa	0.60
2	Aa	3.50
3	A	30.10
4	Baa	20.60
5	Ba	18.70
6	B	22.40
7	Caa	2.20
8	Ca	1.90
9	< C	0.00
10	NR	0.00

*Moody’s rating organization