Madison Investment Advisors LLC

Size: px
Start display at page:

Download "Madison Investment Advisors LLC"

Transcription

1 Madison Investment Advisors LLC Intermediate Fixed Income SELECT ROSTER Firm Information: Location: Year Founded: Total Employees: Assets ($mil): Accounts: Key Personnel: Matt Hayner, CFA Vice President Jay Sekelsky, CFA Executive Director Rich Eisinger, JD Managing Director Paul Lefurgey, CFA Managing Director Randy Johnson, CFA Vice President Portfolio Characteristics Avg Maturity: Avg Duration: YTM: Coupon Rate: Firm 15,823 21,53 Madison, WI Product 3,991 7,815 Overview Madison Investment Advisors LLC (Madison) was founded in December 1973 as an independent investment management organization. The firm's main office is located in Madison, WI, with its insurance company asset management affiliate located in Scottsdale, AZ. Madison Investment Advisors is employee-controlled and independent. As Madison's goal has always been obtaining the best risk-adjusted return, the firm focuses on the shorter end of the yield curve. Process Madison's investment process is founded on the belief that it is possible to outperform the market over a market cycle with less risk and portfolio volatility using detailed investment guidelines, a sound investment process, good people, and by maintaining convictions. The firm's overall goal is to perform consistently well in up markets while preserving capital in down markets relative to the fixed income market. Madison employs a proprietary fixed income model to analyze bond market catalysts such as sentiment, value/inflation, supply/demand, liquidity, monetary changes, and credit to determine the firms' interest rate outlook and desired portfolio duration. In addition, using both historical and forecasted data, Madison attempts to determine the probability of individual sectors outperforming, as well as the appropriate quality level. The firm seeks to adjust corporate bond exposure depending on relative corporate vs. government bond attractiveness. During periods of declining interest rates (bullish bond markets), Madison tends to invest in intermediate bonds, seeking to capture the majority of returns. When interest rates rise, making the bond market riskier, the firm seeks to shorten the portfolio's duration and maturity structure by selling the intermediate bonds and purchasing short-term bonds. Factors that would trigger a sale include the following: (a) The overall duration of the portfolio needs to be reduced, (b) Madison elects to swap among sectors, (c) the issue becomes a weakening credit, or (d) a more attractive alternative becomes available. Madison typically constructs its Intermediate Fixed Income portfolio using U.S. government, agency and investment-grade corporate securities. Governments and agency holdings typically make up a minimum of % of the portfolio and up to 7% of the portfolio may be invested in investment-grade corporate securities. Single positions will typically not exceed 12% of the total portfolio. Turnover has historically averaged approximately -4% annually. There are no guarantees that these objectives will be met. Summary Madison is a risk-averse fixed income manager whose primary investment objective is to preserve capital while achieving solid, consistent performance over a complete market cycle. Madison will attempt to limit short-term volatility while outperforming the Barclays Capital Intermediate Government Corporate by seeking to construct a portfolio in the short-to-intermediate maturity range, typically utilizing government and investment-grade corporate bonds. Asset Allocation Fixed Income 69.69% Cash Alternatives.31% Credit Quality Weightings AAA 56.26% AA 6.34% A 37.31% BBB.9% BB.% B.% Below B.% Unrated.% Page 1 of 5

2 : Barclays Capital Intermediate U.S. Government/Credit The Barclays Capital U.S. Intermediate Government/Credit Bond measures the performance of United States dollar-denominated United States Treasuries, government-related and investment-grade United States credit securities that have a remaining maturity of greater than or equal to 1 year and less than years. Securities have $25 million or more of outstanding face value, and must be fixed-rate and non-convertible securities. It is not possible to invest directly in the index. Gross Net Quarter YTD 1 Yr 3 Yr 5 Yr Yr Trailing s Trailing s: Total return for different time frames ending with a common date. s for periods longer than one year are annualized Calendar Year s Gross Net Calendar Year s: s for individual calendar years. Annualized Rolling Analysis Growth of $, Range of s Periods High Low Avg Qtr 1 Yr 3 Yr 5 Yr Yr Annualized Rolling Analysis Chart: A graphical representation of the range of a manager s before-fee returns across rolling time periods. This chart analyzes all of the possible holding periods (based on quarterly data) for each time frame and displays the highest, lowest and average returns. Standard Deviation $16, $14, $1, $, $8, $6, $4, $, $ 9//3 9//4 9//5 9//6 9//7 9//8 9//9 9// 9//11 9//12 Mgr Gross Mgr Net T-Bills $146,489 $126,227 $148,439 $117,452 Growth of $, Chart: A graphical representation of the performance of a $, investment in the manager's composite, beginning ten years ago or at the inception of the product. The above graph is for illustrative purposes only. Past performance is not indicative of future results. The performance numbers in the "Net of Fees" section represent performance returns after the deduction of the maximum proposed management fee of 1.75%. Gross performance numbers represent returns before the deduction of any investment management fees. Sharpe Ratio 3 Yr 5 Yr Yr 3 Yr 5 Yr Yr Standard Deviation: A statistical measure of the historical volatility of a portfolio. s with higher standard deviations will tend to experience larger swings in portfolio value, both in up and down markets Sharpe Ratio: A ratio to measure risk-adjusted performance. It is calculated by subtracting the risk-free rate (usually the 91-day US -TBill rate) from the rate of return for a portfolio and dividing the result by the standard deviation of the portfolio returns. A higher Sharpe ratio suggests that the manager has achieved a higher return than would have been expected by the amount of risk (as measured by the standard deviation) incurred. : Barclays Capital Intermediate U.S. Government/Credit Page 2 of 5

3 3 Year Trailing Risk/ 5 Year Trailing Risk/ Risk-Free Risk-Free Risk (Standard Deviation) Risk (Standard Deviation) Trailing Risk/ Charts: A graphical representation of the amount of return the manager and index achieved relative to the amount of risk (standard deviation) they took on. returns are gross of fees. The index is unmanaged. The risk-free rate is the minimum return an investor expects for any investment over a specified period of time. Individual Quarterly s: Three Year Rolling s: Five Year Rolling s: : : # Positive Success Ratios vs. 5.% Three Year Rolling /Risk: 89.66% 55.17% Five Year Rolling /Risk: 66.67% 71.43% Number of Analyzed: 4 Success Ratios vs. Benchmark: In rolling periods analysis (see below), the percentage of time periods when the manager outperformed its benchmark. /Risk Ratio: A measure of risk-adjusted return. This is the return per unit of risk, where risk is represented by the volatility (standard deviation) of quarterly returns. The return/risk ratio is calculated by dividing the before-fee total return over a given time period by the standard deviation over the same time period. A higher return/risk ratio indicates that a manager has achieved more return relative to the amount of risk (volatility) incurred. Up/Down Quarter Comparison # Negative Avg Qtly Avg Pos Avg Neg : : Up Ratio Down Ratio Five Year Downside Risk # Negative 3 4 Worst Quarter Up/Down Market Capture 3 Yr 5 Yr Worst 4 Up/Down Market Capture Ratios: A measure of managers' before-fee performance in up and down markets relative to the market itself. A down market is one in which the index's quarterly return is less than zero. To calculate down-market capture ratio, we link returns for the manager and the market for all down-market quarters over the selected time frame, then divide the manager's return during down-market quarters by the index's return during the same quarters. To calculate up-market capture ratio, this same process is carried out using returns from periods when the index's return was greater than zero. The lower the manager's down-market capture ratio, the better the manager protected capital during a market decline. A value of 9 suggests that a manager's losses were only 9% of the market loss when the market was down. Caution: The up/down capture ratios can be deceiving if the nominal numbers involved are small. For example, if a manager's return during down-market periods was -3%, while the index's return during those same periods was -1%, the manager's down market capture ratio would be...28 Five Year Downside Risk: Measures of before-fee negative performance over the most recent 5 years. Negative : The number of quarters over the past 5 years in which the manager s return was negative. Worst Quarter: The manager s lowest single quarter return over the past 5 years. Worst 4 : The manager s worst 1 year return over the past 5 years (any four consecutive quarters, not necessarily a calendar year) : Barclays Capital Intermediate U.S. Government/Credit Page 3 of 5

4 Alpha Relative Statistics 3 Yr 5 Yr Yr 3 Yr 5 Yr Yr R-Squared Beta Tracking Error Alpha - Incremental return generated versus an index after accounting for volatility in the form of beta. A positive alpha suggests risk-adjusted value added by the money manager versus the index. Beta measures the return that is attributable to the market and is a measure of the portfolio's overall volatility. Beta - Measures the risk level of the manager. Beta measures the systematic risk, or the return that is attributable to market movements. In contrast, alpha measures the nonsystematic return of the portfolio, and standard deviation measures the volatility of a portfolio's returns compared to the average return of the portfolio. A beta equal to one indicates a risk level equivalent to the market. Higher betas are associated with higher risk levels, while lower betas are associated with lower risk levels R-Squared- A statistic that measures the reliability of alpha and beta in explaining the return of a manager as a linear function of the market. It is produced by regression analysis. If you are searching for a manager with a particular style, for example a growth manager, you would expect that manager to have an R-Squared that is high relative to a growth index if the manager has a diversified portfolio. If the manager's return is explained perfectly, the R-Squared would equal, while an R-Squared of would indicate that no relationship exists between the manager and the linear function. Higher R-Squared values indicate more reliable alpha and beta statistics and are useful in assessing a manager's investment style. Tracking Error - A measure of how similar the manager s behavior is to the benchmark. A lower tracking error indicates that the manager tracks its benchmark closely. A tracking error of zero would indicate that the manager tracked its benchmark perfectly. This would not necessarily indicate that the manager and index provided the exact same return, just that the direction and magnitude of their returns were perfectly correlated. Security Name 6//13 Top Holdings* Pct of Portfolio WI 8.% 7.% NOTES 9/13 FEDL HOME LOAN MTG CORP FEDERAL NATL MTG ASSN EBAY INC SYSCO CORPORATION GE CAPITAL CORP US BANCORP 5.8% 5.% 5.% 4.% 4.% 3.9% 3.5% 3.5% *The Top Ten Holdings list represents the largest percentage of holdings in a representative account of the style as of the date shown above and is subject to change without notice. The mention of specific securities is not a recommendation or a solicitation for any person to buy, sell or hold a particular security. Portfolio shown is as of 6//13 and subject to change. As portfolios are separately managed the individual client account holdings will vary, perhaps significantly, from those listed on this factsheet. Information, such as industry sector allocation percentages and market capitalization allocation percentages, will also vary from the information listed on this factsheet. A client opening an account today may, or may not, be invested in securities or sectors based upon the percentages shown on this factsheet. For the most recent portfolio composition please contact your Financial Advisor. : Barclays Capital Intermediate U.S. Government/Credit Page 4 of 5

5 Glossary and Disclosures Select Roster: A diversified set of strategies that by asset class have earned our highest recommendation. The evaluation process for consideration of an investment strategy on the Select Roster is focused on both quantitative and qualitative analysis. Expanded Roster: A separate list of reviewed investment strategies. The evaluation process for consideration of an investment strategy on the Expanded Roster is less comprehensive and more quantitatively focused. Portfolio Characteristics: Characteristics that help identify the types of stocks or bonds a manager buys. Average Maturity: Computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures. Average Duration: A measure of interest-rate sensitivity--the longer the duration, the more sensitive a portfolio is to shifts in interest rates. Duration is determined by a formula that includes coupon rates and bond maturities. Yield-to-Maturity: The rate of interest an investor would have to earn if an investment equal to the price of the bond were capable of generating the semiannual coupon payments and the principal of the bond in exactly the time pattern promised by the issuer. Coupon: The fixed percentage paid out on a fixed-income security on an annual basis. Rolling Periods Analysis: A method of analysis where a quarterly return stream is grouped into rolling periods of a given length (three years, for example). Performance and/or risk statistics are calculated for the three-year period ending with a given quarter, then for the three-year period ending with the next quarter, and so on. This type of analysis helps minimize the arbitrary nature of focusing primarily on calendar years or trailing returns. Investing in fixed income securities: involves certain risks such as market risk if sold prior to maturity and credit risk especially if investing in high yield bonds, which have lower ratings and are subject to greater volatility. All fixed income investments may be worth less than original cost upon redemption or maturity. Bond prices fluctuate inversely to changes in interest rates. Therefore, a general rise in interest rates can result in a decline of the value of your investment. Bond ratings, issues by private independent ratings services, are a grade given to bonds which is designed to indicate the credit quality of the bond. Bonds rated Aaa through Baa3 by Moody s and AAA through BBB- by S&P, are typically considered to be investment grade. Investors should note that an investment grade rating does not insure the bond against default and does not guarantee the return of principal. Performance Disclosure: The performance information shown is based on performance data provided by the manager. The performance data provided by the manager is taken from its composite of similarly managed accounts. Performance figures include the reinvestment of dividends and other earnings. Past performance is not indicative of future performance. Client performance may differ from the performance provided in this profile. There are no guarantees objectives will be met. The performance numbers in the "Net of Fees" section represent quarterly performance returns after the deduction of the maximum proposed management fee of 1.5% for the Fixed Income strategies. Gross performance numbers represent returns before the deduction of any investment management fees. The fees include Advisory services, performance measurement, transaction costs, custody services and trading. The fee schedule, which is negotiable, is based on account size and an assumed active equity portfolio. Advisory programs are not designed for excessively traded or inactive accounts and may not be suitable for all investors. Please carefully review the Wells Fargo Advisors advisory disclosure document for a full description of our services, including fees and expenses. 9 Day Treasury Bill: Treasury bills are guaranteed by the U.S. government and, if held to maturity, offer a fixed rate of return and fixed principal value. Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company. Wells Fargo Bank, N.A. is an affiliate of Wells Fargo Advisors and a subsidiary of Wells Fargo and Company. First Clearing, LLC is registered broker-dealer and non-bank affiliate of Wells Fargo & Company. 12 Wells Fargo Advisors, LLC. All rights reserved. CAR# : Barclays Capital Intermediate U.S. Government/Credit Page 5 of 5

Navigator Fixed Income Total Return

Navigator Fixed Income Total Return CCM-15-12-1 As of 12/31/2015 Navigator Fixed Income Navigate Fixed Income with a Tactical Approach With yields hovering at historic lows, bond portfolios could decline if interest rates rise. But income

More information

Navigator Fixed Income Total Return

Navigator Fixed Income Total Return CCM-15-08-1 As of 8/31/2015 Navigator Fixed Income Total Return Navigate Fixed Income with a Tactical Approach With yields hovering at historic lows, bond portfolios could decline if interest rates rise.

More information

Impact of rising interest rates on preferred securities

Impact of rising interest rates on preferred securities Impact of rising interest rates on preferred securities This report looks at the risks preferred investors may face in a rising-interest-rate environment. We are currently in a period of historically low

More information

Why Consider Bank Loan Investing?

Why Consider Bank Loan Investing? Why Consider Bank Loan Investing? September 2012 Bank loans continue to increase in popularity among a variety of investors in search of higher yield potential than other types of bonds, with lower relative

More information

Why high-yield municipal bonds may be attractive in today s market environment

Why high-yield municipal bonds may be attractive in today s market environment Spread Why high-yield municipal bonds may be attractive in today s market environment February 2014 High-yield municipal bonds may be attractive given their: Historically wide spreads Attractive prices

More information

Class / Ticker Symbol Fund Name Class A Class C Class C1 Class I

Class / Ticker Symbol Fund Name Class A Class C Class C1 Class I Mutual Funds Prospectus August 31, 2011 Nuveen Municipal Bond Funds Dependable, tax-free income because it s not what you earn, it s what you keep. Class / Ticker Symbol Fund Name Class A Class C Class

More information

Franklin Templeton Fixed Income Group. Franklin Templeton Investment Funds Franklin U.S. Government Fund - A (acc) USD. Data as of 31 May 2016

Franklin Templeton Fixed Income Group. Franklin Templeton Investment Funds Franklin U.S. Government Fund - A (acc) USD. Data as of 31 May 2016 Franklin Templeton Fixed Income Group Data as of 31 May 2016 Franklin Templeton Investment Funds - A (acc) USD Source for data and information provided by Franklin Templeton Investments, as of the date

More information

NorthCoast Investment Advisory Team 203.532.7000 info@northcoastam.com

NorthCoast Investment Advisory Team 203.532.7000 info@northcoastam.com NorthCoast Investment Advisory Team 203.532.7000 info@northcoastam.com NORTHCOAST ASSET MANAGEMENT An established leader in the field of tactical investment management, specializing in quantitative research

More information

Time to Invest in Short-Term Bonds?

Time to Invest in Short-Term Bonds? First Quarter 2010 Time to Invest in Short-Term Bonds? Executive Summary This paper outlines why now may be an opportune time to invest in short-term bonds. We believe short-term bonds offer: Less downside

More information

State Street Target Retirement Funds - Class K

State Street Target Retirement Funds - Class K The State Street Target Retirement Funds - Class K (the "Funds") represent units of ownership in the State Street Target Retirement Non-Lending Series Funds. The Funds seek to offer complete, low cost

More information

Prospectus Baird Funds

Prospectus Baird Funds Prospectus Baird Funds May 1, 2014 Baird Ultra Short Bond Fund (Institutional Class: BUBIX) (Investor Class: BUBSX) Baird Short-Term Bond Fund (Institutional Class: BSBIX) (Investor Class: BSBSX) Baird

More information

Brandes Corporate Focus Fixed Income

Brandes Corporate Focus Fixed Income Fact Sheet / Through 31 December 2015 (currency reported in USD) Brandes Corporate Focus Fixed Income FIRM OVERVIEW Founded: 1974 Staff Total: 325 Investment Professionals: 53 Ownership: 100% Employee

More information

MainStay VP Janus Balanced Portfolio

MainStay VP Janus Balanced Portfolio Summary Prospectus May 1, 2015 MainStay VP Janus Balanced Portfolio To Statutory Prospectus To Statement of Additional Information Before you invest, you may want to review the Portfolio's Prospectus,

More information

FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS. Why does the bank loan sector remain so attractive?

FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS. Why does the bank loan sector remain so attractive? FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS Bank loans present a compelling income opportunity and a portfolio diversifier that provides protection against traditional

More information

Federated Quality Bond Fund II

Federated Quality Bond Fund II Summary Prospectus April 30, 2015 Share Class Primary Federated Quality Bond Fund II A Portfolio of Federated Insurance Series Before you invest, you may want to review the Fund s Prospectus, which contains

More information

Is it time to hire a professional to manage your bonds?

Is it time to hire a professional to manage your bonds? Is it time to hire a professional to manage your bonds? Today s bond markets are more complex Finding the right bonds can be difficult. The bond markets are large and complex, and it takes a lot of homework

More information

Fixed-income opportunity: Short duration high yield

Fixed-income opportunity: Short duration high yield March 2014 Insights from: An income solution for a low or rising interest-rate environment Generating income is a key objective for many investors, and one that is increasingly difficult to achieve in

More information

SUMMARY PROSPECTUS. TCW High Yield Bond Fund FEBRUARY 29 I SHARE: TGHYX N SHARE: TGHNX

SUMMARY PROSPECTUS. TCW High Yield Bond Fund FEBRUARY 29 I SHARE: TGHYX N SHARE: TGHNX TCW High Yield Bond Fund I SHARE: TGHYX N SHARE: TGHNX 20 6 FEBRUARY 29 SUMMARY PROSPECTUS Before you invest, you may want to review the Fund s Prospectus which contain more information about the Fund

More information

Columbia Limited Duration Credit Fund A transparent approach to short-term investing

Columbia Limited Duration Credit Fund A transparent approach to short-term investing Columbia Limited Duration Credit Fund A transparent approach to short-term investing Class A ALDAX Class C RDCLX Class R4 CDLRX Class R5 CTLRX Class Z CLDZX Columbia Limited Duration Credit Fund is a pure

More information

FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS

FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS With about $713 billion in assets, the bank loan market is roughly half the size of the high yield market. However, demand

More information

Documeent title on one or two. high-yield bonds. Executive summary. W Price (per $100 par) W. The diversification merits of high-yield bonds

Documeent title on one or two. high-yield bonds. Executive summary. W Price (per $100 par) W. The diversification merits of high-yield bonds April 01 TIAA-CREF Asset Management Documeent title on one or two The lines enduring Gustan case Book for pt high-yield bonds TIAA-CREF High-Yield Strategy Kevin Lorenz, CFA Managing Director Co-portfolio

More information

Growth of Capital Through Disciplined Investing. Broad Market

Growth of Capital Through Disciplined Investing. Broad Market Growth of Capital Through Disciplined Investing Broad Market Table of Contents 1. Firm Overview 1.1. Introduction 1.1.1. Managing Directors Profiles 1.2. Investment Philosophy 1.3. Investment Process 1.4.

More information

Bond Fund of the TIAA-CREF Life Funds

Bond Fund of the TIAA-CREF Life Funds Summary Prospectus MAY 1, 2015 Bond Fund of the TIAA-CREF Life Funds Ticker: TLBDX Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and its

More information

Understanding Fixed Income

Understanding Fixed Income Understanding Fixed Income 2014 AMP Capital Investors Limited ABN 59 001 777 591 AFSL 232497 Understanding Fixed Income About fixed income at AMP Capital Our global presence helps us deliver outstanding

More information

Chapter 3 Fixed Income Securities

Chapter 3 Fixed Income Securities Chapter 3 Fixed Income Securities Road Map Part A Introduction to finance. Part B Valuation of assets, given discount rates. Fixed-income securities. Stocks. Real assets (capital budgeting). Part C Determination

More information

With interest rates at historically low levels, and the U.S. economy showing continued strength,

With interest rates at historically low levels, and the U.S. economy showing continued strength, Managing Interest Rate Risk in Your Bond Holdings THE RIGHT STRATEGY MAY HELP FIXED INCOME PORTFOLIOS DURING PERIODS OF RISING INTEREST RATES. With interest rates at historically low levels, and the U.S.

More information

PIMCO Foreign Bond Fund (U.S. Dollar- Hedged)

PIMCO Foreign Bond Fund (U.S. Dollar- Hedged) Your Global Investment Authority PIMCO Foreign Bond Fund (U.S. Dollar- Hedged) SUMMARY PROSPECTUS July 31, 2015 (as supplemented December 1, 2015) Share Class: Inst P Admin D A C R Ticker: PFORX PFBPX

More information

MADISON CORPORATE BOND FUND INVESTMENT STRATEGY LETTER

MADISON CORPORATE BOND FUND INVESTMENT STRATEGY LETTER madisonadv.com madisonfunds.com 2015 2Q EXCELLENCE IN INVESTMENT MANAGEMENT MADISON CORPORATE BOND FUND INVESTMENT STRATEGY LETTER Market Review With Independence Day fast approaching, fireworks began

More information

T. Rowe Price Target Retirement 2030 Fund Advisor Class

T. Rowe Price Target Retirement 2030 Fund Advisor Class T. Rowe Price Target Retirement 2030 Fund Advisor Class Supplement to Summary Prospectus Dated October 1, 2015 Effective February 1, 2016, the T. Rowe Price Mid-Cap Index Fund and the T. Rowe Price Small-Cap

More information

Growth of Capital Through Disciplined Investing. High Yield

Growth of Capital Through Disciplined Investing. High Yield Growth of Capital Through Disciplined Investing High Yield Table of Contents 1. Firm Overview 1.1. Introduction 1.1.1. Managing Directors Profiles 1.2. Investment Philosophy 1.3. Investment Process 1.4.

More information

Prospectus Socially Responsible Funds

Prospectus Socially Responsible Funds Prospectus Socially Responsible Funds Calvert Social Investment Fund (CSIF) Balanced Portfolio Equity Portfolio Enhanced Equity Portfolio Bond Portfolio Money Market Portfolio Calvert Social Index Fund

More information

BOND FUNDS L SHARES. October 1, 2004

BOND FUNDS L SHARES. October 1, 2004 BOND FUNDS A SHARES L SHARES October 1, 2004 CLASSIC INSTITUTIONAL U.S. GOVERNMENT SECURITIES SUPER SHORT INCOME PLUS FUND FLORIDA TAX-EXEMPT BOND FUND GEORGIA TAX-EXEMPT BOND FUND HIGH INCOME FUND INVESTMENT

More information

Modernizing Portfolio Theory & The Liquid Endowment UMA

Modernizing Portfolio Theory & The Liquid Endowment UMA Modernizing Portfolio Theory & The Liquid Endowment UMA Michael Featherman, CFA Director of Portfolio Strategies November 2012 Modern Portfolio Theory Definition and Key Concept Modern Portfolio Theory

More information

Nuveen Tactical Market Opportunities Fund

Nuveen Tactical Market Opportunities Fund Nuveen Tactical Market Opportunities Fund Summary Prospectus January 29, 2016 Ticker: Class A NTMAX, Class C NTMCX, Class I FGTYX This summary prospectus is designed to provide investors with key Fund

More information

Balanced Fund RPBAX. T. Rowe Price SUMMARY PROSPECTUS

Balanced Fund RPBAX. T. Rowe Price SUMMARY PROSPECTUS SUMMARY PROSPECTUS RPBAX May 1, 2016 T. Rowe Price Balanced Fund A fund seeking capital growth and current income through a portfolio of approximately 65% stocks and 35% fixed income securities. Before

More information

Answers to Review Questions

Answers to Review Questions Answers to Review Questions 1. The real rate of interest is the rate that creates an equilibrium between the supply of savings and demand for investment funds. The nominal rate of interest is the actual

More information

City National Rochdale Intermediate Fixed Income Fund a series of City National Rochdale Funds

City National Rochdale Intermediate Fixed Income Fund a series of City National Rochdale Funds City National Rochdale Intermediate Fixed Income Fund a series of City National Rochdale Funds SUMMARY PROSPECTUS DATED JANUARY 31, 2015, AS SUPPLEMENTED MAY 1, 2015 Class: Class N Institutional Class

More information

BlackRock Diversified Income Portfolio. A portfolio from Fidelity Investments designed to seek income while managing risk

BlackRock Diversified Income Portfolio. A portfolio from Fidelity Investments designed to seek income while managing risk BlackRock Diversified Income Portfolio A portfolio from Fidelity Investments designed to seek income while managing risk Fidelity Investments has formed a strategic alliance with BlackRock Investment Management,

More information

High Yield Fixed Income Credit Outlook

High Yield Fixed Income Credit Outlook High Yield Fixed Income Credit Outlook Brendan White, CFA Portfolio Manager, Touchstone High Yield Fund Fort Washington Investment Advisors, Inc. September 28, 2011 The opinions expressed are current as

More information

American Funds Insurance Series. U.S. Government/ AAA-Rated Securities Fund. Summary prospectus Class 3 shares May 1, 2016

American Funds Insurance Series. U.S. Government/ AAA-Rated Securities Fund. Summary prospectus Class 3 shares May 1, 2016 American Funds Insurance Series U.S. Government/ AAA-Rated Securities Fund Summary prospectus Class 3 shares May 1, 2016 Before you invest, you may want to review the fund s prospectus and statement of

More information

A guide to investing in hybrid securities

A guide to investing in hybrid securities A guide to investing in hybrid securities Before you make an investment decision, it is important to review your financial situation, investment objectives, risk tolerance, time horizon, diversification

More information

Brown Advisory Strategic Bond Fund Class/Ticker: Institutional Shares / (Not Available for Sale)

Brown Advisory Strategic Bond Fund Class/Ticker: Institutional Shares / (Not Available for Sale) Summary Prospectus October 30, 2015 Brown Advisory Strategic Bond Fund Class/Ticker: Institutional Shares / (Not Available for Sale) Before you invest, you may want to review the Fund s Prospectus, which

More information

Quarterly Asset Class Report Institutional Fixed Income

Quarterly Asset Class Report Institutional Fixed Income Quarterly Asset Class Report Institutional Presentation To: Presented By: canterburyconsulting.com September 30, 015 Role in the Canterbury Consulting recommends and communicates asset-class strategy with

More information

Retirement Balanced Fund

Retirement Balanced Fund SUMMARY PROSPECTUS TRRIX October 1, 2015 T. Rowe Price Retirement Balanced Fund A fund designed for retired investors seeking capital growth and income through investments in a combination of T. Rowe Price

More information

Floating-Rate Securities

Floating-Rate Securities Floating-Rate Securities A floating-rate security, or floater, is a debt security whose coupon rate is reset at designated dates and is based on the value of a designated reference rate. - Handbook of

More information

Seix Total Return Bond Fund

Seix Total Return Bond Fund Summary Prospectus Seix Total Return Bond Fund AUGUST 1, 2015 (AS REVISED FEBRUARY 1, 2016) Class / Ticker Symbol A / CBPSX R / SCBLX I / SAMFX IS / SAMZX Before you invest, you may want to review the

More information

PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1

PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1 PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1 The unit investment trusts named above (the Portfolios

More information

Timely Topics. The Benchmark Standard. May 30, 2013. Highlights. What Is a Benchmark, and Why Is It Important? LPL FINANCIAL RESEARCH

Timely Topics. The Benchmark Standard. May 30, 2013. Highlights. What Is a Benchmark, and Why Is It Important? LPL FINANCIAL RESEARCH LPL FINANCIAL RESEARCH Timely Topics May 30, 2013 The Benchmark Standard Highlights LPL Financial Research believes investors need to choose a benchmark that best reflects the investment style of their

More information

FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS.

FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS. FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS December 31, 2014 Investment Adviser: MATSON MONEY, INC. 5955 Deerfield

More information

T. Rowe Price International Bond Fund T. Rowe Price International Bond Fund Advisor Class

T. Rowe Price International Bond Fund T. Rowe Price International Bond Fund Advisor Class T. Rowe Price International Bond Fund T. Rowe Price International Bond Fund Advisor Class Supplement to Prospectuses Dated May 1, 2015 In section 1, the portfolio manager table under Management with respect

More information

Sankaty Advisors, LLC

Sankaty Advisors, LLC Leveraged Loans: A Primer December 2012 In today s market environment of low rates and slow growth, we believe that leveraged loans offer a unique diversification option for fixed income portfolios due

More information

HSBC World Selection Funds April 30, 2016. Monthly Factsheets Class A and C Shares. Investment products: ARE NOT A BANK ARE NOT DEPOSIT OR

HSBC World Selection Funds April 30, 2016. Monthly Factsheets Class A and C Shares. Investment products: ARE NOT A BANK ARE NOT DEPOSIT OR HSBC World Selection Funds April 30, 2016 Monthly Factsheets Class A and C Shares Aggressive Strategy Fund Balanced Strategy Fund Moderate Strategy Fund Conservative Strategy Fund Income Strategy Fund

More information

The Bright Start College Savings Program Direct-Sold Plan. Supplement dated January 30, 2015 to Program Disclosure Statement dated November 12, 2012

The Bright Start College Savings Program Direct-Sold Plan. Supplement dated January 30, 2015 to Program Disclosure Statement dated November 12, 2012 The Bright Start College Savings Program Direct-Sold Plan Supplement dated January 30, 2015 to Program Disclosure Statement dated November 12, 2012 This supplement amends the Program Disclosure Statement

More information

Federated New York Municipal Income Fund

Federated New York Municipal Income Fund Summary Prospectus October 31, 2015 Share Class A B Ticker NYIFX NYIBX Federated New York Municipal Income Fund A Portfolio of Federated Municipal Securities Income Trust Before you invest, you may want

More information

Glossary of Investment Terms

Glossary of Investment Terms online report consulting group Glossary of Investment Terms glossary of terms actively managed investment Relies on the expertise of a portfolio manager to choose the investment s holdings in an attempt

More information

- Short term notes (bonds) Maturities of 1-4 years - Medium-term notes/bonds Maturities of 5-10 years - Long-term bonds Maturities of 10-30 years

- Short term notes (bonds) Maturities of 1-4 years - Medium-term notes/bonds Maturities of 5-10 years - Long-term bonds Maturities of 10-30 years Contents 1. What Is A Bond? 2. Who Issues Bonds? Government Bonds Corporate Bonds 3. Basic Terms of Bonds Maturity Types of Coupon (Fixed, Floating, Zero Coupon) Redemption Seniority Price Yield The Relation

More information

Risk Control and Equity Upside: The Merits of Convertible Bonds for an Insurance Portfolio

Risk Control and Equity Upside: The Merits of Convertible Bonds for an Insurance Portfolio Risk Control and Equity Upside: The Merits of Convertible Bonds for an Insurance Portfolio In a survey of insurance company Chief Investment Officers conducted by Eager, Davis & Holmes 1 in May 2009, 43%

More information

May 1, 2015 as amended June 1, 2015

May 1, 2015 as amended June 1, 2015 INSTITUTIONAL INVESTOR May 1, 2015 as amended June 1, 2015 DATE TARGET FUNDS MyDestination 2005 Fund MyDestination 2015 Fund MyDestination 2025 Fund MyDestination 2035 Fund MyDestination 2045 Fund MyDestination

More information

Core bond funds know what you re investing in

Core bond funds know what you re investing in Core bond fixed income Wells Fargo Advantage Core Bond Fund February 2015 Core bond funds know what you re investing in Wells Fargo Advantage Funds Fixed-Income Team Just about every retirement plan participant

More information

The Multi-Disciplinary Income Fund

The Multi-Disciplinary Income Fund The Multi-Disciplinary Income Fund 1 ST QUARTER 2016 Distributor: Kinetics Funds Distributor LLC is not an affiliate of Kinetics Mutual Funds, Inc. Introduction Decades of declining yields fueled gains

More information

BRANDES. Brandes Core Plus Fixed Income Fund Class A BCPAX Class E BCPEX Class I BCPIX. Brandes Credit Focus Yield Fund Class A BCFAX Class I BCFIX

BRANDES. Brandes Core Plus Fixed Income Fund Class A BCPAX Class E BCPEX Class I BCPIX. Brandes Credit Focus Yield Fund Class A BCFAX Class I BCFIX BRANDES Brandes Core Plus Fixed Income Fund Class A BCPAX Class E BCPEX Class I BCPIX Brandes Credit Focus Yield Fund Class A BCFAX Class I BCFIX Prospectus January 30, 2015 The U.S. Securities and Exchange

More information

High-Yield Municipal Bonds

High-Yield Municipal Bonds High-Yield Municipal Bonds 1 ETF Disclosure This material does not constitute an offer to sell or solicitation to buy any security, including shares of any Fund. An offer or solicitation will be made only

More information

The Bond Fund of America

The Bond Fund of America The Bond Fund of America Summary prospectus March 1, 2015 Class A B C F-1 F-2 529-A 529-B 529-C 529-E ABNDX BFABX BFACX BFAFX ABNFX CFAAX CFABX CFACX CFAEX 529-F-1 R-1 R-2 R-2E R-3 R-4 R-5 R-6 CFAFX RBFAX

More information

Porter, White & Company

Porter, White & Company Porter, White & Company Optimizing the Fixed Income Component of a Portfolio White Paper, September 2009, Number IM 17.2 In the White Paper, Comparison of Fixed Income Fund Performance, we show that a

More information

30% 5% of fixed income mutual funds paid capital gains in 2015

30% 5% of fixed income mutual funds paid capital gains in 2015 FIXED INCOME ETFs: NEW ASSET CLASS, SAME BENEFITS Exchange Traded Funds ( ETFs ) first appealed to equity investors, providing efficient access to the world s stock markets and they have revolutionized

More information

In Search of Yield. Actively Managed High Yield Bond Funds May Offer Long-Term Value

In Search of Yield. Actively Managed High Yield Bond Funds May Offer Long-Term Value In Search of Yield Actively Managed High Yield Bond Funds May Offer Long-Term Value In Search of Yield The Case for Actively Managed High Yield Bond Funds CONTENTS 2 Losing Ground to Inflation: The Impact

More information

Diversified Managed Allocations

Diversified Managed Allocations Diversified Managed Allocations Multi-strategy portfolios with a focus on flexibility Is this program right for you? DMA is designed for investors who: Want experienced, professional money managers to

More information

HIGH QUALITY PREMIER OUR PHILOSOPHY THE ATTRIBUTES OUR APPROACH

HIGH QUALITY PREMIER OUR PHILOSOPHY THE ATTRIBUTES OUR APPROACH HIGH QUALITY PREMIER September 30, 2015 (3Q) FACT SHEET OUR PHILOSOPHY We believe that securities with stable and predictable cash flows, and low credit and event risk produce consistent returns while

More information

SmartRetirement Mutual Fund Commentary

SmartRetirement Mutual Fund Commentary SmartRetirement Mutual Fund Commentary J.P.Morgan Asset Management 3 rd Quarter 2014 Performance Highlights SmartRetirement s Performance Objectives The JPMorgan SmartRetirement Mutual Funds are designed

More information

Update on Mutual Company Dividend Interest Rates for 2013

Update on Mutual Company Dividend Interest Rates for 2013 Update on Mutual Company Dividend Interest Rates for 2013 1100 Kenilworth Ave., Suite 110 Charlotte, NC 28204 704.333.0508 704.333.0510 Fax www.bejs.com Prepared and Researched by June 2013 Near the end

More information

INSTITUTIONAL INVESTMENT & FIDUCIARY SERVICES: Building a Better Portfolio: The Case for High Yield Bonds

INSTITUTIONAL INVESTMENT & FIDUCIARY SERVICES: Building a Better Portfolio: The Case for High Yield Bonds 14\GBS\22\25062C.docx INSTITUTIONAL INVESTMENT & FIDUCIARY SERVICES: Building a Better Portfolio: The Case for High Yield Bonds By Adam Marks, Area Vice President and Jamia Canlas, Senior Analyst By looking

More information

Capital preservation strategy update

Capital preservation strategy update Client Education Summit 2012 Capital preservation strategy update Head of Institutional Fixed Income Investments, Americas October 9, 2012 Topics for discussion 1 Capital preservation strategies 2 3 4

More information

Market Linked Certificates of Deposit

Market Linked Certificates of Deposit Market Linked Certificates of Deposit This material was prepared by Wells Fargo Securities, LLC, a registered brokerdealer and separate non-bank affiliate of Wells Fargo & Company. This material is not

More information

GNMA Fund PRGMX. T. Rowe Price SUMMARY PROSPECTUS

GNMA Fund PRGMX. T. Rowe Price SUMMARY PROSPECTUS SUMMARY PROSPECTUS PRGMX October 1, 2015 T. Rowe Price GNMA Fund A bond fund seeking income and high overall credit quality through investments in mortgage-backed securities issued by the Government National

More information

Deutsche Floating Rate Fund

Deutsche Floating Rate Fund Taxable Fixed-Income 2 nd quarter 2014 Deutsche Floating Rate Fund Access a world of opportunities through the global resources of Deutsche Bank Canada United States Netherlands Belgium United Kingdom

More information

Emerging Markets Bond Fund Emerging Markets Corporate Bond Fund Emerging Markets Local Currency Bond Fund International Bond Fund

Emerging Markets Bond Fund Emerging Markets Corporate Bond Fund Emerging Markets Local Currency Bond Fund International Bond Fund PROSPECTUS PREMX TRECX PRELX RPIBX T. Rowe Price Emerging Markets Bond Fund Emerging Markets Corporate Bond Fund Emerging Markets Local Currency Bond Fund International Bond Fund May 1, 2016 A choice of

More information

WST ASSET MANAGER U.S. EQUITY FUND

WST ASSET MANAGER U.S. EQUITY FUND Prospectus December 18, 2015 WST ASSET MANAGER U.S. EQUITY FUND Investor Shares (Ticker Symbol: WSTEX) Institutional Shares (Ticker Symbol: WSTIX) WST ASSET MANAGER U.S. BOND FUND Investor Shares (Ticker

More information

Navigator International Equity/ADR

Navigator International Equity/ADR CCM-16-06-637 As of 6/30/2016 Navigator International Navigate Global Equities with a Disciplined, Research-Backed Approach to Security Selection With heightened volatility and increased correlations across

More information

2 11,455. Century Small Cap Select Instl SMALL-CAP as of 09/30/2015. Investment Objective. Fund Overview. Performance Overview

2 11,455. Century Small Cap Select Instl SMALL-CAP as of 09/30/2015. Investment Objective. Fund Overview. Performance Overview SMALL-CAP as of 09/30/2015 Investment Objective Century Small Cap Select Fund (CSCS) seeks long-term capital growth. Performance Overview Cumulative % Annualized % Quarter Year Since to Date to Date 1

More information

BOND ALERT. What Investors Should Know. July 2013 WWW.LONGVIEWCPTL.COM 2 MILL ROAD, SUITE 105

BOND ALERT. What Investors Should Know. July 2013 WWW.LONGVIEWCPTL.COM 2 MILL ROAD, SUITE 105 BOND ALERT July 2013 What Investors Should Know This special report will help you understand the current environment for bonds and discuss how that environment may change with rising interest rates. We

More information

BASKET A collection of securities. The underlying securities within an ETF are often collectively referred to as a basket

BASKET A collection of securities. The underlying securities within an ETF are often collectively referred to as a basket Glossary: The ETF Portfolio Challenge Glossary is designed to help familiarize our participants with concepts and terminology closely associated with Exchange- Traded Products. For more educational offerings,

More information

Bonds, in the most generic sense, are issued with three essential components.

Bonds, in the most generic sense, are issued with three essential components. Page 1 of 5 Bond Basics Often considered to be one of the most conservative of all investments, bonds actually provide benefits to both conservative and more aggressive investors alike. The variety of

More information

SPDR Nuveen S&P High Yield Municipal Bond ETF

SPDR Nuveen S&P High Yield Municipal Bond ETF SPDR Nuveen S&P High Yield Municipal Bond ETF Summary Prospectus-October 31, 2015 HYMB (NYSE Ticker) Before you invest in the SPDR Nuveen S&P High Yield Municipal Bond ETF (the Fund ), you may want to

More information

S&P 500 Low Volatility Index

S&P 500 Low Volatility Index S&P 500 Low Volatility Index Craig J. Lazzara, CFA S&P Indices December 2011 For Financial Professional/Not for Public Distribution There s nothing passive about how you invest. PROPRIETARY. Permission

More information

NORTHERN TRUST ACTIVE FIXED INCOME QUARTERLY UPDATE. Core/Core Plus Investment Strategy

NORTHERN TRUST ACTIVE FIXED INCOME QUARTERLY UPDATE. Core/Core Plus Investment Strategy NORTHERN TRUST ACTIVE FIXED INCOME QUARTERLY UPDATE Core/Core Plus Investment Strategy SUMMARY: The Northern Fixed Income Fund (NOFIX)*and Northern Core Bond Fund (NOCBX)** both received four-star overall

More information

Fixed Income: The Hidden Risk of Indexing

Fixed Income: The Hidden Risk of Indexing MANNING & NAPIER ADVISORS, INC. Fixed Income: The Hidden Risk of Indexing Unless otherwise noted, all figures are based in USD. Fixed income markets in the U.S. are vast. At roughly twice the size of domestic

More information

Documeent title on one or two. high-yield bonds. Executive summary. W Price (per $100 par) W Yield to worst 110

Documeent title on one or two. high-yield bonds. Executive summary. W Price (per $100 par) W Yield to worst 110 May 2015 TIAA-CREF Asset Management Documeent title on one or two The lines enduring Gustan case Book for 24pt high-yield bonds TIAA-CREF High-Yield Strategy Kevin Lorenz, CFA Managing Director Portfolio

More information

(expenses that you pay each year as a percentage of the value of your investment)

(expenses that you pay each year as a percentage of the value of your investment) July 31, 2015 SUMMARY PROSPECTUS SAAT Core Market Strategy Allocation Fund (SKTAX) Class A Before you invest, you may want to review the Fund s prospectus, which contains information about the Fund and

More information

Opportunities in credit higher quality high-yield bonds

Opportunities in credit higher quality high-yield bonds Highlights > > Default rates below the long-term average > > Valuations wide of historical average in BB and B rated credit > > Despite sluggish economy, high yield can still perform well > > High yield

More information

AIA Tampa Bay A Chapter of the American Institute of Architects

AIA Tampa Bay A Chapter of the American Institute of Architects AIA Tampa Bay A Chapter of the American Institute of Architects January 2008 Re: 2007 Financial Report Dear AIA Tampa Bay Member: This correspondence is to keep you informed of the financial condition

More information

ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015

ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015 ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015 Investment Adviser: RidgeWorth Investments A Shares C Shares I Shares Aggressive Growth Allocation Strategy SLAAX CLVLX CVMGX Conservative

More information

Navellier Tactical U.S. Equity Sector Plus

Navellier Tactical U.S. Equity Sector Plus Navellier Tactical U.S. Equity Sector Plus B-063014/NCD-14-846 www.navellier.com Tactical Series 1 U.S. Equity Sector Plus Navellier Tactical U.S. Equity Sector Plus Model a hypothetical example Hypothetical

More information

Bond Snapshot with Kathy Jones The Year of the Taper

Bond Snapshot with Kathy Jones The Year of the Taper Bond Snapshot with Kathy Jones The Year of the Taper Kathy Jones, Vice President Fixed Income Strategist Schwab Center for Financial Research February 2014 Overview of Topics Tapering Implications Where

More information

CHAPTER 6 ASSET-LIABILITY MANAGEMENT: DETERMINING AND MEASURING INTEREST RATES AND CONTROLLING INTEREST-SENSITIVE AND DURATION GAPS

CHAPTER 6 ASSET-LIABILITY MANAGEMENT: DETERMINING AND MEASURING INTEREST RATES AND CONTROLLING INTEREST-SENSITIVE AND DURATION GAPS CHAPTER 6 ASSET-LIABILITY MANAGEMENT: DETERMINING AND MEASURING INTEREST RATES AND CONTROLLING INTEREST-SENSITIVE AND DURATION GAPS Goals of This Chapter: The purpose of this chapter is to explore the

More information

Wells Fargo Advantage High Yield Bond Fund

Wells Fargo Advantage High Yield Bond Fund All information is as of 6-30-15 unless otherwise indicated. General fund information Ticker: EKHYX Portfolio managers: Margaret D. Patel Subadvisor: Wells Capital Management, Inc. Category: High-yield

More information

CHAPTER 11 INTRODUCTION TO SECURITY VALUATION TRUE/FALSE QUESTIONS

CHAPTER 11 INTRODUCTION TO SECURITY VALUATION TRUE/FALSE QUESTIONS 1 CHAPTER 11 INTRODUCTION TO SECURITY VALUATION TRUE/FALSE QUESTIONS (f) 1 The three step valuation process consists of 1) analysis of alternative economies and markets, 2) analysis of alternative industries

More information

Investment Case: Fallen Angel High-Yield Corporate Bonds

Investment Case: Fallen Angel High-Yield Corporate Bonds Investment Case: Fallen Angel High-Yield Corporate Bonds 1 ETF Disclosure This material does not constitute an offer to sell or solicitation to buy any security, including shares of any Fund. An offer

More information