HIGH QUALITY PREMIER OUR PHILOSOPHY THE ATTRIBUTES OUR APPROACH
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1 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 preserving capital during times of capital market uncertainty. The objective is to serve as a hedge against falling equity prices and cushion market volatility enabling risk to be taken elsewhere. We believe the role of a high-quality bond portfolio in a diversified investment program is to serve as an anchor to windward and to act as an effective counterweight to equity risk. OUR APPROACH We prefer bonds backed by many borrowers and the greater average life stability of securitized instruments versus other callable debt. Traditional low-volatility mortgage- and asset-backed securities are favored because of their substantial yield premium versus government securities. Corporate bonds are deemphasized due to their inherent credit and event risk, and higher volatility. Risk is measured in terms of the relative safety of principal and evaluated based on cash flow stability, price volatility & liquidity. THE ATTRIBUTES By targeting bonds of the highest quality, the portfolio aims to protect against potential losses resulting from equity market declines while providing stable income and liquidity. May be suitable for pension fund assets subject to minimum quality rating restrictions and investment limitations. Could serve as a complement to below-investment grade bond portfolios and strategies that seek to maximize total return through increased credit risk. HEDGE TO FALLING EQUITY PRICES April 1, 1993 September 30, 2015 CREDIT QUALITY as of September 30, 2015 Annualized Return Stocks Rising (64 Quarters) 4.46% 4.75% Stocks Declining (26 Quarters) 8.47% 7.91% AAA 30.4% Govt 63.9% AA 2.6% A 3.1% Chart represents how the composite and benchmark performed during quarters when the return of the S&P 500 index was positive (rising periods) or when the return of the S&P 500 index was negative (declining periods). These quarters are separated from the intervening quarters and annualized. Composite returns are shown gross of management fees. Indexes do not incur fees or other expenses. Past performance does not predict or guarantee future results. Please see important disclosures on page 2. CUSHION AGAINST MARKET VOLATILITY April 1, 1993 September 30, HIGHLIGHTS High Quality Premier % of bond holdings Trailing 3-Year Return 30% 20% 10% 0% (10%) (20%) (Net of Fees) S&P 500 Index Composite performance shown net of management fees since inception (4/01/93). Indexes do not incur fees or other expenses. Past performance does not predict or guarantee future results. Please see important disclosures on page 2. Key Differentiators Add value by issue selection & yield curve positioning Asymmetric duration constraint (+5% -20%) Emphasize securitized debt instruments Systematically underweight corporate bonds Investment Background 20+ years experience managing high-quality bonds $1.8 billion in fixed income assets Custom portfolios tailored to investment restrictions An effective buffer against falling equity prices Consistent returns over complete market cycles
2 TEAM as of September 30, 2015 ASSETS as of September 30, 2015 Jim Womack, CFA Managing Director 21 Yrs 1994* Brad Buie, CFA 23 Yrs 2009* High-Quality Bonds $1.8 bn 24% Core Bond Intermediate Kyle Johns, CFA 8 Yrs 2007* 52% Short Duration Ultra Short *Years experience year joined Atlanta Capital. Classifications: HQSD 0-2 Yr (Ultra Short), HQSD 1-3 Yr & HQSD 1-5 Yr (Short Duration), HQ Intermediate (Intermediate) and HQ Premier (Core Bond). SECTOR ALLOCATION (%) as of September 30, 2015 For further information, contact: Jim Skesavage Director of Marketing, Principal jim.skesavage@atlcap.com U.S. Treasury Agency Corporate Securitized Brian Smith, CFA Director of Institutional Services, Principal brian.smith@atlcap.com Cash allocation included in U.S. Treasury. Percentages based on weighted average of composite portfolios. COMPOSITE PERFORMANCE (%) as of September 30, 2015 Atlanta Capital Management Co., LLC 1075 Peachtree Street NE Suite 2100 Atlanta, Georgia High Quality Premier Last Quarter One Year Three Five Ten Since Inception* 4/1/93 Gross of Fees Net of Fees BC Aggregate *Annualized. Please see important disclosures below. Important Disclosures The Composite includes all fully discretionary separate accounts and the fixed plus fixed cash portion of balanced accounts invested in fixed income securities having a debt rating of A or above. Securities with long to short maturities and duration are considered for the portfolios. Portfolios may invest in obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, mortgage-backed and asset-backed securities, and to a lesser degree corporate securities. Due to the strategy s capital preservation focus, duration is asymmetrically constrained, typically ranging from +5% to -20%, to the benchmark. Effective 9/30/13, the name of this composite was changed from the High Quality Broad Market Composite. There has been no change in investment objective or management style. The benchmark is the Barclays Capital Aggregate Index, an unmanaged index that covers the U.S. investment grade fixed rate bond market. Indexes are unmanaged and do not incur management fees, transaction costs or other expenses associated with separately managed accounts. It is not possible to directly invest in an index. This information should not be considered investment advice and should not be solely relied upon in making a decision to invest in any product. Composite characteristics are based on a weighted average of composite portfolios; actual security holdings and allocations may vary for each client based on client guidelines. There is no guarantee that a particular client s account will match the results shown. Performance reflects reinvestment of all income and capital gains and is shown in US dollars after deduction of transaction costs. Performance is shown gross and net of management fees. Net of fee performance was calculated using the highest applicable annual management fee of 0.35% applied monthly. Actual investment advisory fees incurred by clients may vary. Advisory fees for all investment styles are stated in Part 2 of Atlanta Capital s ADV, which is available upon request. Composite assets as of 9/30/15 were $219 million. Atlanta Capital Management Company, LLC is an SEC-registered investment adviser located in Atlanta, Georgia. The firm became a majority-owned subsidiary of Eaton Vance Corp. in Atlanta Capital operates as an independent subsidiary of Eaton Vance and provides professional investment advisory services to a broad range of institutional and individual clients and sub-advisory investment management to mutual funds and separately managed wrap fee programs. Atlanta Capital claims compliance with the Global Investment Performance Standards (GIPS ). Please contact the Performance Department at to request a complete list and description of Atlanta Capital s composites and/or a presentation that adheres to the GIPS standards. Past performance does not predict or guarantee future results. ~~
3 HIGH QUALITY SHORT DURATION (1-3 Years) September 30, 2015 (3Q) FACT SHEET OUR PHILOSOPHY We believe that securities with stable and predictable cash flows, and low credit and event risk offer attractive returns, while preserving capital during times of capital market uncertainty. The objective is to deliver strong risk-adjusted returns over time, with lower volatility than the benchmark and peers, by taking advantage of modest maturity extension and income from AAA and government issued mortgage- and asset-backed securities. OUR APPROACH We prefer bonds backed by many borrowers and the greater average life stability of securitized instruments versus other callable debt. Traditional short-term, low-volatility mortgage- and asset-backed securities are emphasized because of their substantial yield premium versus government securities. Corporate bonds are excluded due to their inherent credit and event risk, and higher volatility. Risk is measured in terms of the relative safety of principal and evaluated based on cash flow stability, price volatility & liquidity. THE ATTRIBUTES May be suitable for operating reserve or pension fund assets subject to minimum quality rating restrictions and investment limitations. By targeting short-term bonds of the highest quality, the portfolio may serve as a cushion against market volatility while providing consistent income. Designed for investors that are able to pursue yield above money market or cash investments. May serve as a complement to below-investment grade bond portfolios. RISK & RETURN PROFILE January 1, 1992 September 30, 2015 CREDIT QUALITY as of September 30, Risk-Adjusted Return (%) HQSD 1-3 Yr Gross 2.17 Return (%) 4.23* Risk (%) BofA ML 1-3 Yr BofA ML 1-3 Yr BofA ML 1-3 Yr BofA ML 1-3 Yr Corp/Gov Index Gov Index Treasury Index Corp Index Govt 77.9% HQSD 1-3 Yr Composite AAA 22.1% % of bond holdings *Composite return 4.23% gross of fees; 3.86% net of fees. Composite risk-adjusted return is shown gross of management fees. Returns and risk are annualized. Standard deviation (risk) measures the historic volatility of the composite and benchmark returns. Composite benchmark is the BofA ML 1-3 Yr Government Index. Additional indexes shown illustrate the performance of various bond market sectors. Indexes do not incur fees or expenses. Past performance does not predict or guarantee future results. Source: Atlanta Capital, Bloomberg, BofA Merrill Lynch. Please see important disclosures on page 2. VOLATILITY REDUCTION Trailing 5-Year Periods HIGHLIGHTS Standard Deviation BofA ML 1-3 Yr Gov Index High Quality Short Duration 1-3 Yr Composite and benchmark standard deviation shown gross of fees and annualized. Please see important disclosures on page 2. Past performance does not predict or guarantee future results. Key Statistics Duration: 1.4 years Yield-to-Maturity: 0.8% No exposure to non-aaa rated issues Investment Background 20+ years experience managing high-quality bonds $1.1 billion in short duration assets Specialists in securitized debt instruments Custom portfolios tailored to investment restrictions High Quality Short Duration 1-3 Year Strong risk-adjusted performance since inception A history of consistent below benchmark volatility
4 TEAM as of September 30, 2015 ASSETS as of September 30, 2015 Jim Womack, CFA Managing Director 21 Yrs 1994* Brad Buie, CFA 23 Yrs 2009* High-Quality Bonds $1.8 bn 24% Core Bond Intermediate Kyle Johns, CFA 8 Yrs 2007* 52% Short Duration Ultra Short *Years experience year joined Atlanta Capital. Classifications: HQSD 0-2 Yr (Ultra Short), HQSD 1-3 Yr & HQSD 1-5 Yr (Short Duration), HQ Intermediate (Intermediate) and HQ Premier (Core Bond). SECTOR ALLOCATION (%) as of September 30, 2015 For further information, contact: Jim Skesavage Director of Marketing, Principal jim.skesavage@atlcap.com HQSD 1-3 Yr BofA ML 1-3 Yr Gov Index U.S. Treasury Agency Corporate Securitized Brian Smith, CFA Director of Institutional Services, Principal brian.smith@atlcap.com Atlanta Capital Management Co., LLC 1075 Peachtree Street NE Suite 2100 Atlanta, Georgia Cash allocation included in U.S. Treasury. Percentages based on weighted average of composite portfolios. COMPOSITE PERFORMANCE (%) as of September 30, 2015 Last Quarter One Year Three Five Ten Since Inception* HQSD 1-3 Year 1/1/92 Gross of Fees Net of Fees BofA ML 1-3 Yr Gov Index *Annualized. Please see important disclosures below Important Disclosures The High Quality Short Duration 1-3 Years Composite includes all fully discretionary separate accounts invested in debt securities having short maturities (i.e., average effective maturities of one to three years) with a debt rating of A or above. Portfolios may invest in obligations issued or guaranteed by the U.S. Government, its agencies or its instrumentalities, and mortgage-backed and asset-backed securities. Low-volatility collateralized mortgage obligations (CMOs) and asset-backed securities are used to improve yield and minimize event risk. Corporate bonds are excluded due to their inherent credit and event risk and higher volatility. The composite s duration typically ranges between one year and two and one-half years. The benchmark for this composite is the BofA Merrill Lynch 1-3 Year Government Index, which includes securities in the Government Index with a maturity from one up to (but not including) three years. The Index includes Treasuries (public obligations of the U.S. Treasury) and agencies (publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government). The BofA Merrill Lynch 1-3 YR Corporate/Government Index includes U.S. Treasury debt, U.S. government agency debt, taxable debt issued by U.S. states and territories and their political subdivisions, debt issued by U.S. and non-u.s. corporations, non-u.s. government debt and supranational debt with a maturity from one up to (but not including) three years; the BofA Merrill Lynch 1-3 YR Treasury Index includes securities in the Treasury Index with a maturity from one up to (but not including) three years; and the BofA Merrill Lynch 1-3 YR Corporate Index includes U.S. dollar denominated investment grade corporate debt publicly issued in the US domestic market with a maturity from one up to (but not including) three years. Indexes are unmanaged and do not incur management fees, transaction costs or other expenses associated with managed accounts. It is not possible to directly invest in an index. BofA Merrill Lynch indexes not for redistribution or other uses; provided as is, without warranties and with no liability. Atlanta Capital has prepared this report; BofA ML does not endorse it, or guarantee, review or endorse Atlanta Capital s products. This information should not be considered investment advice and should not be solely relied upon in making a decision to invest in any product. Composite characteristics are based on a weighted average of composite portfolios; actual security holdings and allocations may vary for each client based on client guidelines. There is no guarantee that a particular client s account will match the results shown. Performance reflects reinvestment of all income and capital gains and is shown in US dollars after deduction of transaction costs and foreign withholding taxes. Performance is shown gross and net of investment management fees. Performance during certain periods reflects strong market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. Net of fee performance was calculated using the highest applicable annual management fee of 0.35% applied monthly. Actual investment advisory fees incurred by clients may vary. Advisory fees for all investment styles are stated in Part 2 of Atlanta Capital s ADV, which is available upon request. Composite assets as of 9/30/15 were $762 million. Atlanta Capital Management Company, LLC is an SEC-registered investment adviser located in Atlanta, Georgia. The firm became a majority-owned subsidiary of Eaton Vance Corp. in Atlanta Capital operates as an independent subsidiary of Eaton Vance and provides professional investment advisory services to a broad range of institutional and individual clients and sub-advisory investment management to mutual funds and separately managed wrap fee programs. Atlanta Capital claims compliance with the Global Investment Performance Standards (GIPS ). Please contact the Performance Department at to request a complete list and description of Atlanta Capital s composites and/or a presentation that adheres to the GIPS standards. Past performance does not predict or guarantee future results. ~~
5 FIXED INCOME MARKET REVIEW September 30, 2015 (3Q) INVESTMENT COMMENTARY BOND MARKET REVIEW Heightened concerns over the potential impact of slower global growth pushed Treasury yields and equity prices lower in the quarter. The Barclays Capital Aggregate Index gained 1.23% while the BofA Merrill Lynch 1-3 Year Government Index returned 0.32%. Further evidence of a Chinese slowdown continued to put pressure on both commodity prices and risk assets across the globe including the S&P 500 Index, which declined 6.44% in the quarter. Emerging market economies, which had benefitted greatly from the high prices of their natural resources such as iron ore, copper, cement, and other basic materials, began to sag along with the expectations for lower Chinese investment spending. In August, China devalued the Yuan in the hopes of making their exports more attractive thereby boosting their GDP. With financial markets in turmoil, the Fed, which had been forecasting the need to hike rates soon, hinted that market volatility could delay their rate hike. The result sent Treasury yields lower. Despite the headwinds from overseas, the US labor market continued to improve. The unemployment rate declined to 5.1% from 5.3% last quarter and other indicators such as initial jobless claims, job openings and the underemployment rate all remained on an improving trend. While the stronger dollar hurts our exporters and the profits of multinational companies, the simultaneous decline in prices of the commodities we consume (e.g., oil and gasoline) are a boon to the US consumer. Stocks were not the only investments that posted negative returns in the quarter. Lower-quality fixed income investments such as high yield bonds, floating rate bank loans and emerging market debt all traded lower in sympathy with risk assets. Within the investment grade market, sector performance for the quarter was tightly clustered with the exception of credit which lagged AAA rated bonds by 1.46% and was negatively impacted by the energy and basic materials sectors. BBB rated bonds, which have a significant weight in these sectors, lagged by 1.10%. Conversely, relative to AAA rated bonds, single A rated issues trailed by just 0.02%. The asset-backed and agency sectors each outperformed by 0.16% and 0.05%, respectively, and mortgage-backed securities trailed by 0.22%. Despite the Fed s mixed signals, we believe that the continued strength in the labor markets and the Fed s stated expectations that inflation will move toward 2% over the intermediate term will prompt the Fed to slowly raise interest rates in the coming months. Against this backdrop, portfolios are positioned with a shorter-than-benchmark duration. Further, we are avoiding 2- to 5-year maturities as these will be most impacted by the eventual Fed tightening. We are favoring mortgage bonds backed by seasoned loans and are avoiding newly-issued bonds backed by 30-year loans. The assetbacked sector continues to offer the most attractive valuations with yields and credit fundamentals superior to other sectors including lower rated corporate bonds. This information is not intended as investment advice or a recommendation to purchase or sell specific securities. The specific securities and sectors identified in this material are not representative of all securities purchased, sold or recommended for advisory clients. Actual portfolio holdings will vary for each client and there is no guarantee that a particular client's account will hold any, or all, of the securities identified. It should not be assumed that any of the securities or recommendations made in the future will be profitable or will equal the performance of the listed securities and sectors. The views expressed in this report are those of Atlanta Capital portfolio managers/investment professionals and are current only through the date/period stated at the top of this page. These opinions may change at any time without notice. This commentary may contain statements that are not historical facts, referred to as forward-looking statements. Future results may differ significantly from those stated in forward-looking statements, depending on factors such as changes in securities or financial markets or general economic conditions. While every effort has been made to verify the information contained herein, we make no representation as to its accuracy. The Barclays Aggregate Index measures the performance of the U.S. investment-grade fixed-rate bond market. The BofA Merrill Lynch 1-3 Year Government Index includes U.S. Treasury and agency securities with maturities from one up to (but not including) three years. The S&P 500 Index includes 500 leading companies in leading industries of the U.S. economy and is a measure of large cap U.S. stock market performance. Indexes are unmanaged and do not incur fees or other expenses associated with managed accounts. It is not possible to directly invest in an index. Source: Atlanta Capital, Barclays, BofA Merrill Lynch and Standard & Poor s. Barclays and BofA Merrill Lynch indexes not for redistribution or other uses; provided as is, without warranties and with no liability. Past performance does not predict future results. FOR FURTHER INFORMATION, CONTACT JIM SKESAVAGE (404) OR BRIAN SMITH, CFA (404) Peachtree Street NE, Suite 2100, ATLANTA, GA 30309
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