Practical Solutions for Today s Bond Markets VIRTUS SEIX LEVERAGED FINANCE FUNDS
|
|
- Erika Wright
- 5 years ago
- Views:
Transcription
1 Practical Solutions for Today s Bond Markets VIRTUS SEIX LEVERAGED FINANCE FUNDS
2 The Challenge In a market environment defined by low yields, volatility, and rising interest rates, investors are seeking a way to add income, diversification, and interest rate protection to their portfolios. The Opportunity High-yield bonds and floating rate bank loans have historically offered compelling long-term performance and portfolio diversification benefits. These asset classes particularly floating rate bank loans are also known for their attractive defensive attributes when interest rates are rising.
3 Higher income potential High-yield bonds and floating rate bank loans continue to offer compelling yields compared to most other fixed income options in today s low-interest-rate environment. ATTRACTIVE CURRENT YIELD VS. OTHER FIXED INCOME ASSET CLASSES 1 (AS OF 12/31/17) 5.15% 6.33% 3-Month T-Bill 0.00% U.S. Government 1.79% Aggregate 2.97% Corporate 3.94% Municipal 4.22% Leveraged Loans High Yield Diversification LOW CORRELATION TO OTHER FIXED INCOME ASSET CLASSES (1/1/92 12/31/17) 2 INDEX S&P REITs Leveraged Loans Aggregate High Yield U.S. Corporate U.S. Treasury S&P REITs Leveraged Aggregate High U.S. Treasury 500 Loans Yield Corporate Since high-yield bonds have exposure to both credit and interest-rate risk, and floating rate bank loans are primarily influenced by credit risk, they may provide a differentiated fixed income return source to help improve portfolio diversification. 1 Source: Merrill Lynch, Barclays, Credit Suisse. The 3-Month T-Bill, U.S. Government, Aggregate, Corporate, Municipal, Leveraged Loan, and High Yield Markets are represented by the BofA Merrill Lynch 3-month U.S. Treasury Bill Index, Bloomberg Barclays 1-5 Year U.S. Government Bond Index, Bloomberg Barclays U.S. Aggregate Bond Index, Bloomberg Barclays U.S. Aggregate Credit Corporate Investment Grade Index, Bloomberg Barclays Municipal Bond Index, Credit Suisse Leveraged Loan Index, and Bloomberg Barclays U.S. Corporate High Yield Bond Index, respectively. 2 Source: FactSet. The S&P 500, REITs, Leverage Loans, Aggregate, High Yield, U.S. Corporate, and Treasury Markets are represented by the S&P 500 Index, FTSE NAREIT All Equity REITs Index, Credit Suisse Leveraged Loan Index, Bloomberg Barclays U.S. Aggregate Bond Index, Bloomberg Barclays U.S. Corporate High Yield Bond Index, Bloomberg Barclays U.S. Aggregate Credit Corporate Investment Grade Index, and Bloomberg Barclays U.S. Short Treasury Index, respectively. Past performance is not indicative of future results. 1
4 Capital appreciation potential High-yield bonds and floating rate bank loans offer the potential for price gains from improved company performance, better industry dynamics, and/or ratings upgrades. This, coupled with the potentially powerful compounding benefits of higher income, has provided solid total return opportunities over the long term. HIGH-YIELD BONDS AND LEVERAGED LOANS VS. EQUITY MARKETS (AS OF 12/31/17) Return per Unit of Risk Annualized Return Standard Deviation LEVERAGED LOAN INDEX 5.70% 5.01% HIGH YIELD INDEX 7.98% 8.26% LARGE-CAP EQUITY INDEX 9.61% 13.96% SMALL-CAP EQUITY INDEX 9.88% 18.44% Historically, high-yield bonds and leveraged loans have provided more attractive returns per unit of risk than large- and small-cap equities. Sources: Standard & Poor s, Russell, Bloomberg Barclays, Bloomberg The Leveraged Loan, High Yield, Large-Cap Equity and Small-Cap Equity Markets are represented by the Credit Suisse Leveraged Loan Index, Bloomberg Barclays High Yield Credit Index, S&P 500 Index, and Russell 2000 Index, respectively. Returns were calculated using monthly data and begin with the inception of the Credit Suisse Leveraged Loan Index on 1/1/92. Past performance is not indicative of future results. 2
5 Added protection from rising interest rates Most traditional bonds typically decline in value when interest rates rise, but since floating rate bank loans offer coupons that periodically reset in relation to a base rate (often LIBOR plus a fixed spread), they tend to perform comparatively well during rising rate periods, helping to protect principal value. The income return on high-yield bonds often provides downside protection in rising rate environments. In a rising rate environment High-yield bonds posted positive returns out of 16 periods 12 Leveraged loans posted positive returns out of 16 periods 16 RETURNS IN RISING INTEREST RATE ENVIRONMENTS 25% 20% Bloomberg Barclays Aggregate Index Bloomberg Barclays High Yield Index CS Leveraged Loan Index 15% 10% 5% 0% -5% 1/99-1/00 2/01-6/01 10/01-12/01 2/02-3/02 9/02-11/02 5/03-8/03 2/04-5/04 8/05-10/05 1/06-6/06 12/08-2/09 3/09-6/09 11/09-12/09 8/10-3/11 4/13-8/13 1/15-7/15 7/16-1/17 Time periods from 6/30/97 to 12/31/17 when month-end 10-Year Treasury yields rose at least 50 basis points. A Basis Point is equal to 0.01%. Past performance is not indicative of future results. Sources: Bloomberg, Barclays Capital, Credit Suisse 3
6 2 may be 1 better than Including an allocation to both high yield and bank loans historically has provided a higher return per unit of risk than an allocation to high yield or bank loans alone. Historically, a blend of 50% + floating rate bank loans 50% high-yield bonds has provided the highest Sharpe ratio. Sharpe Ratio % HIGH YIELD 75% HIGH YIELD + 25% BANK LOANS 50% HIGH YIELD + 50% BANK LOANS 25% HIGH YIELD + 75% BANK LOANS 100% BANK LOANS Annualized Returns 8.02% 7.47% 6.89% 6.30% 5.70% Standard Deviation 8.25% 7.17% 6.22% 5.46% 5.00% 4 The High Yield and Bank Loan Markets are represented by the Bloomberg Barclays U.S. Corporate High Yield Bond Index and Credit Suisse Leveraged Loan Index, respectively. Sharpe ratio is a risk-adjusted measure calculated using standard deviation and excess return to determine reward per unit of risk. Past performance is not indicative of future results. 1 For the period 1/1/92 12/31/17. Source: FactSet.
7 Maximizing a fixed income portfolio s potential Adding an allocation to high-yield bonds and floating rate bank loans to an investment grade bond portfolio has historically increased yields and returns, while decreasing overall risk. In the example below, allocating 25% of a bond portfolio to a 50%/50% blend of floating rate bank loans and high-yield bonds resulted in better performance with lower risk. 1 Sharpe Ratio 0.85 Sharpe Ratio 1.04 Sharpe Ratio % INVESTMENT GRADE BONDS Annualized Returns 5.55% Standard Deviation 3.54% 75% INVESTMENT GRADE BONDS % HIGH YIELD % BANK LOANS Annualized Returns 5.93% Standard Deviation 3.26% 50% INVESTMENT GRADE BONDS + 25% HIGH YIELD + 25% BANK LOANS Annualized Returns 6.28% Standard Deviation 3.78% The Investment Grade, High Yield, and Bank Loan Markets are represented by the Bloomberg Barclays U.S. Aggregate Bond Index, Bloomberg Barclays U.S. Corporate High Yield Bond Index, and Credit Suisse Leveraged Loan Index, respectively. Past performance is not indicative of future results. 1 For the period 1/1/92 12/31/17. Source: FactSet. 5
8 The Seix Advantage A Focus on Fixed Income Seix Investment Advisors, one of Virtus Investment Partners affiliated managers, has exclusively focused on managing fixed income assets since Seix seeks to generate competitive absolute and relative risk-adjusted returns over the full market cycle through a bottom-up focused, top-down aware process. Seix employs multi-dimensional approaches based on strict portfolio construction methodology, sell disciplines, and trading strategies with prudent risk management as a cornerstone. Performance-oriented, risk-focused and collaborative culture. Sound, transparent and repeatable investment philosophy and process. Founded in 1992 as an institutional fixed income boutique 40 investment professionals with 23 years of average experience $ 24.8 billion in AUM A Seasoned Portfolio Management Team George Goudelias Senior Portfolio Manager Managing Director & Head of Leveraged Finance, Seix Investment Advisors 31 years experience Vincent Flanagan, CFA Portfolio Manager Senior High Yield Research Analyst Media & Technology, Seix Investment Advisors 21 years experience Michael Kirkpatrick Senior Portfolio Manager Managing Director, Seix Investment Advisors 27 years experience James FitzPatrick, CFA Portfolio Manager Managing Director & Head of Leveraged Finance Trading, Seix Investment Advisors 22 years experience 6 AUM and years of experience as of 12/31/17.
9 3 solutions for adding yield, diversification, and interest rate protection HIGH YIELD Virtus Seix High Income Fund Invests primarily in high yield corporate bonds and other U.S. dollardenominated debt instruments of U.S. and non-u.s. issuers. May invest up to 100% of its assets in securities rated below investment grade. Will opportunistically invest in CCC-rated securities. I SHARES: STHTX A SHARES: SAHIX / R6 SHARES: STHZX R SHARES: STHIX Seix adheres to a strict security selection and risk management approach to enhance returns and protect against downside risk in this asymmetrical market, that: Seeks issues that may be misunderstood or misrated by agencies and the markets Practices a sell discipline, employing an upside spread target designed to capture upside potential and downside tolerance limits focused on limiting risk Virtus Seix High Yield Fund Invests primarily in high yield corporate bonds and other U.S. dollar-denominated debt instruments of U.S. and non-u.s. issuers. Typically invests in the healthiest segment of the high yield market (BB & strong B credits). I SHARES: SAMHX A SHARES: HYPSX / R6 SHARES: HYIZX R SHARES: HYLSX Virtus Seix Floating Rate High Income Fund Invests in floating rate high yield leveraged loans and seeks to generate an attractive spread above LIBOR. Typically emphasizes securities that are within the BB and B segment of the leveraged loan market. I SHARES: SAMBX A SHARES SFRAX / R6 SHARES SFRZX C SHARES SFRCX LEVERAGED LOANS As specialists in leveraged loans, Seix brings a number of advantages to investors interested in capitalizing on this area of the market, including: Meticulous portfolio construction focused on loans that possess the most attractive risk/reward relationships Commitment to liquidity and diversification by sector and issue size Downside protection and downside tolerance limit 7
10 DEFINITIONS Credit ratings noted herein are calculated based on S&P, Moody s, and Fitch ratings. Generally, ratings range from AAA, the highest quality rating, to D, the lowest, with BBB and above being called investment grade securities. BB and below are considered below investment grade securities. If the ratings from all three agencies are available, securities will be assigned the median rating based on the numerical equivalents. If the ratings are available from only two of the agencies, the more conservative of the ratings will be assigned to the security. If the rating is available from only one agency, then that rating will be used. Any security not rated by S&P, Moody s, or Fitch is placed in the NR (Not Rated) category. Ratings do not apply to a fund or to a fund s shares. Ratings are subject to change. Current Yield is the annual income (interest or dividends) divided by the current price of the security. This measure looks at the current price of a bond instead of its face value and represents the return an investor would expect if he or she purchased the bond and held it for a year. Downside protection is a strategy that limits the potential loss that would result from a decline in a security or market. The London Interbank Offered Rate (LIBOR) is the rate of interest at which banks offer to lend money to one another in the wholesale money markets in London. Standard deviation measures variability of returns around the average return for an investment portfolio. Higher standard deviation suggests greater risk. The Bloomberg Barclays Municipal Bond Index is a market capitalization-weighted index that measures the long-term tax-exempt bond market. The Bloomberg Barclays U.S. Corporate High Yield Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody s, Fitch, and S&P is Ba1/BB+/BB+ or below. The index excludes emerging market debt. The Bloomberg Barclays U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The Bloomberg Barclays U.S. Aggregate Credit Corporate Investment Grade Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by U.S. and non-u.s. industrial, utility, and financial issuers that meet specified maturity, liquidity, and quality requirements. The Bloomberg Barclays 1-5 Year U.S. Government Bond Index is comprised of the U.S. Treasury and U.S. Agency Indices. The index includes U.S. dollardenominated, fixed-rate, nominal U.S. Treasuries and U.S. agency debentures (securities issued by U.S. government owned or government sponsored entities, and debt explicitly guaranteed by the U.S. government). The Bloomberg Barclays U.S. Treasury Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. The BofA Merrill Lynch 3-month U.S. Treasury Bill Index is an index of short-term U.S. Government securities with a remaining term to final maturity of less than three months. The Credit Suisse Leveraged Loan Index tracks the investable market of the U.S. dollar denominated leveraged loan market. It consists of issues rated 5B or lower, meaning that the highest rated issues included in this index are Moody s/s&p ratings of Baa1/BB+ or Ba1/BBB+. All loans are funded term loans with a tenor of at least one year and are made by issuers domiciled in developed countries. Dow Jones U.S. Select Real Estate Securities Index represents equity real estate investment trusts (REITs) and real estate operating companies traded in the U.S. The FTSE NAREIT All Equity REITs Index contains all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria. The Russell 2000 Index is a market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The S&P 500 Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The indexes are calculated on a total return basis with dividends reinvested. The indexes are unmanaged, their returns do not reflect any fees, expenses, or sales charges, and are not available for direct investment. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell is a trademark of Frank Russell Company. 8
11
12 Virtus (NASDAQ: VRTS) is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. n We are not constrained by a single investment approach; rather, we provide access to independent, specialized investment philosophies through our multi-discipline, multi-strategy approach n We have the flexibility, agility, and responsiveness of a boutique asset management firm with similar product breadth and investment talent of our larger peers n We are committed to thoughtfully providing investment solutions, adhering to the highest standards of product quality, operational excellence, and fiduciary responsibility IMPORTANT RISK CONSIDERATIONS Bank Loans: Loans may be unsecured or not fully collateralized, may be subject to restrictions on resale and/or trade infrequently on the secondary market. Loans can carry significant credit and call risk, can be difficult to value and have longer settlement times than other investments, which can make loans relatively illiquid at times. Credit & Interest: Debt securities are subject to various risks, the most prominent of which are credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt securities may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities. Foreign & Emerging Markets: Investing internationally, especially in emerging markets, involves additional risks such as currency, political, accounting, economic, and market risk. High Yield-High Risk Fixed Income Securities: There is a greater level of credit risk and price volatility involved with high yield securities than investment grade securities. Prospectus: For additional information on risks, please see the fund s prospectus. The Funds are the successors of the former RidgeWorth Funds, which carried substantially the same names, investment objectives, and strategies, as a result of their reorganization with and into the Funds on 7/14/17. Please carefully consider a Fund s investment objectives, risks, charges, and expenses before investing. For this and other information about any Virtus mutual fund, contact your financial representative, call , or visit virtus.com for a prospectus or summary prospectus. Read it carefully before investing. Not all products or marketing materials are available at all firms. Not insured by FDIC/NCUSIF or any federal government agency. No bank guarantee. Not a deposit. May lose value. Distributed by VP Distributors, LLC, member FINRA and subsidiary of Virtus Investment Partners, Inc Virtus Investment Partners, Inc.
A Compelling Case for Leveraged Loans
A Compelling Case for Leveraged Loans EXECUTIVE SUMMARY In the current market environment, there are a number of compelling reasons to invest in leveraged loans. In a situation where most assets are trading
More informationAbout Us. Seix Investment Advisors offers clients access to solutions across the fixed income spectrum, seeking to consistently generate alpha.
About Us Seix Investment Advisors offers clients access to solutions across the fixed income spectrum, seeking to consistently generate alpha. Founded in 992, Seix Investment Advisors LLC is an investment
More informationOverview of the Virtus Silvant Large-Cap Growth Stock Fund and Virtus Silvant Small-Cap Growth Stock Fund
Overview of the Virtus Silvant Large-Cap Growth Stock Fund and Virtus Silvant Small-Cap Growth Stock Fund June 30, 2017 VIRTUS INVESTMENT PARTNERS Virtus is an independent publicly traded asset management
More informationFidelity Real Estate Income Fund
QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity Real Estate Income Fund Investment Approach Fidelity Real Estate Income Fund seeks above-average income and capital growth by investing in a mix
More informationU.S. Fixed Income: A Refresher on Rising Rates
MARKET VIEW U.S. Fixed Income: A Refresher on Rising Rates April 10, 2017 5765 Views Here, we revisit the question of how U.S. taxable bonds may fare in the face of rising interest rates. In last week
More informationIncome Solutions Beyond Investment Grade Bonds
October 2017 Income Solutions Beyond Investment Grade Bonds Multiple Fixed Income Approaches Direction of interest rates Reduce Duration Limit Duration to Near Zero with: Floating rate notes (FRNs) for
More informationConvertible bond investing Invesco s Convertible Securities Strategy
1 Convertible bond investing Invesco s Convertible Securities Strategy Introduction to convertible bonds A primer Convertible securities provide investors the opportunity to participate in the upside of
More informationRIDGEWORTH FUNDS. Supplement dated November 17, 2010 to the RidgeWorth Fixed Income Funds (A, C, R, & I Shares) Prospectus dated August 1, 2010
RIDGEWORTH FUNDS Supplement dated November 17, 2010 to the RidgeWorth Fixed Income Funds (A, C, R, & I Shares) Prospectus dated August 1, 2010 The information in this Supplement updates information in,
More informationA CONDITION, NOT A CATEGORY.
GROWTH A CONDITION, NOT A CATEGORY. Silvant Capital Management Our diverse team of investment professionals leverages its talents to build growth equity portfolios. Together since 2007, our portfolio managers
More informationWells Fargo Short-Term High Yield Bond Fund
All information is as of 12-31-17 unless otherwise indicated. General fund information Ticker: STYIX Portfolio manager: Thomas Price, CFA; Kevin Maas, CFA; Michael Schueller, CFA Subadvisor: Wells Capital
More informationFixed-Income Insights
Fixed-Income Insights The Appeal of Short Duration Credit in Strategic Cash Management Yields more than compensate cash managers for taking on minimal credit risk. by Joseph Graham, CFA, Investment Strategist
More informationFocus On... CapitalMarkets. Senior Loans Understanding the Asset Class. What are senior loans?
CapitalMarkets Focus On... Senior Loans Understanding the Asset Class As investments based on senior loans become more popular, it is important that investors fully understand what they are and how they
More informationMulti-Asset Income Investing
LEADERSHIP SERIES Multi-Asset Income Investing Look for go-anywhere flexibility focused on income and guided by a risk framework Adam Kramer l Portfolio Manager Jim Morrow l Portfolio Manager Ford O Neil
More informationA floating-rate portfolio that seeks to deliver attractive income
A floating-rate portfolio that seeks to deliver attractive income An investor should consider the investment objective, risks, and charges and expenses of the Fund carefully before investing. The prospectus
More informationTop 10 Reasons This Remains A Misunderstood and Underutilized Asset Class. Please see last page for important disclosures.
18 INTERNATIONAL SMALL CAP Top 10 Reasons This Remains A Misunderstood and Underutilized Asset Class Please see last page for important disclosures. 1 INTERNATIONAL INVESTING IS RISKY. 2 INTERNATIONAL
More informationHEARTLAND VALUE FUND
HEARTLAND VALUE FUND An investor should consider the Fund s investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information can
More informationEssential components of an IPS
WELLS FARGO MONEY MARKET FUNDS Primer series A primer on cash investment policy statements An investment policy statement (IPS) is a document that serves as a policy guide to meet the goals and objectives
More informationNORTHERN FUNDS AFTER-TAX RETURN RANKINGS
Municipal and Tax-Advantaged Portfolios NORTHERN FUNDS AFTER-TAX RETURN RANKINGS As of September 30, 2017 As the old adage goes It s not what you make, but what you keep. Nothing sums up the potential
More informationStrategic Allocaiton to High Yield Corporate Bonds Why Now?
Strategic Allocaiton to High Yield Corporate Bonds Why Now? May 11, 2015 by Matthew Kennedy of Rainier Investment Management HIGH YIELD CORPORATE BONDS - WHY NOW? The demand for higher yielding fixed income
More informationShort Duration Bond Fund Money Manager and Russell Investments Overview May 2017
Money Manager and Russell Investments Overview May 2017 RUSSELL INVESTMENTS APPROACH Russell Investments uses a multi-asset approach to investing, combining asset allocation, manager selection and dynamic
More informationVirtus Seix Limited Duration Fund, a series of Virtus Asset Trust
Virtus Seix Limited Duration Fund, a series of Virtus Asset Trust Supplement dated February 8, 2018 to the Prospectuses and Statement of Additional Information ( SAI ) dated June 23, 2017, as supplemented
More informationDESIGNED FOR TODAY S AND TOMORROW S INVESTMENT CHALLENGES
DESIGNED FOR TODAY S AND TOMORROW S INVESTMENT CHALLENGES PRUDENTIAL REAL ASSETS FUND EFFECTIVE JUNE 11, 2018, THE FUND S NEW NAME WILL BE PGIM REAL ASSETS FUND. FUND SYMBOLS WILL NOT CHANGE. Potential
More informationMarket & Product Opportunity S E P T E M B E R 3 0,
BOND DEBENTURE FUND Market & Product Opportunity S E P T E M B E R 3 0, 2 0 1 7 Copyright 2017 by Lord, Abbett & Co. LLC. All rights reserved. Lord Abbett mutual fund shares are distributed by Lord Abbett
More informationBank Loans: Looking Beyond Interest Rate Expectations
Bank Loans: Looking Beyond Interest Rate Expectations November 13, 2012 by John Bell and Kevin Perry Fixed income investors may be stymied by the current mix of interest rate projections and global macroeconomic
More informationPART TWO: PORTFOLIO MANAGEMENT HOW EXPOSURE TO REAL ESTATE MAY ENHANCE RETURNS.
PART TWO: PORTFOLIO MANAGEMENT HOW EXPOSURE TO REAL ESTATE MAY ENHANCE RETURNS. MAY 2015 Burland East, CFA CEO American Assets Capital Advisers Creede Murphy Vice President, Investment Analyst American
More informationULTRA SHORT BOND FUND
ULTRA SHORT BOND FUND S E P T E M B E R 3 0, 2 0 1 7 Copyright 2017 by Lord, Abbett & Co. LLC. All rights reserved. Lord Abbett mutual fund shares are distributed by Lord Abbett Distributor LLC. Lord,
More informationBALANCED FUND. 25 Years of Dynamic Asset Allocation. 4Q17 Asset Allocation. Overall Morningstar Rating TM
4Q17 Asset Allocation BALANCED FUND 25 Years of Dynamic Asset Allocation A: JDBAX C: JABCX I: JBALX N: JABNX R: JDBRX S: JABRX T: JABAX Overall Morningstar Rating TM Based on risk adjusted returns as of
More informationFranklin Floating Rate Daily Access Fund Advisor Class
Franklin Floating Rate Daily Access Fund Advisor Class High Yield Fixed Income Product Profile Product Details 1 Fund Assets $3,639,447,605.70 Fund Inception Date 05/01/2001 Number of Securities 207 Including
More informationNEAR-TERM TAX FREE FUND (NEARX) usfunds.com US.FUNDS October
NEAR-TERM TAX FREE FUND (NEARX) 1.800.US.FUNDS October 2014 14-491 Corporate Overview Boutique investment management firm specializing in actively managed equity and bond strategies. Longstanding history
More informationShort exposure to US equities
Portfolio performance The All Asset Fund aims to serve as a differentiated asset allocation strategy. It focuses on third pillar assets in seeking three key outcomes: 1) long-term real return consistent
More informationThe Realities of Diversification
The Realities of Diversification October 16, 2018 by Richard Bernstein of Richard Bernstein Advisors Insurance policies always carry a premium that must be paid to the insurer by the insured in exchange
More informationU.S. Bonds: Wield Yield with a Dynamic, Flexible Blend
MARKET VIEW U.S. Bonds: Wield Yield with a Dynamic, Flexible Blend August 1, 2016 1579 Views If you re looking for more income in a low-yield environment, consider the potential benefits of an agile, multi-asset-class
More informationQ Performance Report
Q1 2018 Performance Report Generated by: NASDAQ: TIPRX (A Shares) Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose
More informationCORE BOND INVESTING. Limited Term Income Fund Limited Term Municipal Fund Intermediate Municipal Fund
Preservation & Income from the Ground Up CORE BOND INVESTING Limited Term Income Fund Limited Term Municipal Fund Intermediate Municipal Fund Whether you re focused on preservation, income, or a little
More informationA WELL-DIVERSIFIED CORE BOND PORTFOLIO
A WELL-DIVERSIFIED CORE BOND PORTFOLIO PRUDENTIAL TOTAL RETURN BOND FUND MORNINGSTAR OVERALL RATING Class A, Q, and Z Class C and R Broad mix of sectors, industries, credit qualities, and maturities Research
More informationSenior Floating Rate Loans: The Whole Story
Senior Floating Rate Loans: The Whole Story Mutual fund shares are not guaranteed or insured by the FDIC, the Federal Reserve Board or any other agency. The investment return and principal value of an
More informationWells Fargo Target Date CITs E3
All information is as of 12-31-17 unless otherwise indicated. Overview General fund information Fund sponsor and manager: Wells Fargo Bank, N.A. Fund advisor: Wells Capital Management Inc. Portfolio manager:
More informationSHORT DURATION BOND FUND
SHORT DURATION BOND FUND Money Manager and Russell Investments Overview January 2019 Russell Investments approach Russell Investments uses a multi-asset approach to investing, combining asset allocation,
More informationAn All-Cap Core Investment Approach
An All-Cap Core Investment Approach A White Paper by Manning & Napier www.manning-napier.com Unless otherwise noted, all figures are based in USD. 1 What is an All-Cap Core Approach An All-Cap Core investment
More informationFranklin U.S. Small Cap Growth Equity Composite
Franklin U.S. Equity Composite Growth Equity Product Profile Product Details Strategy Assets $2,721,231,030.89 Inception Date 02/29/1992 Base Currency USD Investment Style Growth Overview Franklin seeks
More informationPROSPECTUS INVESTOR CLASS SHARES M AY 1,
12507_COV.qxd 4/26/04 4:25 PM Page 1 PROSPECTUS INVESTOR CLASS SHARES M AY 1, 2 0 0 4 TRANSAMERICA PREMIER FUNDS INVESTOR SHARES Prospectus: May 1, 2004 Equity Funds Transamerica Premier Focus Fund Transamerica
More informationImportant information on BlackRock U.S. Debt Index Fund
Important information on BlackRock U.S. Debt Index Fund The information provided on the following pages has been provided by BlackRock, Inc. Neither TIAA nor its affiliates has independently verified the
More informationQ4 December 31, 2017 MFS GLOBAL HIGH YIELD FUND
Q4 December 31, 2017 MFS GLOBAL HIGH YIELD FUND Asset class Bond Objective Seeks total return with an emphasis on high current income, but also considering capital appreciation. Portfolio management David
More informationA More Conservative Approach to High Yield Opportunities
FUND performance Analysis APRIL 2010 www.calamos.com Calamos Financial Services LLC, Distributor High Yield Fund Fund Ticker Symbols A Shares B Shares C Shares I Shares CHYDX CAHBX CCHYX CIHYX > Performance
More informationGIPS List of Composite Descriptions
GIPS List of Composite Descriptions Updated 5/12/14 Concentrated Growth Composite-330 Concentrated Growth portfolios, benchmarked to the Russell 1000 Growth Index, take concentrated positions in larger
More informationThe Deutsche Asset Management municipal bond suite
Tax-Free Income 3rd quarter 2017 The Deutsche Asset Management municipal bond suite Long-term results from an experienced team Four reasons to consider municipal bonds and the Deutsche Asset Management
More informationFixed Income Capabilities Guide
Fixed Income Capabilities Guide All data as of 6//7 unless otherwise noted. For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to,
More informationFallen Angel High Yield Bonds
September 2017 Fallen Angel High Yield Bonds VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL ) ETF disclosure This material does not constitute an offer to sell or solicitation to buy any security,
More informationDiversify Your Portfolio with Senior Loans
January 2012 Diversify Your Portfolio with Senior Loans White Paper INVESTMENT MANAGEMENT Table of Contents Introduction 2 What are Senior Loans? 2 How big is the Senior Loan market? 3 What is the performance
More informationFidelity Freedom 2020 Fund
QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity Freedom 2020 Fund Investment Approach Fidelity Freedom Funds (the Funds) are designed so that the target date referenced in the Fund name is the
More informationCompounded Returns for Periods Ended March 31, 2018 (%) Franklin Bissett Canadian Short Term
Franklin Bissett Canadian Short Term Bond Fund Series F Product Profile First Quarter 2018 FUND CHARACTERISTICS (AS OF 3/31/18) Fund Inception Date 12/22/03 Distributions Monthly Morningstar Category Canadian
More informationIncome Investing basics
Income Investing basics investment options that can offer income, growth, and diversification Key questions to consider: What are your income-oriented investment options? What is the role of income in
More informationConcerned About Interest Rates Rising? Consider Convertibles
Concerned About Interest Rates Rising? Consider Convertibles August 4, 2015 by Sponsored Content from Invesco Over the past few months, several major companies involved in the automotive, telecommunications,
More informationFranklin Flexible Alpha Bond Fund. Advisor Class
Franklin Flexible Alpha Bond Fund Advisor Class Absolute Return Fixed Income Product Profile Product Details 1 Fund Assets $416,313,682.95 Fund Inception Date 08/03/2015 Number of 406 Including Cash NASDAQ
More informationFidelity Freedom 2055 Fund
QUARTERLY FUND REVIEW AS OF MARCH 31, 2018 Fidelity Freedom 2055 Fund Investment Approach Fidelity Freedom Funds (the Funds) are designed so that the target date referenced in the Fund name is the approximate
More informationINVESTMENT GUIDELINES FOR THE POOLED INVESTMENT FUND FOR THE EPISCOPAL CHURCH IN MINNESOTA
INVESTMENT GUIDELINES FOR THE POOLED INVESTMENT FUND FOR THE EPISCOPAL CHURCH IN MINNESOTA The Episcopal Church in Minnesota is a network of faith communities called to transformation by engaging God s
More informationFund Information. Partnering for Success. SSgA Real-Life Insight
SM SSgA Real-Life Insight Fund Information Partnering for Success For Plan Participant Use only. The information contained in this document is intended as investment education only. None of the information
More informationClass A: IEAAX Class C: IEACX Class W: IEAWX. SunAmerica Income Explorer Fund Explore Your Future
Class A: IEAAX Class C: IEACX Class W: IEAWX SunAmerica Income Explorer Fund Explore Your Future Three Strategies. One Primary Goal High Current Income. Global Dividend Equities HIGH CURRENT INCOME Closed-End
More informationCION Investment Corporation A Middle Market-Focused Business Development Company
CION Investment Corporation A Middle Market-Focused Business Development Company This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein. An offering is made
More informationFirst Trust Intermediate Duration Preferred & Income Fund Update
1st Quarter 2015 Fund Performance Review & Current Positioning The First Trust Intermediate Duration Preferred & Income Fund (FPF) produced a total return for the first quarter of 2015 of 3.84% based on
More informationHORIZON FUNDS. Supplement dated April 16, 2018 to the Prospectus and Statement of Additional Information dated March 31, 2018
HORIZON FUNDS Horizon Active Asset Allocation Fund Horizon Active Risk Assist Fund Horizon Active Income Fund Horizon Active Dividend Fund Horizon Defined Risk Fund (the Funds ) Supplement dated April
More information5-yr Investment Grade Corporate CDS Markit (bps) 500
Treasury Yield Curve (percent) 2-yr/1-yr Treasury Spread (bps) % 7. 35 6. 3 25 5. 2 4. 15 3. 2. 1. Treasury Curve 'A' Composite 1 5-5. 1-yr 5-yr 1-yr 3-yr The Treasury yield curve is derived from available
More informationAngel Oak Capital Advisors, LLC
Angel Oak Capital Advisors, LLC Angel Oak Flexible Income Fund Quarterly Review March 31, 2018 Quarter in Review Risk assets were weaker in the first quarter driven primarily by rising rates, expectations
More information4Q17 Fixed Income BOND FUND FLEXIBLE. 30 Years of Fundamental Fixed Income Investing A: JDFAX C: JFICX I: JFLEX N: JDFNX R: JDFRX S: JADFX T: JAFIX
4Q17 Fixed Income FLEXIBLE BOND FUND 30 Years of Fundamental Fixed Income Investing A: JDFAX C: JFICX I: JFLEX N: JDFNX R: JDFRX S: JADFX T: JAFIX Flexible Bond Fund Portfolio at a Glance Highlights Dynamic
More informationFranklin Global Absolute Return Bond (USD) Composite
Franklin Global Absolute Return Bond (USD) Composite Absolute Return Fixed Income Product Profile Product Details Strategy Assets $600,884,324.94 Inception Date 09/30/2015 Base Currency USD Investment
More informationNavigating the ETF Landscape
Navigating the ETF Landscape Daniel Prince, CFA Director, Head of ishares Product Consulting May 3, 2017 Agenda What are Exchange Traded Funds (ETFs) What is driving ETF usage ETF trends and innovation
More informationMicro-Cap Investing. Expanding the Opportunity Set. Expanding the Investment Opportunity Set
Micro-Cap Investing Expanding the Opportunity Set Micro-cap stocks present a unique opportunity for long-term investors. Defined as companies whose market capitalizations range from approximately $9 million
More informationHolding the middle ground with convertible securities
March 2017 Eric N. Harthun, CFA Portfolio Manager Robert L. Salvin Portfolio Manager Holding the middle ground with convertible securities Convertible securities are an often-overlooked asset class. Over
More informationA LEADING ALTERNATIVE ASSET MANAGER
A LEADING ALTERNATIVE ASSET MANAGER This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein. Only a prospectus for Owl Rock Capital Corporation II can make
More informationWells Fargo Target Date Funds
All information is as of 9-30-17 unless otherwise indicated. Overview General fund information Portfolio managers: Kandarp Acharya, CFA, FRM; Christian Chan, CFA; and Petros Bocray, CFA, FRM Subadvisor:
More informationBuilding stronger fixed income portfolios
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE INVESTMENT INSIGHTS Building stronger fixed income portfolios 1Q 2017 PLEASE VISIT jpmorganfunds.com for access to all of our Insights publications. Still
More informationMetLife Financial Freedom Select
Portfolio Summary Annuities Variable MetLife Financial Freedom Select Read below and learn more about the underlying funding choices available in the MetLife Financial Freedom Select variable annuity.
More informationVERSATILE BOND PORTFOLIO
VERSATILE BOND PORTFOLIO INVESTOR GUIDE March 31, 2018 Share Classes Reasons to Consider Ticker Inception Class A PRVDX May 31, 2016 Class C PRVHX May 31, 2016 Class I PRVBX September 27, 1991 Objective
More informationWells Fargo High Yield Bond Fund
All information is as of 9-30-17 unless otherwise indicated. General fund information Ticker: EKHIX Portfolio manager: Margaret D. Patel Subadvisor: Wells Capital Management Inc. Category: High-yield bond
More informationFranklin Global Absolute Return Bond (USD) Composite
Franklin Global Absolute Return Bond (USD) Composite Absolute Return Fixed Income Product Profile Product Details Strategy Assets $913,479,610.50 Inception Date 09/30/2015 Base Currency USD Investment
More informationUBS DONOR-ADVISED FUND PERSONALIZED MUTUAL FUND OPTION PERFORMANCE PERIODS ENDING SEPTEMBER 30, 2017
UBS DONOR-ADVISED FUND PERSONALIZED MUTUAL FUND OPTION PERFORMANCE PERIODS ENDING SEPTEMBER 30, 2017 UBS Select Treasury Institutional* ** UBS Select Government Institutional+ Metropolitan West Total Return
More informationGOLDMAN SACHS TRUST. Class T Shares for the Funds listed on Exhibit A are not currently offered by the Funds.
GOLDMAN SACHS TRUST Supplement dated July 30, 2018 to the Summary Prospectus, Statutory Prospectus and Statement of Additional Information, each dated July 30, 2018, as supplemented to date, for each applicable
More informationVantageTrust Fund Fees and Expenses
VantageTrust Fees and Expenses R1 B July 1, 2013 Your Employer has entered into an Administrative Services Agreement with ICMA-RC that establishes the services to be provided to your Plan(s) and the fees
More informationBalancing Risk with Return. Nationwide Investor Destinations Funds
Balancing Risk with Return Nationwide Investor Destinations Funds As of June 30, 2017 Nationwide Investor Destinations Funds Nationwide Investor Destinations Funds are risk-based asset allocation funds.
More informationDoubleLine Core Fixed Income Fund Fourth Quarter 2017
Income Fund Fourth Quarter 2017 333 S. Grand Ave., 18th Floor Los Angeles, CA 90071 (213) 633-8200 The Income Fund (DBLFX/DLFNX) is DoubleLine s flagship fixed income asset allocation fund. The fund seeks
More informationMarch Bond Fund Quarterly Review
March 2018 Bond Fund Quarterly Review William Blair Bond Fund Important Disclosures Please refer to the last page of this Quarterly Review for definitions of the Indices used in this report. Risks: The
More informationSmart Beta Dashboard. Thoughts at a Glance. January By the SPDR Americas Research Team
By the SPDR Americas Research Team Thoughts at a Glance 2017 marked another year of factor performance shifts. s comeback in the US on the heels of the US election and the potential for a Trump-flation
More informationDiversify Your Portfolio with Senior Loans
Diversify Your Portfolio with Senior Loans Investor Insight February 2017 Not FDIC Insured May Lose Value No Bank Guarantee INVESTMENT MANAGEMENT Table of Contents Introduction 2 What are Senior Loans?
More informationBusiness Development Companies
March 2018 Business Development Companies VanEck Vectors BDC Income ETF (BIZD ) ETF disclosure This material does not constitute an offer to sell or solicitation to buy any security, including shares of
More informationA Guide to Investing In Corporate Bonds
A Guide to Investing In Corporate Bonds Access the corporate debt income portfolio TABLE OF CONTENTS What are Corporate Bonds?... 4 Corporate Bond Issuers... 4 Investment Benefits... 5 Credit Quality and
More informationBrexit and Market Implications Special Commentary & Webinar
Brexit and Market Implications Special Commentary & Webinar June 27, 2016 SR# 904360 Today s Speakers Envestnet PMC Zachary Karabell Head of Global Strategy, Envestnet As Head of Global Strategy, Mr. Karabell
More informationPooled Fund Annualized Returns
Pooled Fund Annualized Returns PERIODS ENDING MARCH 31, 2017 All returns expressed as a percentage in Canadian Dollars SHORT TERM 25 20 15 10 5 4 3 2 1 YEARS YEARS YEARS YEARS YEARS YEARS YEARS YEARS YEAR
More informationishares If you have additional questions, please call iShares ( ).
ishares ishares Trust (the Trust ) Supplement dated January 26, 2018 (the Supplement ) to the Summary Prospectus dated March 1, 2017 (as revised May 9, 2017), Prospectus dated March 1, 2017 (as revised
More informationDoes greater risk equal greater reward?
Does greater risk equal greater reward? The simple answer is not always, which is why investors may look at lower-volatility fund options like GuideStone s Defensive Market Strategies Fund. The Fund aims
More informationPreferred and Capital Securities Fund: Bank Fundamentals Haven t Been This Strong in Decades
Preferred and Capital Securities Fund: Bank Fundamentals Haven t Been This Strong in Decades June 5, 2018 by Philippe Bodereau, Yuri Garbuzov, Jeff Helsing of PIMCO SUMMARY Given the strength in bank fundamentals,
More informationRetirement Cornerstone 17 Series B. Variable Annuity
Retirement Cornerstone 17 Series B Variable Annuity PROTECTED BENEFIT ACCOUNT INVESTMENT OPTIONS Retirement Cornerstone Series B is a combination variable and fixed annuity deferred contract issued by
More informationTempleton International Bond Fund. Class C
Templeton International Bond Fund Class A, C Unconstrained Fixed Income Product Profile Product Details 1 Fund Assets $360,795,665.52 Fund Inception Date 12/03/2007 Number of Securities 124 Including Cash
More informationThe Value of Dividends. Searching for Income in a Low-Rate Environment. The Value of Dividends. Highlights. Long-Term Total Return Driver
The Value of Dividends The Value of Dividends Searching for Income in a Low-Rate Environment Matt Oldroyd, CFA, American Century Investments Vice President, Client Portfolio Manager, Value Equities Highlights
More informationWSTCM SECTOR SELECT RISK-MANAGED FUND
Prospectus December 31, 2017 WSTCM SECTOR SELECT RISK-MANAGED FUND Investor Shares (Ticker Symbol: WSTEX) Institutional Shares (Ticker Symbol: WSTIX) WSTCM CREDIT SELECT RISK-MANAGED FUND Investor Shares
More informationFidelity Freedom 2035 Fund
QUARTERLY FUND REVIEW AS OF DECEMBER 31, 2017 Fidelity Freedom 2035 Fund Investment Approach Fidelity Freedom Funds (the Funds) are designed so that the target date referenced in the Fund name is the approximate
More informationItem 1. Cover. PNC Capital Advisors, LLC Form ADV Part 2A Firm Brochure. March 15, 2018
Item 1. Cover PNC Capital Advisors, LLC Form ADV Part 2A Firm Brochure March 15, 2018 PNC Harborside One East Pratt Street Fifth Floor - East Baltimore, MD 21202 www.pnccapitaladvisors.com This brochure
More informationVirtus Opportunities Trust
Virtus Opportunities Trust Supplement dated August 16, 2017 to the Summary and Statutory Prospectuses as indicated below, each dated April 10, 2017, as supplemented IMPORTANT NOTICE TO INVESTORS Effective
More informationFranklin Tax-Free Income Funds
Tax-Free Income Franklin Tax-Free Income Funds INVEST WITH A TAX-FREE LEADER Franklin Templeton Investments Gain From Our Perspective At Franklin Templeton Investments, we re dedicated to one goal: delivering
More informationINVEST IN SOMETHING REAL NOT FOR USE IN OHIO.
TM INVEST IN SOMETHING REAL NOT FOR USE IN OHIO. RISK FACTORS u Past performance is not a guarantee of future results. u Investing in real estate assets entails certain risks, including changes in: the
More informationVanguard Inflation-Protected Securities Fund
Vanguard - Product Summary Invests primarily in Treasury inflation-protected securities. Seeks inflation protection and income consistent with Treasury inflation-protected securities. Principal and interest
More information