Investment OVERVIEW: 4 TH QUARTER 2017 DA N A LIMITED VOLATILITY BOND STRATEGY.
|
|
- Sherilyn York
- 5 years ago
- Views:
Transcription
1 Investment DANA Advisors OVERVIEW: 4 TH QUARTER 2017 DA N A LIMITED VOLATILITY BOND STRATEGY
2 THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and Employee-owned. Our investment firm is built on trust, integrity, and professional experience. QUALITY Excellence in meeting client expectations Dana strives to provide personalized client service and excellence in everything it does. We are uncompromising in our efforts to deliver superior results to clients. EXPERTISE Focus on what we do best Dana has assembled an investment team with diverse skill sets and specialized knowledge. We are adept at navigating challenging market environments and developing customized solutions. CONSISTENCY Adherence to a uniform process Dana implements a uniform investment process to minimize volatility and improve consistency of returns. We seek repeatable and predictable results to most effectively grow cumulative wealth. Investment DANA Advisors 2
3 DANA INVESTMENT ADVISORS Dana Investment Advisors was built on the belief that adhering to a defined investment process allows our professionals to focus on the fundamentals of consistent outperformance through security selection. Founded in 1980 Employee-owned Domestic equity, taxable and tax-exempt fixed income, and ESG asset manager Manage $7.5 billion as of December 31, 2017 Headquartered in Brookfield, Wisconsin We ve never wavered from our goal of providing above market returns while reducing volatility for our clients. Pensions & Investments Best Places to Work Award 2017 / 2016 / 2015 / 2014 / 2013 / 2012 Dana Investment Advisors has been recognized as the top place to work 2017 Best Places to Work in Money Management by Pensions & Investments. This is the sixth year in a row Dana Investment Advisors has been awarded this industry distinction. We are honored that Pensions & Investments has again recognized us for our strong culture, dedication to our employees, and social impact stated Mark Mirsberger, Firm CEO, adding, Our strong family/employee culture directly impacts our client experience as clients benefit from working with and developing strong relationships with a passionate team that essentially has little to no turnover for decades. 3
4 DANA FIXED INCOME STRATEGIES INVESTMENT PHILOSOPHY AND PROCESS Investment Philosophy We strive to generate excess risk-adjusted returns through a consistent and disciplined investment process. Top-Down Bottom-Up 4
5 DANA FIXED INCOME STRATEGIES INVESTMENT PHILOSOPHY AND PROCESS Attractive Income Top-Down Bottom-Up Consistent Risk-Adjusted Returns Principal Preservation Risk Parameters Tax Situation We believe that a well-diversified investment portfolio should contain a variety of fixed income strategies to produce repeatable and predictable results, making it easier to grow cumulative wealth. Dana therefore applies a uniform investment process to improve consistency of returns and reduce volatility. Diversification Stable Returns Lower Volatility 5
6 DANA FIXED INCOME STRATEGIES INVESTMENT PHILOSOPHY AND PROCESS Economic Policy Top-Down Bottom-Up Top-Down Monetary Policy Market Cycle Recovery Expansion Contraction Recession Geopolitics U.S. GROSS DOMESTIC PRODUCT (GDP) 10% 8% Real GDP*; Most Recent Change as of 29-Dec-2017 = 2.89% Recession Periods - United States 10% 8% 6% 6% Percent Change from Preceding Period 4% 2% 0% -2% -4% % 2% 0% -2% -4% Percent Change from Preceding Period -6% -6% -8% -8% -10% % * Billions of Chained 2009 Prices (USD), Percent Change from Preceding Period, Seasonally Adjusted Annual Rate (SAAR) Source:U.S. Bureau of Economic Analysis, Real Gross Domestic Product [A191RL1Q225SBEA], retrieved from FRED, Federal Reserve Bank of St. Louis; March 28,
7 DANA FIXED INCOME STRATEGIES INVESTMENT PHILOSOPHY AND PROCESS Fundamental Analysis Top-Down Bottom-Up Bottom-Up Cash Flows Credit Research Liquidity U.S. 10 YEAR TREASURY YIELD 3.0% 2.8% 2.6% 2.4% 12/31/ /16/ From 12/31/2015 (2.27) to 03/28/2018 (2.79) 3/13/ /7/ /26/ % 2.8% 2.6% 2.4% Historically, forecasting the direction of interest rates has proven to be difficult and inconsistent. 2.2% 2.0% 1.8% 1.6% 1.4% 1.2% 2/11/ /23/ /8/ /4/ /24/ /8/ % 2.0% 1.8% 1.6% 1.4% 1.2% Instead of relying on consensus forecasts, Dana constructs duration controlled portfolios that perform consistently over a variety of interest rate cycles. Mar 18 Feb 18 Jan 18 Dec 17 Nov 17 Oct 17 Sep 17 Aug 17 Jul 17 Jun 17 May 17 Apr 17 Mar 17 Feb 17 Jan 17 Dec 16 Nov 16 Oct 16 Sep 16 Aug 16 Jul 16 Jun 16 May 16 Apr 16 Mar 16 Feb 16 Jan 16 Source: Board of Governors of the Federal Reserve System (US); 10-Year Treasury Constant Maturity Rate [DGS10], retrieved from FRED, Federal Reserve Bank of St. Louis; 3/28/2018 7
8 DANA FIXED INCOME STRATEGIES INVESTMENT PHILOSOPHY AND PROCESS Top-Down Bottom-Up Structure Analysis Bullet Securities Amortizing Securities Callable Securities Serial Bonds Security Selection Security Analysis Spread Analysis Duration Analysis Convexity Analysis Maturity Analysis Coupon Analysis (Fixed / Floating) Correlation Effects Diversification Position Sizing Fixed Income Sector Target Portfolio Sector Structure Structure Security Security Duration Quality 8
9 DANA FIXED INCOME STRATEGIES INVESTMENT PHILOSOPHY AND PROCESS Performance Review Top-Down Bottom-Up Investment Policy Compliance Market Analysis Performance Review Investment Policy Compliance Market Analysis Tracking Error Attribution Credit Ratings Duration Maturity Restriction Industry Concentration Environmental, Social, and Governance Evaluation Spread Analysis Low Quality versus High Quality 9
10 DANA FIXED INCOME STRATEGIES INVESTMENT PHILOSOPHY AND PROCESS Investment Committee Review Top-Down Bottom-Up Risk Controls Fixed Income Committee Review Internal Controls Best Execution Custodian Reconciliation Accounting Compliance Macro Economics Monetary Policy Sector Rotation Security Selection Compliance Investment Committee Fixed Income Committee Internal Controls Risk controls are a critical element in our investment process. A dynamic market environment calls for ongoing monitoring of portfolio risks to ensure responsible capital growth. Custodian Reconciliation 10
11 DANA LIMITED VOLATILITY BOND STRATEGY PROFILE AND OVERVIEW Composite Sector Allocation As of December 31, % - U.S. Agency MBS - Adjustable 31.68% - U.S. Agencies 15.95% - SBA Loan Pools - Adjustable 3.95% - Corporate Bonds Security by security High credit quality Cash flow reinvestment Individual cash-flow needs 0.31% - U.S. Treasuries & TIPS 0.20% - Municipal Bonds 0.02% - Other We avoid Long duration bonds Exotic/speculative securities Low quality securities 11
12 DANA LIMITED VOLATILITY STRATEGY LIMITED VOLATILITY ASSET CLASSES Asset Classes Used: Treasury Inflation Protected Securities Short duration treasury bonds indexed for inflation U.S. Agency Bonds Step-coupon, callable and bullet bonds issued by Agencies of the U.S. Government Taxable Muni Bonds Bonds issued by U.S. Municipalities Corporate Bonds Fixed and adjustable rate corporate bonds U.S. Treasury Bonds Securities issued by the U.S. Government SBA Adjustable rate pools issued by the small business administration U.S. Agency Mortgage Backed Securities fixed and adjustable-rate MBS/CMBS/CMO securities issued by U.S. Agencies Common Issuers Fannie Mae: A federally chartered, but privately owned, corporation which traces its roots to a government agency created in 1938 to provide additional liquidity to the residential mortgage market. In 1968 Ginnie Mae was spun off from Fannie Mae and Fannie Mae became a government sponsored private corporation. Fannie Mae has had regular capital infusions from the Treasury, and has been under the direction of the Federal Housing Finance Agency since Ginnie Mae (GNMA): In 1968, Congress established the Government National Mortgage Association, commonly known as Ginnie Mae, as a governmentowned corporation within the Department of Housing and Urban Development (HUD). Ginnie Mae securities carry the full faith and credit guarantee of the United States government. Freddie Mac: A publicly owned or privately owned corporation established by Congress in 1970 to provide a continuous flow of funds to mortgage lenders, primarily through developing and maintaining an active nationwide secondary market in conventional residential mortgages. Like Fannie Mae, Freddie Mac purchases a large volume of conventional residential mortgages and uses them to collateralize mortgage backed securities. Freddie Mac is currently under the direction of the Federal Housing Finance Agency. U. S. Small Business Administration: SBA was created in 1953 as a government agency that provides financing programs to assist small businesses in the U. S. Small business loans are made by banks under standards maintained by the SBA, and the guaranteed portion of the loan can be securitized and sold in the secondary market. These securities typically adjust their coupon monthly or quarterly at a spread above or below the prime rate. 12
13 DANA LIMITED VOLATILITY STRATEGY A SAMPLE OF ADJUSTABLE RATE RESET INDICES Common Coupon Reset Indices (ARMs/SBAs): The Index Treasury: A common Treasury-based ARM index is the One-Year CMT (Constant Maturity Treasury) index. The One-Year CMT is the average yield of all treasury securities having one year remaining until maturity. The index is calculated weekly or monthly using market reports by five leading government securities dealers. The weekly index is published each Monday in the Federal Reserve Statistical Release H. 15 (519) and can be found on the various wire services. LIBOR: LIBOR is the London Interbank Offered Rate, at which major international banks offer to place deposits with one another for maturities from overnight to five years. This rate has become a popular index worldwide and is used by U.S. institutions. Index options range from a one-month to one-year LIBOR. Fannie Mae offers several index options as well, but the most common securitized Fannie Mae ARM MBS are six-month and one-year LIBOR, as published in The Wall Street Journal. Cost of Funds: The most common cost of funds index (COFI), 11th District COFI, is determined by the monthly weighted-average cost of savings, borrowings, and advances for member institutions of the 11th District Federal Home Loan Bank (FHLB). This district includes Arizona, California, and Nevada. The FHLB of San Francisco reports this index on the last business day of the month. Unlike the treasury indices, COFI indices have traditionally reacted more slowly to short-term market rate movements due in part to the varying maturities of the liabilities that make up the index. CD Index: The weekly average of secondary market interest rates on nationally traded six month negotiable certificates of deposit, as published by the Federal Reserve Board in the Federal Reserve Statistical Release entitled H.15 Selected Interest Rates (Daily) (the H.15 Release ), which is published on the Federal Reserve s website at Contract Rate Index: The National Average Contract Interest Rate for the Purchase of Previously Occupied Homes by Combined Lenders, as released by the Federal Housing Finance Board. Federal COF Index: The average of the interest rates for marketable U.S. Treasury bills and notes, as calculated and released by Freddie Mac. National COF Index: The Monthly Median Annualized Cost of Funds for OTS-Regulated Institutions, as released by the Office of Thrift Supervision. Prime Rate: The prime lending rate of major banks as published in the H.15 Release. Semi-annual Secondary Market Treasury Index: The weekly average discount prevailing in weekly secondary market trading of six-month U.S. Treasury bills as published in the H.15 Release, as calculated from composites of quotations reported by five leading U.S. government securities dealers to the Federal Reserve Bank of New York. 2 13
14 Investment DANA Advisors Physical Address: Swenson Drive Suite 400 Waukesha, Wisconsin Mailing Address: P.O. Box 1067 Brookfield, Wisconsin (262) (800)
Investment OVERVIEW: 4 TH QUARTER 2017 DANA FIXED INCOME STRATEGIES.
Investment DANA Advisors OVERVIEW: 4 TH QUARTER 2017 DANA FIXED INCOME THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and Employee-owned. Our
More informationInvestment DANA FIXED INCOME STRATEGIES.
Investment DANA Advisors THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and Employee-owned. Our investment firm is built on trust, integrity,
More informationInvestment DANA EQUITY STRATEGIES.
Investment DANA Advisors DANA EQUITY THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and Employee-owned. Our investment firm is built on trust,
More informationInvestment DANA EQUITY STRATEGIES.
Investment DANA Advisors DANA EQUITY THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and Employee-owned. Our investment firm is built on trust,
More informationInvestment DA N A LARGE CAP E Q U I T Y STRATEGY.
Investment DANA Advisors DA N A LARGE CAP E Q U I T Y STRATEGY THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and Employee-owned. Our investment
More informationInvestment OVERVIEW: 4 TH QUARTER 2017 DANA EQUITY STRATEGIES.
Investment DANA Advisors OVERVIEW: 4 TH QUARTER 2017 DANA EQUITY STRATEGIES THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and Employee-owned.
More informationInvestment OVERVIEW: 4 TH QUARTER 2017 DA N A LARGE CAP E Q U I T Y STRATEGY.
Investment DANA Advisors OVERVIEW: 4 TH QUARTER 2017 DA N A LARGE CAP E Q U I T Y STRATEGY THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and
More informationThe US Housing Market Crisis and Its Aftermath
The US Housing Market Crisis and Its Aftermath Asian Development Bank November 16, 2009 Table of Contents Section I II III IV V US Economy and the Housing Market Freddie Mac Overview Business Activities
More informationUNIVERSITY OF CENTRAL FLORIDA INVESTMENT POLICY AND MANUAL
UNIVERSITY OF CENTRAL FLORIDA INVESTMENT POLICY AND MANUAL TABLE OF CONTENTS INVESTMENT POLICY... 1 INVESTMENT OBJECTIVES... 2 PERFORMANCE MEASUREMENT... 3 PRUDENCE AND ETHICAL STANDARDS... 3 BROKER DEALERS,
More informationSAN FRANCISCO COUNTY TRANSPORTATION AUTHORITY INVESTMENT POLICY
I. INTRODUCTION II. III. IV. The purpose of this document is to set out policies and procedures that enhance opportunities for a prudent and systematic investment policy and to organize and formalize investment-related
More informationInvestment DA N A SOCIAL ESG E Q U I T Y STRATEGY.
Investment DANA Advisors DA N A SOCIAL ESG E Q U I T Y STRATEGY THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and Employee-owned. Our investment
More informationInvestment Report Treasury Division
CITY OF PORTLAND OFFICE OF MANAGEMENT AND FINANCE Sam Adams, Mayor Jack D. Graham, Chief Administrative Officer Richard F. Goward, Jr., Chief Financial Officer Eric H. Johansen, City Treasurer Bureau of
More informationInvestment DA N A CATHOLIC ESG E Q U I T Y STRATEGY.
Investment DANA Advisors DA N A CATHOLIC ESG E Q U I T Y STRATEGY THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and Employee-owned. Our investment
More informationAllowable Investments Under The Texas Public Funds Investment Act
Allowable Investments Under The Texas Public Funds Investment Act December 2017 Benjamin M. Clark SVP Portfolio Strategies Houston, TX Objectives of this Session Understand the General Requirements of
More informationMarkets: Fixed Income
Markets: Fixed Income Mark Hendricks Autumn 2017 FINM Intro: Markets Outline Hendricks, Autumn 2017 FINM Intro: Markets 2/55 Asset Classes Fixed Income Money Market Bonds Equities Preferred Common contracted
More informationSBA Securities A Strategic Addition to your Portfolio
Objectives History & Characteristics SBA Securities A Strategic Addition to your Portfolio Fred Eisel Chief Investment Officer Investment Guidelines & Analysis Examples Other considerations & best practices
More informationJanuary Basics of Fannie Mae Single-Family MBS 2018 FANNIE MAE
January 2019 Basics of Fannie Mae Single-Family MBS 2018 FANNIE MAE 1 MBS Overview Creating a Single-Family MBS begins with a mortgage loan. The loan is made by a financial institution or other lender
More informationCity of Redmond Investment Policy
1.0 Policy: It is the policy of the City of Redmond to invest public funds in a manner which will provide the maximum security of the principle, meet the daily cash flow demands of the City, and strive
More information$ Federal National Mortgage Association
PROSPECTUS $600 000 000 Federal National Mortgage Association Guaranteed REMIC Pass-Through Certificates Fannie Mae REMIC Trust 1993-G3 The Guaranteed REMIC Pass-Through Certificates offered hereby (the
More informationCredit, Housing, Commodities and the Economy Chartered Financial Analysts Institute Annual Conference
Credit, Housing, Commodities and the Economy Chartered Financial Analysts Institute Annual Conference May 13, 2008 Janet L. Yellen President and CEO Federal Reserve Bank of San Francisco Overview Financial
More informationCalendar of Releases. Titles for the current week are links to their respective releases. Retail Sales (Sep) Business Inventories (Aug) PPI (Sep)
USFinancialData MONDAY* Calendar of Releases Titles for the current week are links to their respective releases. October 10, 2008 Final Edition TUESDAY WEDNESDAY THURSDAY* FRIDAY October 6 October 7 October
More informationInvestment DA N A CATHOLIC ESG E Q U I T Y STRATEGY.
Investment DANA Advisors DA N A CATHOLIC ESG E Q U I T Y STRATEGY THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and Employee-owned. Our investment
More informationMoving On Up Investing in Today s Rate Environment
Moving On Up Investing in Today s Rate Environment Presented by PFM Asset Management LLC Steve Faber, Managing Director Gray Lepley, Senior Analyst, Portfolio Strategies September 18, 2018 PFM 1 Today
More informationAdvanced Asset/Liability Management
Advanced Asset/Liability Management WBA BOLT Summer Leadership Summit June 14, 2018 Presented by: Marc Gall, Vice President mgall@bokf.com 1 Agenda Asset/Liability Management Summary Developing Assumptions
More informationCalendar of Releases. Titles for the current week are links to their respective releases. Housing Starts (Jun) Building Permits (Jun) CPI (Jun)
USFinancialData July 12, 2007 Advance Edition MONDAY* July 9 Consumer Credit (May) A: $12.9B PF: $6.5B Calendar of Releases Titles for the current week are links to their respective releases. TUESDAY WEDNESDAY
More informationSimon Potter August 4, 2018
Confidence in the Implementation of U.S. Monetary Policy Normalization Remarks at the 23 rd EMEAP (Executives Meeting of East Asia-Pacific Central Banks) Governors Meeting Manila, Philippines Simon Potter
More informationSEMI-ANNUAL REPORT AFL-CIO Housing Investment Trust June 30, 2002
SEMI-ANNUAL REPORT AFL-CIO Housing Investment Trust June 30, 2002 HIT HIGHLIGHTS At June 30, 2002 Total net rate of return, one-year 10.23% Total gross rate of return, one-year 10.65% Net assets $2.96
More informationCalendar of Releases. Titles for the current week are links to their respective releases. September 27. New Home Sales (Aug) A: 1050K P: 1045K
USFinancialData September 28, 2006 Advance Edition Calendar of Releases Titles for the current week are links to their respective releases. MONDAY* TUESDAY WEDNESDAY THURSDAY* FRIDAY September 25 September
More informationJulie Stackhouse Senior Vice President Federal Reserve Bank of St. Louis
Julie Stackhouse Senior Vice President Federal Reserve Bank of St. Louis May 22, 2009 The views expressed are those of Julie Stackhouse and may not represent the official views of the Federal Reserve Bank
More informationInvestment DA N A SOCIAL ESG E Q U I T Y STRATEGY.
Investment DANA Advisors DA N A SOCIAL ESG E Q U I T Y STRATEGY THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and Employee-owned. Our investment
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 informationCITY OF ELK GROVE INVESTMENT POLICY Fiscal Year
CITY OF ELK GROVE INVESTMENT POLICY Fiscal Year 2017-2018 CITY OF ELK GROVE INVESTMENT POLICY I. PURPOSE This statement is intended to provide guidelines for the prudent investment of the City's surplus
More informationPalm Beach County School District
Palm Beach County School District Investment Performance Review Quarter Ended March 31, 2008 Investment Advisors Steven Alexander, CTP, CGFO, Managing Director 300 S. Orange Avenue, Suite 1170 Orlando,
More informationCourse Materials STRATEGICALLY MANAGING THE INVESTMENT PORTFOLIO FOR LONG-TERM PERFORMANCE
Course Materials STRATEGICALLY MANAGING THE INVESTMENT PORTFOLIO FOR LONG-TERM PERFORMANCE Raleigh A. Andy Trovillion Executive Vice President UMB Bank St. Louis, Missouri raleigh.trovillion@umb.com 314-612-8039
More informationLecture Materials ASSET/LIABILITY MANAGEMENT YEAR 1
Lecture Materials ASSET/LIABILITY MANAGEMENT YEAR 1 Todd Patrick Senior Vice President - Capital Markets CenterState Bank Atlanta, Georgia tpatrick@centerstatebank.com 770-850-3403 August 7, 2017 Intro
More informationSTRATEGICALLY MANAGING THE INVESTMENT PORTFOLIO FOR LONG-TERM PERFORMANCE
STRATEGICALLY MANAGING THE INVESTMENT PORTFOLIO FOR LONG-TERM PERFORMANCE Raleigh A. Trovillion Executive Vice President UMB Bank Investment Division St. Louis, MO raleigh.trovillion@umb.com 314-612-8039
More informationSo Much Money What Are My Best Investment Options?
So Much Money What Are My Best Investment Options? 2015 CSMFO Annual Conference Monterey, California o o o Deanne Woodring, CFA, Government Portfolio Advisors Michelle Durgy, CIO, City and County of San
More informationEffective Investment Policy and Strategies
Agenda for Today Effective Policy and Strategies For Today s Economic Environment Objectives and Goals Decisions Policy Permissible s Strategy Implementation Case Studies 2 Objectives & Goals Making Informed
More informationFIRM CAPITAL MORTGAGE INVESTMENT CORPORATION CAPITAL PRESERVATION DISCIPLINED INVESTING MD&A MANAGEMENT DISCUSSION AND ANALYSIS
FIRM CAPITAL MORTGAGE INVESTMENT CORPORATION CAPITAL PRESERVATION DISCIPLINED INVESTING MD&A MANAGEMENT DISCUSSION AND ANALYSIS YEAR ENDED DECEMBER 31, 2015 MANAGEMENT S DISCUSSION AND ANALYSIS OUR BUSINESS
More informationMonetaryTrends. What is the slope of the yield curve telling us?
MonetaryTrends August What is the slope of the yield curve telling us? A yield curve is a graph of interest rates for bonds that have similar risk characteristics but differing maturities. Most of the
More informationAfter-tax APRPlus The APRPlus taking into account the effect of income taxes.
MORTGAGE GLOSSARY Adjustable Rate Mortgage Known as an ARM, is a Mortgage that has a fixed rate of interest for only a set period of time, typically one, three or five years. During the initial period
More informationFEDERAL RESERVE statistical release
FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks August 20, 2015 1. Factors Affecting Reserve Balances
More informationPrintable Lesson Materials
Printable Lesson Materials Print these materials as a study guide These printable materials allow you to study away from your computer, which many students find beneficial. These materials consist of two
More informationInvestment Tips & Techniques
Investment Tips & Techniques Ohio Association of Public Treasurers June 15, 2017 Presented by Jason Click President, Public Funds Meeder Investment Management Jason Headings Sr. Vice President, Director
More informationA LEADER IN MULTIFAMILY AND HEALTHCARE LENDING
A LEADER IN MULTIFAMILY AND HEALTHCARE LENDING Greystone will work hard to help you accomplish your financial needs. We will use our creativity, drive and passion to deliver unparalleled business solutions
More informationA 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 informationTwo Harbors Investment Corp.
Two Harbors Investment Corp. Webinar Series October 2013 Fundamental Concepts in Hedging Welcoming Remarks William Roth Chief Investment Officer July Hugen Director of Investor Relations 2 Safe Harbor
More informationInterest Sensitive Fixed Income Market Data
Interest Sensitive Fixed Income Market Data NORTH AMERICA April 2014 KEVIN FLANAGAN Morgan Stanley Wealth Management Chief Fixed Income Strategist Managing Director kevin.flanagan@morganstanley.com +1
More informationCapital Markets Update
Capital Markets Update The Forces Transforming Markets November 2007 The Past December 2006 April 2007 The Height of the Market November 2007 Changes in Risk Tolerance Spring 2007 Rating Agencies Tighten
More informationCollateralized mortgage obligations (CMOs)
Collateralized mortgage obligations (CMOs) Fixed-income investments secured by mortgage payments An overview of CMOs The goal of CMOs is to provide reliable income passed from mortgage payments. In general,
More informationFinancial Markets 1
318.06 Financial Markets 1 I. Market distinctions (rather than corporate bonds vs government bonds vs mortgages, which may be sold in different physical markets but are very similar) A. Capital market
More informationImportant Information about Investing in
Robert W. Baird & Co. Incorporated Important Information about Investing in \ Bonds Baird has prepared this document to help you understand the characteristics and risks associated with bonds and other
More informationAnnual Investment Report
Annual Investment Report Snyder Independent School District As of August 31, 2013 Snyder Independent School District Annual Investment Report As of August 31, 2013 In addition to monthly investment reports
More informationSEMINOLE COUNTY CLERK OF THE CIRCUIT COURT AND COMPTROLLER INVESTMENT POLICY TABLE OF CONTENTS INVESTMENT OBJECTIVES...2
SEMINOLE COUNTY CLERK OF THE CIRCUIT COURT AND COMPTROLLER INVESTMENT POLICY TABLE OF CONTENTS I. SCOPE....2 II. III. IV. INVESTMENT OBJECTIVES...2 INVESTMENT PERFORMANCE AND REPORTING... 3 PRUDENCE AND
More informationFederated U.S. Government Securities Fund: 2-5 Years
Prospectus March 31, 2013 Share Class R Institutional Service Ticker FIGKX FIGTX FIGIX Federated U.S. Government Securities Fund: 2-5 Years The information contained herein relates to all classes of the
More informationNational Housing & Rehabilitation Association Spring Developers Forum. Sponsors:
National Housing & Rehabilitation Association Spring Developers Forum May 7-8, 2018 Marina del Rey, CA Sponsors: NORRIS GEORGE & OSTROW PLLC ATTORNEYS AT LAW THE ARMY NAVY OFFICE BUILDING 1627 EYE STREET,
More informationPolk County Wisconsin. Policy 913 Effective Date: Revision Date: , ,
Polk County Wisconsin INVESTMENT POLICY Policy 913 Effective Date: 06-19-2000 Revision Date: 5-20-2003, 7-18-2006, 01-16-07 POLK COUNTY INVESTMENT POLICY 1.0 Policy: The County Board Chairperson, Polk
More informationLunchtime Data Talk. Housing Finance Policy Center. Mortgage Origination Pricing and Volume: More than You Ever Wanted to Know
Housing Finance Policy Center Lunchtime Data Talk Mortgage Origination Pricing and Volume: More than You Ever Wanted to Know Frank Nothaft, Freddie Mac Mike Fratantoni, Mortgage Bankers Association October
More informationAn Introduction to Small Business Administration Floating Rate Securities
An Introduction to Small Business Administration Floating Rate Securities March 2018 Benjamin M. Clark Portfolio Strategies Group FTN Financial Outline 1. SBA securitization programs 2. Brief history of
More informationHousing and Mortgage Market Update
Housing and Mortgage Market Update VCU Real Estate Trends Conference October 14, 29 Amy Crews Cutts, PhD Deputy Chief Economist Recession Risks Still Elevated, Housing Contraction Ongoing Recession risks
More informationECONOMIC AND FINANCIAL HIGHLIGHTS
ECONOMIC AND FINANCIAL HIGHLIGHTS FEDERAL RESERVE BALANCE SHEET Assets & Liabilities 2-3 LABOR MARKETS Southeast Payroll Employment 4 REAL ESTATE Housing Starts 5 Mortgage Rates 6 MANUFACTURING Industrial
More informationCourse Materials STRATEGICALLY MANAGING THE INVESTMENT PORTFOLIO FOR LONG-TERM PERFORMANCE
Course Materials STRATEGICALLY MANAGING THE INVESTMENT PORTFOLIO FOR LONG-TERM PERFORMANCE Raleigh A. Andy Trovillion Executive Vice President Investment Division UMB Bank St. Louis, Missouri raleigh.trovillion@umb.com
More informationBMO Mutual Funds 2015
BMO Mutual Funds 2015 Semi-Annual Financial Statements BMO Short-Term Income Class NOTICE OF NO AUDITOR REVIEW OF THE SEMI-ANNUAL FINANCIAL STATEMENTS BMO Investments Inc., the Manager of the Fund, appoints
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 informationInvestment Policy Fiscal Year
Investment Policy Fiscal Year 2016-17 I. Introduction The investment policies and practices of the Contra Costa Transportation Authority (the Authority) are based on the principles of prudent money management
More informationSimplified Prospectus
Simplified Prospectus December 21, 2005 Money Market Fund Pinnacle Short Term Income Fund Bond Funds Pinnacle Income Fund Pinnacle High Yield Income Fund Pinnacle American Core-Plus Bond Fund Real Estate
More informationFEDERAL RESERVE statistical release
FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks August 28, 2014 1. Factors Affecting Reserve Balances
More informationTexPool Investment Policy
TexPool Investment Policy Texas Local Government Investment Pool Revised August 2018 G35884-52 I. PURPOSE AND OBJECTIVES STATEMENT A. TEXPOOL The Interlocal Cooperation Act, chapter 791 of the Texas Government
More informationSemper MBS Total Return Fund. Semper Short Duration Fund. Prospectus March 30, 2018
Semper MBS Total Return Fund Class A Institutional Class Investor Class SEMOX SEMMX SEMPX Semper Short Duration Fund Institutional Class Investor Class SEMIX SEMRX (Each a Fund, together the Funds ) Each
More informationPolicies and Procedures
Policies and Procedures Policy No.: 3010-004 Adoption Method: Resolution No. 18-12 Effective Date: July 1, 2018 Last Revised: July 1, 2017 Prepared By: Delia Lugo, Finance Manager Applicability: District
More informationThe Mortgage-backed Securities Market: Risks, Returns and Replication. Evangelos Karagiannis Ph.D., CFA June 3, 2005
The Mortgage-backed Securities Market: Risks, Returns and Replication By Evangelos Karagiannis Ph.D., CFA June 3, 2005 Introduction The securitized mortgage-backed securities (MBS) market has experienced
More informationSan Francisco Treasury Symposium Benchmark Your Corporate Cash Portfolio
San Francisco Treasury Symposium Benchmark Your Corporate Cash Portfolio Kurt Zumwalt, Treasurer Wind River Systems, Inc. www.windriver.com 510-749-2301 September 21, 2001 Presented by: Linda Ruiz-Zaiko,
More informationMONEY MARKET FUND GLOSSARY
MONEY MARKET FUND GLOSSARY 1-day SEC yield: The calculation is similar to the 7-day Yield, only covering a one day time frame. To calculate the 1-day yield, take the net interest income earned by the fund
More informationInterest Sensitive Fixed Income Market Data
Interest Sensitive Fixed Income Market Data April 2013 NORTH AMERICA KEVIN FLANAGAN Morgan Stanley Wealth Management Chief Fixed Income Strategist Managing Director kevin.flanagan@morganstanley.com +1
More informationA LEADER IN MULTIFAMILY AND HEALTHCARE LENDING
A LEADER IN MULTIFAMILY AND HEALTHCARE LENDING Greystone will work hard to help you accomplish your financial needs. We will use our creativity, drive and passion to deliver unparalleled business solutions
More informationFANNIE MAE POOLTALK GLOSSARY (Updated as of October 2013)
FANNIE MAE POOLTALK GLOSSARY (Updated as of October 2013) Fannie Mae generally relies on its mortgage loan sellers/servicers to provide pool and loan level information to generate its MBS disclosures.
More informationUBS Money Series (renamed UBS Series Funds )
UBS Money Series (renamed UBS Series Funds ) Statement of Additional Information Supplement Supplement to the Statement of Additional Information dated August 28, 2017 Includes: UBS Select Prime Institutional
More informationTexPool Prime Investment Policy
TexPool Prime Investment Policy Texas Local Government Investment Pool Revised August 2018 G35884-53 I. PURPOSE AND OBJECTIVES STATEMENT A. TEXPOOL PRIME The Interlocal Cooperation Act, chapter 791 of
More informationLiquidity is Relevant Again
Liquidity is Relevant Again April 2019 Not FDIC Insured May Lose Value No Bank Guarantee Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. For institutional use only. l 2019 FMR LLC.
More informationGlobal Securities Lending Business and Market Update
NORTHERN TRUST 2009 INSTITUTIONAL CLIENT CONFERENCE GLOBAL REACH, LOCAL EXPERTISE Global Securities Lending Business and Market Update Michael A. Vardas, CFA Managing Director Quantitative Management and
More informationFEDERAL RESERVE statistical release
FEDERAL RESERVE statistical release Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks June 8, 2017 1. Factors Affecting Reserve Balances of
More informationAFL-CIO HOUSING INVESTMENT TRUST
AFL-CIO HOUSING INVESTMENT TRUST REACHING NEW HEIGHTS Semi-Annual Report 2017 AFL-CIO HOUSING INVESTMENT TRUST TO OUR INVESTORS Through June, the AFL-CIO Housing Investment Trust (HIT) has invested $172
More informationFederated Adjustable Rate Securities Fund
Prospectus October 31, 2012 Share Class Institutional Service Ticker FEUGX FASSX The information contained herein relates to all classes of the Fund s Shares, as listed above, unless otherwise noted. Federated
More informationREQUEST FOR CITY COUNCIL ACTION
REQUEST FOR CITY COUNCIL ACTION MEETING DATE: MARCH 28, 2017 TITLE: TREASURER'S REPORT FOR THE QUARTER ENDED DECEMBER 31, 2016 RECOMMENDED ACTION Receive and file the Treasurer's Report for the quarter
More informationB) Investment Objectives The primary objectives of this investment policy are legality, safety, liquidity and yield in that order.
POLICY NO. DATE OFFICE OF PRIMARY RESPONSIBILITY (OPR) FIN-23 03/18 Finance 1) POLICY INTRODUCTION AND SCOPE It is the policy of the Las Vegas Convention and Visitors Authority (LVCVA) to invest funds
More informationMonetaryTrends. 30-Year Bond Faces Uncertain Future
MonetaryTrends April 2 3-Year Bond Faces Uncertain Future Market yields on intermediate- and long-term U.S. Government securities, especially the 3-year bond, declined sharply between mid-january and late
More informationFederal Home Loan Mortgage Corporation
Federal Home Loan Mortgage Corporation MULTICLASS CERTIFICATES AGREEMENT AGREEMENT dated as of June 1, 2003 among the Federal Home Loan Mortgage Corporation Freddie Mac ) and Holders of REMIC Certificates,
More informationFEDERAL RESERVE statistical release
FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks April 20, 2017 1. Factors Affecting Reserve Balances
More informationPalm Beach County School District
Palm Beach County School District Investment Performance Review Quarter Ended March 31, 2009 Investment Advisors Steven Alexander, CTP, CGFO, Managing Director Mel Hamilton, Senior Managing Consultant
More informationCALLABLE BONDS: FRIEND AND FOE GIOA INVESTMENT CONFERENCE George E.A. Barbar Mesirow Financial William M. Quinn, CFA FTN Financial
CALLABLE BONDS: FRIEND AND FOE GIOA INVESTMENT CONFERENCE 2017 George E.A. Barbar Mesirow Financial William M. Quinn, CFA FTN Financial GSE Callables Market Update Quick Refresh Why? and Why Not? Friend
More informationHouse prices in the United States were 14.1 percent
NationalEconomicTrends August How Much Have US House Prices Fallen? House prices in the United States were 11 percent lower in the first quarter of than they were a year earlier, according to a widely
More informationState Street Institutional U.S. Government Money Market Fund Administration Class
State Street Institutional U.S. Government Money Market Fund Administration Class Summary Prospectus April 30, 2018 Ticker Symbol: SALXX Before you invest, you may want to review the fund s prospectus,
More informationINVESTMENT POLICY SECTION 1 PURPOSE
INVESTMENT POLICY SECTION 1 PURPOSE The purpose of this Investment Policy Statement is to establish a clear understanding of the philosophy and the investment objectives for Financial Assets (the Assets)
More informationCity of Palo Alto (ID # 8273) City Council Staff Report
City of Palo Alto (ID # 8273) City Council Staff Report Report Type: Consent Calendar Meeting Date: 6/27/2017 Summary Title: Investment Policy Update Title: Adoption of Fiscal Year 2018 Investment Policy
More informationFinancing Overview & 2017 GO Bond Capacity Update. Department of Finance April 2017
Financing Overview & 2017 GO Bond Capacity Update Department of Finance April 2017 1 Municipal Bond Overview What is a Municipal Bond? A debt obligation issued by state and local governments to fund public
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 informationNew York Mortgage Trust Reports Fourth Quarter 2017 Results
February 20, 2018 New York Mortgage Trust Reports Fourth Quarter Results NEW YORK, Feb. 20, 2018 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (Nasdaq:NYMT) ("NYMT," the "Company," "we," "our" or "us")
More informationBLACKROCK COLLEGEADVANTAGE 529 PLAN Sponsor: Ohio Tuition Trust Authority
BLACKROCK COLLEGEADVANTAGE 529 PLAN Sponsor: Ohio Tuition Trust Authority SUPPLEMENT DATED DECEMBER 6, 2017 TO THE BLACKROCK COLLEGEADVANTAGE 529 PLAN PROGRAM DESCRIPTION AND PARTICIPATION AGREEMENT DATED
More informationWhen stock market risk, or volatility, increases,
MonetaryTrends February Does Stock Market Volatility Forecast Returns? When stock market risk, or volatility, increases, risk-averse investors tend to reduce their holding of equities relative to safe
More informationEconomic and Real Estate Forecast 2014
Economic and Real Estate Forecast 2014 Presented to: The IREM Forecast Breakfast Presented by: Mark J. Eppli Interim Keyes Dean and Bell Chair in Real Estate Marquette University January 9, 2014 Interest
More information