Dolan McEniry Core Plus
Data through September 30, 2018
| Year | Total Firm Assets (USD Millions) | Composite Assets (USD Millions) | Composite Percent of Firm Assets | Composite Accounts at Year-End | Composite Gross Annual Return | Composite Net Annual Return | Bloomberg Barclays US Aggregate Annual Return | Bloomberg Barclays US Intermediate Credit Annual Return | Composite Dispersion | 3-Yr Annualized St Deviation Dolan McEniry Core Plus |
3-Yr Annualized St Deviation Bloomberg Barclays US Aggregate |
3-Yr Annualized St Deviation Bloomberg Barclays US Intermediate Credit |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1997* | 125 | 19.2 | 15.40% | 2 | 3.45% | 3.36% | 2.94% | 1.92% | 0.09% | |||
| 1998 | 228 | 60.6 | 26.60% | 10 | 8.18% | 7.83% | 8.69% | 8.29% | 0.52% | |||
| 1999 | 373 | 54.3 | 14.60% | 12 | 2.13% | 1.78% | -0.82% | 0.16% | 0.66% | |||
| 2000 | 389 | 155.1 | 39.90% | 22 | 9.35% | 9.00% | 11.63% | 9.46% | 1.18% | |||
| 2001 | 338 | 207.1 | 61.30% | 22 | 9.29% | 8.94% | 8.44% | 9.77% | 0.70% | |||
| 2002 | 397 | 283.2 | 71.30% | 24 | 12.35% | 11.95% | 10.26% | 10.14% | 0.57% | |||
| 2003 | 674 | 441.7 | 65.50% | 34 | 7.92% | 7.56% | 4.10% | 6.91% | 0.74% | |||
| 2004 | 776 | 532.4 | 68.60% | 40 | 5.39% | 5.06% | 4.34% | 4.08% | 0.44% | |||
| 2005 | 1,051 | 844.4 | 80.30% | 61 | 1.80% | 1.47% | 2.43% | 1.42% | 0.19% | |||
| 2006 | 1,116 | 909.3 | 81.50% | 58 | 5.41% | 5.09% | 4.33% | 4.49% | 0.39% | |||
| 2007 | 1,181 | 957.7 | 81.10% | 71 | 7.18% | 6.86% | 6.97% | 5.60% | 0.27% | |||
| 2008 | 1,182 | 1,047.90 | 88.70% | 57 | -2.91% | -3.21% | 5.24% | -2.76% | 2.28% | |||
| 2009 | 1,969 | 1,499.50 | 76.20% | 111 | 22.81% | 22.46% | 5.93% | 15.93% | 2.61% | |||
| 2010 | 2,365 | 1,774.30 | 75.00% | 180 | 10.02% | 9.71% | 6.54% | 7.76% | 0.52% | |||
| 2011 | 2,873 | 2,158.00 | 75.10% | 231 | 7.90% | 7.60% | 7.84% | 5.37% | 0.67% | 3.60% | 2.78% | 3.85% |
| 2012 | 3,939 | 2,688.10 | 68.20% | 413 | 8.37% | 8.08% | 4.21% | 8.10% | 0.59% | 2.56% | 2.38% | 2.85% |
| 2013 | 4,063 | 2,792.10 | 68.70% | 569 | 3.98% | 3.69% | -2.02% | -0.17% | 0.46% | 2.63% | 2.71% | 3.00% |
| 2014 | 4,939 | 3,393.10 | 68.70% | 569 | 5.01% | 4.72% | 5.97% | 4.16% | 0.28% | 2.30% | 2.63% | 2.66% |
| 2015 | 4,903 | 3,235.30 | 66.00% | 619 | 1.62% | 1.34% | 0.55% | 0.90% | 0.29% | 2.59% | 2.88% | 2.58% |
| 2016 | 5,886 | 3,201.30 | 54.40% | 793 | 6.48% | 6.20% | 2.65% | 3.68% | 0.43% | 2.59% | 2.98% | 2.47% |
| 2017 | 6,340 | 3,288.4 | 51.9% | 823 | 5.50% | 5.22% | 3.54% | 3.67% | 0.26% | 2.46% | 2.78% | 2.29% |
| YTD 2018 | 6,442 | 3,320.1 | 51.5% | 825 | 0.14% | -0.07% | -1.60% | -0.73% | ||||
| MONTH | 0.04% | 0.02% | -0.64% | -0.24% | ||||||||
| LAST 12 MONTHS | 0.44% | 0.17% | -1.22% | -0.62% | ||||||||
| LAST 2 YEARS | 2.15% | 1.88% | -0.57% | 0.47% | ||||||||
| LAST 3 YEARS | 4.18% | 3.91% | 1.31% | 2.03% | ||||||||
| LAST 5 YEARS | 4.00% | 3.72% | 2.16% | 2.46% | ||||||||
| LAST 7 YEARS | 4.78% | 4.49% | 2.02% | 2.93% | ||||||||
| LAST 10 YEARS | 6.67% | 6.38% | 3.77% | 5.05% | ||||||||
| LAST 20 YEARS | 6.47% | 6.16% | 4.48% | 4.83% | ||||||||
| SINCE INCEPTION (09/30/1997) | 6.62% | 6.30% | 4.81% | 5.06% |
Compliance Statement
Dolan McEniry Capital Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Dolan McEniry Capital Management, LLC has been independently verified for the periods September 30, 1997 through December 31, 2017. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Dolan McEniry Core Plus Composite has been examined for the periods September 30, 1997 through December 31, 2017. The verification and performance examination reports are available upon request.
*Dolan McEniry Core Plus inception date is September 30, 1997; 1997 is a three month period.
Definition of the Firm
Dolan McEniry Capital Management, LLC is an independent investment management firm established in 1997 and is an SEC registered investment adviser. Registration of an adviser does not imply a certain level of skill or training. Dolan McEniry Capital Management, LLC manages fixed income accounts utilizing Dolan McEniry’s specific strategies for institutional and individual clients.
Definition of the Composite
Dolan McEniry Core Plus is a fixed income investment product benchmarked against the Bloomberg Barclays U.S. Aggregate Index or the Bloomberg Barclays U.S. Intermediate Credit Index. In this strategy, the firm utilizes U.S. corporate investment grade, U.S. corporate high yield and U.S. Treasury securities. Dolan McEniry Core Plus is approximately 75% U.S. corporate investment grade bonds and 25% U.S. corporate high yield bonds. The Dolan McEniry Core Plus Composite was established and created on September 30, 1997.
Prior to the inception of the Dolan McEniry Credit Composite (December 31, 2008) the Dolan McEniry Core Plus Composite was referred to as the "Taxable Fixed Income Composite." We began including accounts that are valued under $1,000,000 USD in the composite as of December 31, 2009. Prior to December 31, 2009 an account had to have a value over $1,000,000 USD to be included in the composite.
Non-fee paying accounts represented less than 2% of the composite assets for all periods shown. There were no non-fee paying accounts in the composite as of December 31, 2017.
Bundled fee assets as percentage of composite assets are as follows:
| Year | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 1997-2002 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| % of bundled fee in the composite | 44.3 | 42.1 | 32.5 | 28.0 | 31.0 | 27.0 | 15.1 | 15.4 | 11.0 | 4.0 | 11.0 | 9.4 | 8.4 | 6.4 | 2.4 | 0.0 |
The bundled fee may consist of custodian fees, administrative fees, etc.
Benchmarks
Bloomberg Barclays U. S. Aggregate Index
The Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The Index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS (agency and non-agency).
Bloomberg Barclays U.S. Intermediate Credit:
The Index is the intermediate component of the Bloomberg Barclays U.S. Credit Index. The Bloomberg Barclays U.S. Credit Index measures the investment grade, US dollar-denominated, fixed-rate, taxable, corporate and government –related bond markets. It is composed of the US Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals, and local authorities.
Effective December 1, 2016, Dolan McEniry Capital Management, LLC retroactively changed the primary benchmark for Dolan McEniry Core Plus from the Bloomberg Barclays U.S. Custom Index to the Bloomberg Barclays U.S. Intermediate Credit Index. The Bloomberg Barclays U.S. Intermediate Credit Index is more in line with Dolan McEniry’s Core Plus strategy in terms of duration, credit quality and sector allocation. Additional information regarding the benchmark change is available upon request.
Intra-month cash flows from interest and principal payments contribute to monthly index returns but are not reinvested at a short-term reinvestment rate between rebalance dates. At each rebalancing, cash is effectively reinvested into the Returns Universe for the following month so that index results over two or more months reflect monthly compounding. One cannot invest directly in an index.
List of Composites
A complete listing and description of all composites is available upon request.
Dispersion
The dispersion of annual returns is measured by the asset weighted standard deviation across portfolio returns represented within the composite for the full year.
Performance
Gross returns are presented gross of management fees, custodial fees, and withholding taxes, but net of direct trading expenses. Net-of-fee returns are net of actual investment management fees and direct trading expenses. All returns are based in U.S. dollars and computed using a time-weighted total return. Composite returns are asset weighted individual portfolios computed monthly. Returns for periods exceeding 12 months are annualized. The Dolan McEniry Core Plus Composite includes both price performance and coupon/dividend income as do the Bloomberg Barclays U.S. Aggregate Index and Bloomberg Barclays U.S. Intermediate Credit Index. Results reflect the reinvestment of dividends, interest and other earnings. The Dolan McEniry performance reflected above is not necessarily indicative of future results and, as a composite of different accounts, does not necessarily reflect the exact performance of any specific account. Additional information regarding the firm’s policies and procedures for calculating and reporting performance returns is available upon request.
Management
Prior to March 31, 2001, Daniel D. Dolan, Jr. was responsible for the investment management process of this composite. As of April 1, 2001, Roger S. McEniry, joined the investment management process of this composite.
Fee Schedule
Dolan McEniry Capital Management, LLC’s standard fee is 0.40% (40bps) of assets under management for accounts over $2,000,000 USD.
Disclaimer
Past performance is no guarantee of future results. Investing is speculative and involves risk, including the possible loss of principal. Historical returns should not be used as the primary basis for investment decisions. This product should be considered based on the suitability of its strategy in relation to return objectives, risk tolerances, and other investments. Although the statements of fact and data in this document have been obtained from or based upon sources believed to be reliable, Dolan McEniry Capital Management, LLC makes no warranties or representation as to their accuracy, correctness, or reliability, and assumes no liability or responsibility for any omissions or errors.
Dolan McEniry Credit
Data through September 30, 2018
| Year | Total Firm Assets (USD Millions) |
Composite Assets (USD Millions) | Composite Percent of Firm Assets | Composite Accounts at Period-End | Composite Gross Annual Return | Composite Net Annual Return | Intermediate Credit Annual Return | Composite Dispersion | 3-Yr St Deviation Dolan McEniry Credit | 3-Yr St Deviation Bloomberg Barclays Int-Credit |
|---|---|---|---|---|---|---|---|---|---|---|
| 2009 | 1,969 | 322.5 | 16.40% | 268 | 26.35% | 26.00% | 15.93% | 1.19% | ||
| 2010 | 2,365 | 487.4 | 20.60% | 356 | 11.06% | 10.70% | 7.76% | 0.38% | ||
| 2011 | 2,873 | 618.4 | 21.50% | 351 | 8.40% | 8.04% | 5.37% | 0.34% | 4.14% | 3.85% |
| 2012 | 3,939 | 954.7 | 24.20% | 570 | 9.36% | 8.99% | 8.10% | 0.26% | 2.83% | 2.85% |
| 2013 | 4,063 | 1,086.00 | 26.70% | 645 | 4.59% | 4.24% | -0.17% | 0.31% | 2.85% | 3.00% |
| 2014 | 4,939 | 1,283.50 | 26.00% | 706 | 4.90% | 4.55% | 4.16% | 0.23% | 2.36% | 2.66% |
| 2015 | 4,903 | 1,412.80 | 28.80% | 604 | 1.71% | 1.37% | 0.90% | 0.29% | 2.63% | 2.58% |
| 2016 | 5,886 | 2,023.60 | 34.40% | 868 | 6.67% | 6.32% | 3.68% | 0.31% | 2.41% | 2.47% |
| 2017 | 6,340 | 1,966.1 | 31.0% | 1002 | 5.77% | 5.45% | 3.67% | 0.23% | 2.28% | 2.29% |
| YTD 2018 | 6,442 | 2,127.3 | 33.0% | 1,096 | 0.73% | 0.47% | -0.73% | |||
| MONTH | 0.17% | 0.14% | -0.24% | |||||||
| LAST 12 MONTHS | 1.10% | 0.76% | -0.62% | |||||||
| LAST 2 YEARS | 2.89% | 2.56% | 0.47% | |||||||
| LAST 3 YEARS | 4.62% | 4.29% | 2.03% | |||||||
| LAST 5 YEARS | 4.25% | 3.90% | 2.46% | |||||||
| LAST 7 YEARS | 5.25% | 4.90% | 2.93% | |||||||
| SINCE INCEPTION (12/31/2008) | 7.96% | 7.61% | 4.89% |
Compliance Statement
Dolan McEniry Capital Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Dolan McEniry Capital Management, LLC has been independently verified for the periods September 30, 1997 through December 31, 2017. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Dolan McEniry Credit Composite has been examined for the periods December 31, 2008 through December 31, 2017. The verification and performance examination reports are available upon request.
Definition of the Firm
Dolan McEniry Capital Management, LLC is an independent investment management firm established in 1997 and is an SEC registered investment adviser. Registration of an adviser does not imply a certain level of skill or training. Dolan McEniry Capital Management, LLC manages fixed income accounts utilizing Dolan McEniry’s specific strategies for institutional and individual clients.
Definition of the Composite
Dolan McEniry Credit is a fixed income investment product benchmarked against the Bloomberg Barclays U.S. Intermediate Credit Index. In this strategy, the firm utilizes U.S. corporate investment grade, U.S. corporate high yield and U.S. Treasury securities. Dolan McEniry Credit has averaged approximately 50% U.S. corporate investment grade bonds and 50% U.S. corporate high yield bonds. The Dolan McEniry Credit Composite was established and created on December 31, 2008.
Non-fee paying accounts represented less than 2% of the composite assets for all periods shown. There were 0.04% non-fee paying accounts in the composite as of December 31, 2017.
Bundled fee assets as percentage of composite assets are as follows:
| Year | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|
| % of bundled fee in the composite | 60.4 | 47.4 | 58.3 | 68.0 | 71.0 | 72.0 | 66.0 | 87.0 | 87.0 |
The bundled fee may consist of custodian fees, administrative fees, etc. Composite returns are asset weighted individual portfolios computed monthly.
Benchmarks
Bloomberg Barclays U.S. Intermediate Credit
The Index is the intermediate component of the Bloomberg Barclays U.S. Credit Index. The Bloomberg Barclays U.S. Credit Index measures the investment grade, US dollar-denominated, fixed-rate, taxable, corporate and government –related bond markets. It is composed of the US Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals, and local authorities.
Intra-month cash flows from interest and principal payments contribute to monthly Index returns but are not reinvested at a short-term reinvestment rate between rebalance dates. At each rebalancing, cash is effectively reinvested into the returns universe for the following month so that Index results over two or more months reflect monthly compounding. One cannot invest directly in an Index.
List of Composites
A complete listing and description of all composites is available upon request.
Dispersion
The dispersion of annual returns is measured by the asset weighted standard deviation across portfolio returns represented within the composite for the full year.
Performance
Gross returns are presented gross of management fees, custodial fees, and withholding taxes, but net of direct trading expenses. Net-of-fee returns are net of actual investment management fees and direct trading expenses. All returns are based in U.S. dollars and computed using a time-weighted total return. Composite returns are asset weighted individual portfolios computed monthly. Returns for periods exceeding 12 months are annualized. The Dolan McEniry Credit Composite includes both price performance and coupon/dividend income as does the Bloomberg Barclays U.S Intermediate Credit Index. Results reflect the reinvestment of dividends, interest and other earnings. The Dolan McEniry performance reflected above is not necessarily indicative of future results and, as a composite of different accounts, does not necessarily reflect the exact performance of any specific account. Additional information regarding the firm’s policies and procedures for calculating and reporting performance returns is available upon request.
Management
Daniel D. Dolan, Jr. and Roger S. McEniry are responsible for the investment management process of this composite.
Fee Schedule
Dolan McEniry Capital Management, LLC’s standard fee is 0.40% (40bps) of assets under management for accounts over $2,000,000 USD.
Disclaimer
Past performance is no guarantee of future results. Investing is speculative and involves risk, including the possible loss of principal. Historical returns should not be used as the primary basis for investment decisions. This product should be considered based on the suitability of its strategy in relation to return objectives, risk tolerances, and other investments. Although the statements of fact and data in this document have been obtained from or based upon sources believed to be reliable, Dolan McEniry Capital Management, LLC makes no warranties or representation as to their accuracy, correctness, or reliability, and assumes no liability or responsibility for any omissions or errors.
Dolan McEniry High Yield
Data through September 30, 2018
| Year | Total Firm Assets (USD Millions) | Composite Assets (USD Millions) | Composite Percent of Firm Assets | Composite Accounts at Period-End | Composite Gross Return | Composite Net Annual Return | Bloomberg Barclays Corporate High Yield Ba/B Return | Composite Dispersion2 | 3-Yr St Deviation1 Dolan McEniry High Yield | 3-Yr St Deviation1 Bloomberg Barclays Corporate High Yield Ba/B |
|---|---|---|---|---|---|---|---|---|---|---|
| 2015* | 4,903 | 3.1 | 0.10% | 4 | 1.01% | 0.82% | -1.02% | 0.00% | ||
| 2016 | 5,886 | 276.5 | 4.70% | 45 | 8.79% | 8.04% | 14.14% | 0.78% | ||
| 2017 | 6,340 | 406.6 | 6.40% | 111 | 7.61% | 6.86% | 6.92% | 0.10% | ||
| YTD 2018 | 6,442 | 391.1 | 6.10% | 103 | 1.75% | 1.15% | 1.80% | |||
| MONTH | 0.34% | 0.27% | 0.43% | |||||||
| LAST 12 MONTHS | 2.04% | 1.24% | 2.18% | |||||||
| SINCE INCEPTION (09/30/2015) | 6.36% | 5.56% | 7.13% |
1. 3-Year Ex-post Standard Deviation is not presented because 36 months of returns are not available.
2. Composite dispersion is not presented in 2015 because there were no accounts in the composite for the entire year.
Compliance Statement
Dolan McEniry Capital Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Dolan McEniry Capital Management, LLC has been independently verified for the periods September 30, 1997 through December 31, 2017. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Dolan McEniry High Yield Composite has been examined for the periods September 30, 2015 through December 31, 2017. The verification and performance examination reports are available upon request.
*Dolan McEniry High Yield inception date is September 30, 2015; 2015 is a three month period
Definition of the Firm
Dolan McEniry Capital Management, LLC is an independent investment management firm established in 1997 and is an SEC registered investment adviser. Registration of an adviser does not imply a certain level of skill or training. Dolan McEniry Capital Management, LLC manages fixed income accounts utilizing Dolan McEniry’s specific strategies for institutional and individual clients.
Definition of the Composite
Dolan McEniry High Yield is a fixed income investment product benchmarked against the Bloomberg Barclays U.S. Corporate High Yield Ba/B Index. In this strategy, the firm utilizes entirely U.S. corporate high yield bonds; however, the strategy will invest in U.S. corporate investment grade bonds when appropriate. Dolan McEniry High Yield is approximately 90% U.S. corporate high yield bonds and 10% U.S. corporate investment grade bonds. The Dolan McEniry High Yield Composite was established and created on September 30, 2015.
Non-fee paying accounts represented less than 2% of the composite assets for all periods shown after July 31, 2016. Performance results prior to July 31, 2016 are derived from the returns of fully discretionary separate accounts made up of the firm’s own capital. Due to the internal nature of the funds, no management fees have been charged to the accounts throughout their lifespans. There were 1.68% non-fee paying accounts in the composite as of December 31, 2017.
Bundled fee assets as percentage of composite assets are as follows:
| Year | 2017 | 2016 | 2015 |
|---|---|---|---|
|
% of bundled fee in the composite |
38.1 | 0 | 0 |
The bundled fee may consist of custodian fees, administrative fees, etc.
Benchmarks
Bloomberg Barclays U.S. Corporate High Yield Ba/B Index
The Index is the Ba/B component of the Bloomberg Barclays US Corporate High Yield Index. The Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Bonds from issuers with an emerging markets country of risk, based on the indices’ EM country definition, are excluded. The corporate sectors include industrial, financial institutions, and utility. Bonds must have at least one year until final maturity.
Intra-month cash flows from interest and principal payments contribute to monthly Index returns but are not reinvested at a short-term reinvestment rate between rebalance dates. At each rebalancing, cash is effectively reinvested into the returns universe for the following month so that Index results over two or more months reflect monthly compounding. One cannot invest directly in an Index.
List of Composites
A complete listing and description of all composites is available upon request.
Dispersion
The dispersion of annual returns is measured by the asset weighted standard deviation across portfolio returns represented within the composite for the full year.
Performance
Gross returns are presented gross of management fees, custodial fees, and withholding taxes, but net of direct trading expenses. Net-of-fee returns are based on a model 0.75% (75bps) investment management fee applied monthly and direct trading expenses. All returns are based in U.S. dollars and computed using a time-weighted total return. Composite returns are asset weighted individual portfolios computed monthly. Returns for periods exceeding 12 months are annualized. The Dolan McEniry High Yield Composite includes both price performance and coupon/dividend income as does the Bloomberg Barclays U.S Corporate High Yield Ba/B Index. Results reflect the reinvestment of dividends, interest and other earnings. The Dolan McEniry performance reflected above is not necessarily indicative of future results and, as a composite of different accounts, does not necessarily reflect the exact performance of any specific account. Additional information regarding the firm’s policies and procedures for calculating and reporting performance returns is available upon request.
Management
Daniel D. Dolan, Jr. and Roger S. McEniry are responsible for the investment management process of this composite.
Fee Schedule
Dolan McEniry Capital Management, LLC’s standard fee is 0.75% (75bps) of assets under management for accounts over $1,000,000 USD.
Disclaimer
Past performance is no guarantee of future results. Investing is speculative and involves risk, including the possible loss of principal. Historical returns should not be used as the primary basis for investment decisions. This product should be considered based on the suitability of its strategy in relation to return objectives, risk tolerances, and other investments. Although the statements of fact and data in this document have been obtained from or based upon sources believed to be reliable, Dolan McEniry Capital Management, LLC makes no warranties or representation as to their accuracy, correctness, or reliability, and assumes no liability or responsibility for any omissions or errors.
Dolan McEniry Investment Grade
Data through September 30, 2018
| Year | Total Firm Assets (USD Millions) | Composite Assets (USD Millions) | Composite Percent of Firm Assets | Composite Accounts at Year-End | Composite Gross Annual Return | Composite Net Annual Return | Bloomberg Barclays US Intermediate Credit Annual Return | Bloomberg Barclays US Aggregate Annual Return | Composite Dispersion | 3-Yr Annualized St Deviation Dolan McEniry Investment Grade | 3-Yr Annualized St Deviation Bloomberg Barclays US Intermediate Credit | 3-Yr Annualized St Deviation Bloomberg Barclays US Aggregate |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003* | 674 | 12.1 | 1.80% | 1 | 1.64% | 1.51% | 0.39% | 0.32% | 0.00% | |||
| 2004 | 776 | 13.6 | 1.80% | 1 | 4.40% | 4.22% | 4.08% | 4.34% | 0.00% | |||
| 2005 | 1,051 | 13.8 | 1.30% | 1 | 1.44% | 1.19% | 1.42% | 2.43% | 0.00% | |||
| 2006 | 1,116 | 14.1 | 1.30% | 1 | 4.27% | 4.01% | 4.49% | 4.33% | 0.00% | |||
| 2007 | 1,181 | 17 | 1.40% | 1 | 7.05% | 6.79% | 5.60% | 6.97% | 0.00% | |||
| 2008 | 1,182 | 17.2 | 1.50% | 1 | 1.31% | 1.05% | -2.76% | 5.24% | 0.00% | |||
| 2009 | 1,969 | 18.4 | 0.90% | 1 | 17.00% | 16.71% | 15.93% | 5.93% | 0.00% | |||
| 2010 | 2,365 | 18.1 | 0.80% | 1 | 9.17% | 8.90% | 7.76% | 6.54% | 0.00% | |||
| 2011 | 2,873 | 19 | 0.70% | 1 | 6.56% | 6.30% | 5.37% | 7.84% | 0.00% | 2.90% | 3.85% | 2.78% |
| 2012 | 3,939 | 21.6 | 0.50% | 1 | 7.15% | 6.89% | 8.10% | 4.21% | 0.00% | 2.11% | 2.85% | 2.38% |
| 2013 | 4,063 | 22.7 | 0.60% | 1 | 2.41% | 2.16% | -0.17% | -2.02% | 0.00% | 2.23% | 3.00% | 2.71% |
| 2014 | 4,939 | 68.8 | 1.40% | 2 | 5.28% | 4.98% | 4.16% | 5.97% | 0.00% | 2.27% | 2.66% | 2.63% |
| 2015 | 4,903 | 60.4 | 1.20% | 2 | 1.48% | 1.17% | 0.90% | 0.55% | 0.27% | 2.52% | 2.58% | 2.88% |
| 2016 | 5,886 | 67.9 | 1.20% | 3 | 5.78% | 5.47% | 3.68% | 2.65% | 0.15% | 2.74% | 2.47% | 2.98% |
| 2017 | 6,340 | 265.5 | 4.20% | 17 | 5.48% | 5.17% | 3.67% | 3.54% | 0.07% | 2.61% | 2.29% | 2.78% |
| YTD 2018 | 6,442 | 300.2 | 4.70% | 26 | -0.39% | -0.59% | -0.73% | -1.60% | ||||
| MONTH | -0.16% | -0.18% | -0.24% | -0.64% | ||||||||
| LAST 12 MONTHS | -0.12% | -0.38% | -0.62% | -1.22% | ||||||||
| LAST 2 YEARS | 1.63% | 1.34% | 0.47% | -0.57% | ||||||||
| LAST 3 YEARS | 3.53% | 3.24% | 2.03% | 1.31% | ||||||||
| LAST 5 YEARS | 3.63% | 3.35% | 2.46% | 2.16% | ||||||||
| LAST 7 YEARS | 4.04% | 3.76% | 2.93% | 2.02% | ||||||||
| LAST 10 YEARS | 5.91% | 5.63% | 5.05% | 3.77% | ||||||||
| SINCE INCEPTION (09/30/2003) | 5.26% | 5.00% | 4.04% | 3.78% |
Compliance Statement
Dolan McEniry Capital Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Dolan McEniry Capital Management, LLC has been independently verified for the periods September 30, 1997 through December 31, 2017. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Dolan McEniry Investment Grade Composite has been examined for the periods September 30, 2003 through December 31, 2017. The verification and performance examination reports are available upon request.
*Dolan McEniry Investment Grade inception date is September 30, 2003; 2003 is a three month period.
Definition of the Firm
Dolan McEniry Capital Management, LLC is an independent investment management firm established in 1997 and is an SEC registered investment adviser. Registration of an adviser does not imply a certain level of skill or training. Dolan McEniry Capital Management, LLC manages fixed income accounts utilizing Dolan McEniry’s specific strategies for institutional and individual clients.
Definition of the Composite
Dolan McEniry Investment Grade is a fixed income investment product benchmarked against the Bloomberg Barclays U.S. Intermediate Credit Index or Bloomberg Barclays U.S. Aggregate Index. In this strategy, the firm utilizes entirely U.S. corporate investment grade bonds and U.S. Treasury securities. Dolan McEniry Investment Grade is approximately 100% U.S. investment grade securities. The Dolan McEniry Investment Grade Composite was created on December 31, 2015 and includes investment grade only accounts going back to September 30, 2003.
Non-fee paying accounts represented less than 2% of the composite assets for all periods shown. There were 1.96% non-fee paying accounts in the composite as of December 31, 2017.
Bundled fee assets as percentage of composite assets are as follows:
| Year | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| % of bundled fee in the composite | 72.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
The bundled fee may consist of custodian fees, administrative fees, etc.
Benchmarks
Bloomberg Barclays U.S. Aggregate Index
The Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The Index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS (agency and non-agency).
Bloomberg Barclays U.S. Intermediate Credit
The Index is the intermediate component of the Bloomberg Barclays U.S. Credit Index. The Bloomberg Barclays U.S. Credit Index measures the investment grade, US dollar-denominated, fixed-rate, taxable, corporate and government –related bond markets. It is composed of the US Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals, and local authorities.
Intra-month cash flows from interest and principal payments contribute to monthly Index returns but are not reinvested at a short-term reinvestment rate between rebalance dates. At each rebalancing, cash is effectively reinvested into the returns universe for the following month so that Index results over two or more months reflect monthly compounding. One cannot invest directly in an Index.
List of Composites
A complete listing and description of all composites is available upon request.
Dispersion
The dispersion of annual returns is measured by the asset weighted standard deviation across portfolio returns represented within the composite for the full year.
Performance
Gross returns are presented gross of management fees, custodial fees, and withholding taxes, but net of direct trading expenses. Net-of-fee returns are net of actual investment management fees and direct trading expenses. All returns are based in U.S. dollars and computed using a time-weighted total return. Composite returns are asset weighted individual portfolios computed monthly. Returns for periods exceeding 12 months are annualized. The Dolan McEniry Investment Grade Composite includes both price performance and coupon/dividend income as do the Bloomberg Barclays U.S. Intermediate Credit Index and Bloomberg Barclays U.S. Aggregate Index. Results reflect the reinvestment of dividends, interest and other earnings. The Dolan McEniry performance reflected above is not necessarily indicative of future results and, as a composite of different accounts, does not necessarily reflect the exact performance of any specific account. Additional information regarding the firm’s policies and procedures for calculating and reporting performance returns is available upon request.
Management
Daniel D. Dolan, Jr. and Roger S. McEniry are responsible for the investment management process of this composite.
Fee Schedule
Dolan McEniry Capital Management, LLC’s standard fee is 0.25% (25bps) of assets under management for accounts over $2,000,000 USD.
Disclaimer
Past performance is no guarantee of future results. Investing is speculative and involves risk, including the possible loss of principal. Historical returns should not be used as the primary basis for investment decisions. This product should be considered based on the suitability of its strategy in relation to return objectives, risk tolerances, and other investments. Although the statements of fact and data in this document have been obtained from or based upon sources believed to be reliable, Dolan McEniry Capital Management, LLC makes no warranties or representation as to their accuracy, correctness, or reliability, and assumes no liability or responsibility for any omissions or errors.
Dolan McEniry Short Duration
Data through September 30, 2018
| Year | Total Firm Assets (USD Millions) | Composite Assets (USD Millions) | Composite Percent of Firm Assets | Composite Accounts at Year-End | Composite Gross Annual Return | Composite Net Annual Return | Bloomberg Barclays US Credit 1-5 year Annual Return | Composite Dispersion | 3-Yr St Deviation1 Dolan McEniry Short Duration |
3-Yr St Deviation1 Bloomberg Barclays US Credit 1-5 yr |
|---|---|---|---|---|---|---|---|---|---|---|
| 2015 | 4,903 | 50.2 | 1.00% | 2 | 1.77% | 1.52% | 1.06% | 0.00% | ||
| 2016 | 5,886 | 36.9 | 0.60% | 2 | 4.57% | 4.22% | 2.58% | 0.00% | ||
| 2017 | 6,340 | 175.4 | 2.80% | 3 | 3.20% | 2.85% | 2.32% | 0.18% | ||
| YTD 2018 | 6,442 | 163.9 | 2.50% | 14 | 1.41% | 1.11% | 0.18% | |||
| MONTH | 0.22% | 0.19% | -0.09% | |||||||
| LAST 12 MONTHS | 1.56% | 1.15% | 0.05% | |||||||
| LAST 2 YEARS | 2.39% | 1.98% | 0.79% | |||||||
| SINCE INCEPTION (12/31/2014) | 2.92% | 2.51% | 1.64% |
1. 3-Year Ex-post Standard Deviation is not presented because 36 months of returns are not available.
Compliance Statement
Dolan McEniry Capital Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Dolan McEniry Capital Management, LLC has been independently verified for the periods September 30, 1997 through December 31, 2017. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Dolan McEniry Short Duration Composite has been examined for the periods December 31, 2014 through December 31, 2017. The verification and performance examination reports are available upon request.
Definition of the Firm
Dolan McEniry Capital Management, LLC is an independent investment management firm established in 1997 and is an SEC registered investment adviser. Registration of an adviser does not imply a certain level of skill or training. Dolan McEniry Capital Management, LLC manages fixed income accounts utilizing Dolan McEniry’s specific strategies for institutional and individual clients.
Definition of the Composite
Dolan McEniry Short Duration Composite is a fixed income investment product benchmarked against the Bloomberg Barclays U.S. Credit 1-5 Year Index. In this strategy, the firm utilizes U.S. corporate investment grade, U.S. corporate high yield and U.S. Treasury securities. Dolan McEniry Short Duration is approximately 60% U.S. corporate investment grade bonds and 40% U.S. corporate high yield bonds. The composite has an average duration target of 3 years or less. The Dolan McEniry Short Duration Composite was created on December 31, 2015 and includes short duration mandate accounts going back to December 31, 2014.
Non-fee paying accounts represented less than 2% of the composite assets for all periods shown. There were no non-fee paying accounts in the composite as of December 31, 2017.
Bundled fee assets as percentage of composite assets are as follows:
| Year | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|
| % of bundled fee in the composite | 0 | 0 | 0 | 0 |
The bundled fee may consist of custodian fees, administrative fees, etc.
Benchmark
Bloomberg Barclays U.S. Credit 1-5 Year
This Index is the 1-5 year maturity component of the Bloomberg Barclays U.S. Credit Index. Must have a maturity from 1 up to (but not including) 5 years. The Index includes both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility, and Finance, which include both U.S. and non-U.S. corporations. The non-corporate sectors are Sovereign, Supranational, Foreign Agency, and Foreign Local Government.
Intra-month cash flows from interest and principal payments contribute to monthly Index returns but are not reinvested at a short-term reinvestment rate between rebalance dates. At each rebalancing, cash is effectively reinvested into the returns universe for the following month so that Index results over two or more months reflect monthly compounding. One cannot invest directly in an Index.
List of Composites
A complete listing and description of all composites is available upon request.
Dispersion
The dispersion of annual returns is measured by the asset weighted standard deviation across portfolio returns represented within the composite for the full year.
Performance
Gross returns are presented gross of management fees, custodial fees, and withholding taxes, but net of direct trading expenses. Net-of-fee returns are based on a model 0.40% (40bps) investment management fee applied monthly and direct trading expenses. All returns are based in U.S. dollars and computed using a time-weighted total return. Composite returns are asset weighted individual portfolios computed monthly. Returns for periods exceeding 12 months are annualized. The Dolan McEniry Short Duration Composite includes both price performance and coupon/dividend income as does the Bloomberg Barclays U.S. Credit 1-5 Year Index. Results reflect the reinvestment of dividends, interest and other earnings. The Dolan McEniry performance reflected above is not necessarily indicative of future results and, as a composite of different accounts, does not necessarily reflect the exact performance of any specific account. Additional information regarding the firm’s policies and procedures for calculating and reporting performance returns is available upon request.
Management
Daniel D. Dolan, Jr. and Roger S. McEniry are responsible for the investment management process of this composite.
Fee Schedule
Dolan McEniry Capital Management, LLC’s standard fee is 0.40% (40bps) of assets under management for accounts over $2,000,000 USD.
Disclaimer
Past performance is no guarantee of future results. Investing is speculative and involves risk, including the possible loss of principal. Historical returns should not be used as the primary basis for investment decisions. This product should be considered based on the suitability of its strategy in relation to return objectives, risk tolerances, and other investments. Although the statements of fact and data in this document have been obtained from or based upon sources believed to be reliable, Dolan McEniry Capital Management, LLC makes no warranties or representation as to their accuracy, correctness, or reliability, and assumes no liability or responsibility for any omissions or errors.
| Year | Total Firm Assets (USD Millions) | Composite Assets (USD Millions) | Composite Percent of Firm Assets | Composite Accounts at Year-End | Composite Gross Annual Return | Composite Net Annual Return | Bloomberg Barclays US Aggregate Annual Return | Bloomberg Barclays US Intermediate Credit Annual Return | Composite Dispersion | 3-Yr Annualized St Deviation Dolan McEniry Core Plus |
3-Yr Annualized St Deviation Bloomberg Barclays US Aggregate |
3-Yr Annualized St Deviation Bloomberg Barclays US Intermediate Credit |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1997* | 125 | 19.2 | 15.40% | 2 | 3.45% | 3.36% | 2.94% | 1.92% | 0.09% | |||
| 1998 | 228 | 60.6 | 26.60% | 10 | 8.18% | 7.83% | 8.69% | 8.29% | 0.52% | |||
| 1999 | 373 | 54.3 | 14.60% | 12 | 2.13% | 1.78% | -0.82% | 0.16% | 0.66% | |||
| 2000 | 389 | 155.1 | 39.90% | 22 | 9.35% | 9.00% | 11.63% | 9.46% | 1.18% | |||
| 2001 | 338 | 207.1 | 61.30% | 22 | 9.29% | 8.94% | 8.44% | 9.77% | 0.70% | |||
| 2002 | 397 | 283.2 | 71.30% | 24 | 12.35% | 11.95% | 10.26% | 10.14% | 0.57% | |||
| 2003 | 674 | 441.7 | 65.50% | 34 | 7.92% | 7.56% | 4.10% | 6.91% | 0.74% | |||
| 2004 | 776 | 532.4 | 68.60% | 40 | 5.39% | 5.06% | 4.34% | 4.08% | 0.44% | |||
| 2005 | 1,051 | 844.4 | 80.30% | 61 | 1.80% | 1.47% | 2.43% | 1.42% | 0.19% | |||
| 2006 | 1,116 | 909.3 | 81.50% | 58 | 5.41% | 5.09% | 4.33% | 4.49% | 0.39% | |||
| 2007 | 1,181 | 957.7 | 81.10% | 71 | 7.18% | 6.86% | 6.97% | 5.60% | 0.27% | |||
| 2008 | 1,182 | 1,047.90 | 88.70% | 57 | -2.91% | -3.21% | 5.24% | -2.76% | 2.28% | |||
| 2009 | 1,969 | 1,499.50 | 76.20% | 111 | 22.81% | 22.46% | 5.93% | 15.93% | 2.61% | |||
| 2010 | 2,365 | 1,774.30 | 75.00% | 180 | 10.02% | 9.71% | 6.54% | 7.76% | 0.52% | |||
| 2011 | 2,873 | 2,158.00 | 75.10% | 231 | 7.90% | 7.60% | 7.84% | 5.37% | 0.67% | 3.60% | 2.78% | 3.85% |
| 2012 | 3,939 | 2,688.10 | 68.20% | 413 | 8.37% | 8.08% | 4.21% | 8.10% | 0.59% | 2.56% | 2.38% | 2.85% |
| 2013 | 4,063 | 2,792.10 | 68.70% | 569 | 3.98% | 3.69% | -2.02% | -0.17% | 0.46% | 2.63% | 2.71% | 3.00% |
| 2014 | 4,939 | 3,393.10 | 68.70% | 569 | 5.01% | 4.72% | 5.97% | 4.16% | 0.28% | 2.30% | 2.63% | 2.66% |
| 2015 | 4,903 | 3,235.30 | 66.00% | 619 | 1.62% | 1.34% | 0.55% | 0.90% | 0.29% | 2.59% | 2.88% | 2.58% |
| 2016 | 5,886 | 3,201.30 | 54.40% | 793 | 6.48% | 6.20% | 2.65% | 3.68% | 0.43% | 2.59% | 2.98% | 2.47% |
| 2017 | 6,340 | 3,288.4 | 51.9% | 823 | 5.50% | 5.22% | 3.54% | 3.67% | 0.26% | 2.46% | 2.78% | 2.29% |
| YTD 2018 | 6,442 | 3,320.1 | 51.5% | 825 | 0.14% | -0.07% | -1.60% | -0.73% | ||||
| MONTH | 0.04% | 0.02% | -0.64% | -0.24% | ||||||||
| LAST 12 MONTHS | 0.44% | 0.17% | -1.22% | -0.62% | ||||||||
| LAST 2 YEARS | 2.15% | 1.88% | -0.57% | 0.47% | ||||||||
| LAST 3 YEARS | 4.18% | 3.91% | 1.31% | 2.03% | ||||||||
| LAST 5 YEARS | 4.00% | 3.72% | 2.16% | 2.46% | ||||||||
| LAST 7 YEARS | 4.78% | 4.49% | 2.02% | 2.93% | ||||||||
| LAST 10 YEARS | 6.67% | 6.38% | 3.77% | 5.05% | ||||||||
| LAST 20 YEARS | 6.47% | 6.16% | 4.48% | 4.83% | ||||||||
| SINCE INCEPTION (09/30/1997) | 6.62% | 6.30% | 4.81% | 5.06% |
Compliance Statement
Dolan McEniry Capital Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Dolan McEniry Capital Management, LLC has been independently verified for the periods September 30, 1997 through December 31, 2017. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Dolan McEniry Core Plus Composite has been examined for the periods September 30, 1997 through December 31, 2017. The verification and performance examination reports are available upon request.
*Dolan McEniry Core Plus inception date is September 30, 1997; 1997 is a three month period.
Definition of the Firm
Dolan McEniry Capital Management, LLC is an independent investment management firm established in 1997 and is an SEC registered investment adviser. Registration of an adviser does not imply a certain level of skill or training. Dolan McEniry Capital Management, LLC manages fixed income accounts utilizing Dolan McEniry’s specific strategies for institutional and individual clients.
Definition of the Composite
Dolan McEniry Core Plus is a fixed income investment product benchmarked against the Bloomberg Barclays U.S. Aggregate Index or the Bloomberg Barclays U.S. Intermediate Credit Index. In this strategy, the firm utilizes U.S. corporate investment grade, U.S. corporate high yield and U.S. Treasury securities. Dolan McEniry Core Plus is approximately 75% U.S. corporate investment grade bonds and 25% U.S. corporate high yield bonds. The Dolan McEniry Core Plus Composite was established and created on September 30, 1997.
Prior to the inception of the Dolan McEniry Credit Composite (December 31, 2008) the Dolan McEniry Core Plus Composite was referred to as the "Taxable Fixed Income Composite." We began including accounts that are valued under $1,000,000 USD in the composite as of December 31, 2009. Prior to December 31, 2009 an account had to have a value over $1,000,000 USD to be included in the composite.
Non-fee paying accounts represented less than 2% of the composite assets for all periods shown. There were no non-fee paying accounts in the composite as of December 31, 2017.
Bundled fee assets as percentage of composite assets are as follows:
| Year | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 1997-2002 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| % of bundled fee in the composite | 44.3 | 42.1 | 32.5 | 28.0 | 31.0 | 27.0 | 15.1 | 15.4 | 11.0 | 4.0 | 11.0 | 9.4 | 8.4 | 6.4 | 2.4 | 0.0 |
The bundled fee may consist of custodian fees, administrative fees, etc.
Benchmarks
Bloomberg Barclays U. S. Aggregate Index
The Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The Index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS (agency and non-agency).
Bloomberg Barclays U.S. Intermediate Credit:
The Index is the intermediate component of the Bloomberg Barclays U.S. Credit Index. The Bloomberg Barclays U.S. Credit Index measures the investment grade, US dollar-denominated, fixed-rate, taxable, corporate and government –related bond markets. It is composed of the US Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals, and local authorities.
Effective December 1, 2016, Dolan McEniry Capital Management, LLC retroactively changed the primary benchmark for Dolan McEniry Core Plus from the Bloomberg Barclays U.S. Custom Index to the Bloomberg Barclays U.S. Intermediate Credit Index. The Bloomberg Barclays U.S. Intermediate Credit Index is more in line with Dolan McEniry’s Core Plus strategy in terms of duration, credit quality and sector allocation. Additional information regarding the benchmark change is available upon request.
Intra-month cash flows from interest and principal payments contribute to monthly index returns but are not reinvested at a short-term reinvestment rate between rebalance dates. At each rebalancing, cash is effectively reinvested into the Returns Universe for the following month so that index results over two or more months reflect monthly compounding. One cannot invest directly in an index.
List of Composites
A complete listing and description of all composites is available upon request.
Dispersion
The dispersion of annual returns is measured by the asset weighted standard deviation across portfolio returns represented within the composite for the full year.
Performance
Gross returns are presented gross of management fees, custodial fees, and withholding taxes, but net of direct trading expenses. Net-of-fee returns are net of actual investment management fees and direct trading expenses. All returns are based in U.S. dollars and computed using a time-weighted total return. Composite returns are asset weighted individual portfolios computed monthly. Returns for periods exceeding 12 months are annualized. The Dolan McEniry Core Plus Composite includes both price performance and coupon/dividend income as do the Bloomberg Barclays U.S. Aggregate Index and Bloomberg Barclays U.S. Intermediate Credit Index. Results reflect the reinvestment of dividends, interest and other earnings. The Dolan McEniry performance reflected above is not necessarily indicative of future results and, as a composite of different accounts, does not necessarily reflect the exact performance of any specific account. Additional information regarding the firm’s policies and procedures for calculating and reporting performance returns is available upon request.
Management
Prior to March 31, 2001, Daniel D. Dolan, Jr. was responsible for the investment management process of this composite. As of April 1, 2001, Roger S. McEniry, joined the investment management process of this composite.
Fee Schedule
Dolan McEniry Capital Management, LLC’s standard fee is 0.40% (40bps) of assets under management for accounts over $2,000,000 USD.
Disclaimer
Past performance is no guarantee of future results. Investing is speculative and involves risk, including the possible loss of principal. Historical returns should not be used as the primary basis for investment decisions. This product should be considered based on the suitability of its strategy in relation to return objectives, risk tolerances, and other investments. Although the statements of fact and data in this document have been obtained from or based upon sources believed to be reliable, Dolan McEniry Capital Management, LLC makes no warranties or representation as to their accuracy, correctness, or reliability, and assumes no liability or responsibility for any omissions or errors.
| Year | Total Firm Assets (USD Millions) |
Composite Assets (USD Millions) | Composite Percent of Firm Assets | Composite Accounts at Period-End | Composite Gross Annual Return | Composite Net Annual Return | Intermediate Credit Annual Return | Composite Dispersion | 3-Yr St Deviation Dolan McEniry Credit | 3-Yr St Deviation Bloomberg Barclays Int-Credit |
|---|---|---|---|---|---|---|---|---|---|---|
| 2009 | 1,969 | 322.5 | 16.40% | 268 | 26.35% | 26.00% | 15.93% | 1.19% | ||
| 2010 | 2,365 | 487.4 | 20.60% | 356 | 11.06% | 10.70% | 7.76% | 0.38% | ||
| 2011 | 2,873 | 618.4 | 21.50% | 351 | 8.40% | 8.04% | 5.37% | 0.34% | 4.14% | 3.85% |
| 2012 | 3,939 | 954.7 | 24.20% | 570 | 9.36% | 8.99% | 8.10% | 0.26% | 2.83% | 2.85% |
| 2013 | 4,063 | 1,086.00 | 26.70% | 645 | 4.59% | 4.24% | -0.17% | 0.31% | 2.85% | 3.00% |
| 2014 | 4,939 | 1,283.50 | 26.00% | 706 | 4.90% | 4.55% | 4.16% | 0.23% | 2.36% | 2.66% |
| 2015 | 4,903 | 1,412.80 | 28.80% | 604 | 1.71% | 1.37% | 0.90% | 0.29% | 2.63% | 2.58% |
| 2016 | 5,886 | 2,023.60 | 34.40% | 868 | 6.67% | 6.32% | 3.68% | 0.31% | 2.41% | 2.47% |
| 2017 | 6,340 | 1,966.1 | 31.0% | 1002 | 5.77% | 5.45% | 3.67% | 0.23% | 2.28% | 2.29% |
| YTD 2018 | 6,442 | 2,127.3 | 33.0% | 1,096 | 0.73% | 0.47% | -0.73% | |||
| MONTH | 0.17% | 0.14% | -0.24% | |||||||
| LAST 12 MONTHS | 1.10% | 0.76% | -0.62% | |||||||
| LAST 2 YEARS | 2.89% | 2.56% | 0.47% | |||||||
| LAST 3 YEARS | 4.62% | 4.29% | 2.03% | |||||||
| LAST 5 YEARS | 4.25% | 3.90% | 2.46% | |||||||
| LAST 7 YEARS | 5.25% | 4.90% | 2.93% | |||||||
| SINCE INCEPTION (12/31/2008) | 7.96% | 7.61% | 4.89% |
Compliance Statement
Dolan McEniry Capital Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Dolan McEniry Capital Management, LLC has been independently verified for the periods September 30, 1997 through December 31, 2017. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Dolan McEniry Credit Composite has been examined for the periods December 31, 2008 through December 31, 2017. The verification and performance examination reports are available upon request.
Definition of the Firm
Dolan McEniry Capital Management, LLC is an independent investment management firm established in 1997 and is an SEC registered investment adviser. Registration of an adviser does not imply a certain level of skill or training. Dolan McEniry Capital Management, LLC manages fixed income accounts utilizing Dolan McEniry’s specific strategies for institutional and individual clients.
Definition of the Composite
Dolan McEniry Credit is a fixed income investment product benchmarked against the Bloomberg Barclays U.S. Intermediate Credit Index. In this strategy, the firm utilizes U.S. corporate investment grade, U.S. corporate high yield and U.S. Treasury securities. Dolan McEniry Credit has averaged approximately 50% U.S. corporate investment grade bonds and 50% U.S. corporate high yield bonds. The Dolan McEniry Credit Composite was established and created on December 31, 2008.
Non-fee paying accounts represented less than 2% of the composite assets for all periods shown. There were 0.04% non-fee paying accounts in the composite as of December 31, 2017.
Bundled fee assets as percentage of composite assets are as follows:
| Year | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|
| % of bundled fee in the composite | 60.4 | 47.4 | 58.3 | 68.0 | 71.0 | 72.0 | 66.0 | 87.0 | 87.0 |
The bundled fee may consist of custodian fees, administrative fees, etc. Composite returns are asset weighted individual portfolios computed monthly.
Benchmarks
Bloomberg Barclays U.S. Intermediate Credit
The Index is the intermediate component of the Bloomberg Barclays U.S. Credit Index. The Bloomberg Barclays U.S. Credit Index measures the investment grade, US dollar-denominated, fixed-rate, taxable, corporate and government –related bond markets. It is composed of the US Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals, and local authorities.
Intra-month cash flows from interest and principal payments contribute to monthly Index returns but are not reinvested at a short-term reinvestment rate between rebalance dates. At each rebalancing, cash is effectively reinvested into the returns universe for the following month so that Index results over two or more months reflect monthly compounding. One cannot invest directly in an Index.
List of Composites
A complete listing and description of all composites is available upon request.
Dispersion
The dispersion of annual returns is measured by the asset weighted standard deviation across portfolio returns represented within the composite for the full year.
Performance
Gross returns are presented gross of management fees, custodial fees, and withholding taxes, but net of direct trading expenses. Net-of-fee returns are net of actual investment management fees and direct trading expenses. All returns are based in U.S. dollars and computed using a time-weighted total return. Composite returns are asset weighted individual portfolios computed monthly. Returns for periods exceeding 12 months are annualized. The Dolan McEniry Credit Composite includes both price performance and coupon/dividend income as does the Bloomberg Barclays U.S Intermediate Credit Index. Results reflect the reinvestment of dividends, interest and other earnings. The Dolan McEniry performance reflected above is not necessarily indicative of future results and, as a composite of different accounts, does not necessarily reflect the exact performance of any specific account. Additional information regarding the firm’s policies and procedures for calculating and reporting performance returns is available upon request.
Management
Daniel D. Dolan, Jr. and Roger S. McEniry are responsible for the investment management process of this composite.
Fee Schedule
Dolan McEniry Capital Management, LLC’s standard fee is 0.40% (40bps) of assets under management for accounts over $2,000,000 USD.
Disclaimer
Past performance is no guarantee of future results. Investing is speculative and involves risk, including the possible loss of principal. Historical returns should not be used as the primary basis for investment decisions. This product should be considered based on the suitability of its strategy in relation to return objectives, risk tolerances, and other investments. Although the statements of fact and data in this document have been obtained from or based upon sources believed to be reliable, Dolan McEniry Capital Management, LLC makes no warranties or representation as to their accuracy, correctness, or reliability, and assumes no liability or responsibility for any omissions or errors.
| Year | Total Firm Assets (USD Millions) | Composite Assets (USD Millions) | Composite Percent of Firm Assets | Composite Accounts at Period-End | Composite Gross Return | Composite Net Annual Return | Bloomberg Barclays Corporate High Yield Ba/B Return | Composite Dispersion2 | 3-Yr St Deviation1 Dolan McEniry High Yield | 3-Yr St Deviation1 Bloomberg Barclays Corporate High Yield Ba/B |
|---|---|---|---|---|---|---|---|---|---|---|
| 2015* | 4,903 | 3.1 | 0.10% | 4 | 1.01% | 0.82% | -1.02% | 0.00% | ||
| 2016 | 5,886 | 276.5 | 4.70% | 45 | 8.79% | 8.04% | 14.14% | 0.78% | ||
| 2017 | 6,340 | 406.6 | 6.40% | 111 | 7.61% | 6.86% | 6.92% | 0.10% | ||
| YTD 2018 | 6,442 | 391.1 | 6.10% | 103 | 1.75% | 1.15% | 1.80% | |||
| MONTH | 0.34% | 0.27% | 0.43% | |||||||
| LAST 12 MONTHS | 2.04% | 1.24% | 2.18% | |||||||
| SINCE INCEPTION (09/30/2015) | 6.36% | 5.56% | 7.13% |
1. 3-Year Ex-post Standard Deviation is not presented because 36 months of returns are not available.
2. Composite dispersion is not presented in 2015 because there were no accounts in the composite for the entire year.
Compliance Statement
Dolan McEniry Capital Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Dolan McEniry Capital Management, LLC has been independently verified for the periods September 30, 1997 through December 31, 2017. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Dolan McEniry High Yield Composite has been examined for the periods September 30, 2015 through December 31, 2017. The verification and performance examination reports are available upon request.
*Dolan McEniry High Yield inception date is September 30, 2015; 2015 is a three month period
Definition of the Firm
Dolan McEniry Capital Management, LLC is an independent investment management firm established in 1997 and is an SEC registered investment adviser. Registration of an adviser does not imply a certain level of skill or training. Dolan McEniry Capital Management, LLC manages fixed income accounts utilizing Dolan McEniry’s specific strategies for institutional and individual clients.
Definition of the Composite
Dolan McEniry High Yield is a fixed income investment product benchmarked against the Bloomberg Barclays U.S. Corporate High Yield Ba/B Index. In this strategy, the firm utilizes entirely U.S. corporate high yield bonds; however, the strategy will invest in U.S. corporate investment grade bonds when appropriate. Dolan McEniry High Yield is approximately 90% U.S. corporate high yield bonds and 10% U.S. corporate investment grade bonds. The Dolan McEniry High Yield Composite was established and created on September 30, 2015.
Non-fee paying accounts represented less than 2% of the composite assets for all periods shown after July 31, 2016. Performance results prior to July 31, 2016 are derived from the returns of fully discretionary separate accounts made up of the firm’s own capital. Due to the internal nature of the funds, no management fees have been charged to the accounts throughout their lifespans. There were 1.68% non-fee paying accounts in the composite as of December 31, 2017.
Bundled fee assets as percentage of composite assets are as follows:
| Year | 2017 | 2016 | 2015 |
|---|---|---|---|
|
% of bundled fee in the composite |
38.1 | 0 | 0 |
The bundled fee may consist of custodian fees, administrative fees, etc.
Benchmarks
Bloomberg Barclays U.S. Corporate High Yield Ba/B Index
The Index is the Ba/B component of the Bloomberg Barclays US Corporate High Yield Index. The Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Bonds from issuers with an emerging markets country of risk, based on the indices’ EM country definition, are excluded. The corporate sectors include industrial, financial institutions, and utility. Bonds must have at least one year until final maturity.
Intra-month cash flows from interest and principal payments contribute to monthly Index returns but are not reinvested at a short-term reinvestment rate between rebalance dates. At each rebalancing, cash is effectively reinvested into the returns universe for the following month so that Index results over two or more months reflect monthly compounding. One cannot invest directly in an Index.
List of Composites
A complete listing and description of all composites is available upon request.
Dispersion
The dispersion of annual returns is measured by the asset weighted standard deviation across portfolio returns represented within the composite for the full year.
Performance
Gross returns are presented gross of management fees, custodial fees, and withholding taxes, but net of direct trading expenses. Net-of-fee returns are based on a model 0.75% (75bps) investment management fee applied monthly and direct trading expenses. All returns are based in U.S. dollars and computed using a time-weighted total return. Composite returns are asset weighted individual portfolios computed monthly. Returns for periods exceeding 12 months are annualized. The Dolan McEniry High Yield Composite includes both price performance and coupon/dividend income as does the Bloomberg Barclays U.S Corporate High Yield Ba/B Index. Results reflect the reinvestment of dividends, interest and other earnings. The Dolan McEniry performance reflected above is not necessarily indicative of future results and, as a composite of different accounts, does not necessarily reflect the exact performance of any specific account. Additional information regarding the firm’s policies and procedures for calculating and reporting performance returns is available upon request.
Management
Daniel D. Dolan, Jr. and Roger S. McEniry are responsible for the investment management process of this composite.
Fee Schedule
Dolan McEniry Capital Management, LLC’s standard fee is 0.75% (75bps) of assets under management for accounts over $1,000,000 USD.
Disclaimer
Past performance is no guarantee of future results. Investing is speculative and involves risk, including the possible loss of principal. Historical returns should not be used as the primary basis for investment decisions. This product should be considered based on the suitability of its strategy in relation to return objectives, risk tolerances, and other investments. Although the statements of fact and data in this document have been obtained from or based upon sources believed to be reliable, Dolan McEniry Capital Management, LLC makes no warranties or representation as to their accuracy, correctness, or reliability, and assumes no liability or responsibility for any omissions or errors.
| Year | Total Firm Assets (USD Millions) | Composite Assets (USD Millions) | Composite Percent of Firm Assets | Composite Accounts at Year-End | Composite Gross Annual Return | Composite Net Annual Return | Bloomberg Barclays US Intermediate Credit Annual Return | Bloomberg Barclays US Aggregate Annual Return | Composite Dispersion | 3-Yr Annualized St Deviation Dolan McEniry Investment Grade | 3-Yr Annualized St Deviation Bloomberg Barclays US Intermediate Credit | 3-Yr Annualized St Deviation Bloomberg Barclays US Aggregate |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003* | 674 | 12.1 | 1.80% | 1 | 1.64% | 1.51% | 0.39% | 0.32% | 0.00% | |||
| 2004 | 776 | 13.6 | 1.80% | 1 | 4.40% | 4.22% | 4.08% | 4.34% | 0.00% | |||
| 2005 | 1,051 | 13.8 | 1.30% | 1 | 1.44% | 1.19% | 1.42% | 2.43% | 0.00% | |||
| 2006 | 1,116 | 14.1 | 1.30% | 1 | 4.27% | 4.01% | 4.49% | 4.33% | 0.00% | |||
| 2007 | 1,181 | 17 | 1.40% | 1 | 7.05% | 6.79% | 5.60% | 6.97% | 0.00% | |||
| 2008 | 1,182 | 17.2 | 1.50% | 1 | 1.31% | 1.05% | -2.76% | 5.24% | 0.00% | |||
| 2009 | 1,969 | 18.4 | 0.90% | 1 | 17.00% | 16.71% | 15.93% | 5.93% | 0.00% | |||
| 2010 | 2,365 | 18.1 | 0.80% | 1 | 9.17% | 8.90% | 7.76% | 6.54% | 0.00% | |||
| 2011 | 2,873 | 19 | 0.70% | 1 | 6.56% | 6.30% | 5.37% | 7.84% | 0.00% | 2.90% | 3.85% | 2.78% |
| 2012 | 3,939 | 21.6 | 0.50% | 1 | 7.15% | 6.89% | 8.10% | 4.21% | 0.00% | 2.11% | 2.85% | 2.38% |
| 2013 | 4,063 | 22.7 | 0.60% | 1 | 2.41% | 2.16% | -0.17% | -2.02% | 0.00% | 2.23% | 3.00% | 2.71% |
| 2014 | 4,939 | 68.8 | 1.40% | 2 | 5.28% | 4.98% | 4.16% | 5.97% | 0.00% | 2.27% | 2.66% | 2.63% |
| 2015 | 4,903 | 60.4 | 1.20% | 2 | 1.48% | 1.17% | 0.90% | 0.55% | 0.27% | 2.52% | 2.58% | 2.88% |
| 2016 | 5,886 | 67.9 | 1.20% | 3 | 5.78% | 5.47% | 3.68% | 2.65% | 0.15% | 2.74% | 2.47% | 2.98% |
| 2017 | 6,340 | 265.5 | 4.20% | 17 | 5.48% | 5.17% | 3.67% | 3.54% | 0.07% | 2.61% | 2.29% | 2.78% |
| YTD 2018 | 6,442 | 300.2 | 4.70% | 26 | -0.39% | -0.59% | -0.73% | -1.60% | ||||
| MONTH | -0.16% | -0.18% | -0.24% | -0.64% | ||||||||
| LAST 12 MONTHS | -0.12% | -0.38% | -0.62% | -1.22% | ||||||||
| LAST 2 YEARS | 1.63% | 1.34% | 0.47% | -0.57% | ||||||||
| LAST 3 YEARS | 3.53% | 3.24% | 2.03% | 1.31% | ||||||||
| LAST 5 YEARS | 3.63% | 3.35% | 2.46% | 2.16% | ||||||||
| LAST 7 YEARS | 4.04% | 3.76% | 2.93% | 2.02% | ||||||||
| LAST 10 YEARS | 5.91% | 5.63% | 5.05% | 3.77% | ||||||||
| SINCE INCEPTION (09/30/2003) | 5.26% | 5.00% | 4.04% | 3.78% |
Compliance Statement
Dolan McEniry Capital Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Dolan McEniry Capital Management, LLC has been independently verified for the periods September 30, 1997 through December 31, 2017. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Dolan McEniry Investment Grade Composite has been examined for the periods September 30, 2003 through December 31, 2017. The verification and performance examination reports are available upon request.
*Dolan McEniry Investment Grade inception date is September 30, 2003; 2003 is a three month period.
Definition of the Firm
Dolan McEniry Capital Management, LLC is an independent investment management firm established in 1997 and is an SEC registered investment adviser. Registration of an adviser does not imply a certain level of skill or training. Dolan McEniry Capital Management, LLC manages fixed income accounts utilizing Dolan McEniry’s specific strategies for institutional and individual clients.
Definition of the Composite
Dolan McEniry Investment Grade is a fixed income investment product benchmarked against the Bloomberg Barclays U.S. Intermediate Credit Index or Bloomberg Barclays U.S. Aggregate Index. In this strategy, the firm utilizes entirely U.S. corporate investment grade bonds and U.S. Treasury securities. Dolan McEniry Investment Grade is approximately 100% U.S. investment grade securities. The Dolan McEniry Investment Grade Composite was created on December 31, 2015 and includes investment grade only accounts going back to September 30, 2003.
Non-fee paying accounts represented less than 2% of the composite assets for all periods shown. There were 1.96% non-fee paying accounts in the composite as of December 31, 2017.
Bundled fee assets as percentage of composite assets are as follows:
| Year | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| % of bundled fee in the composite | 72.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
The bundled fee may consist of custodian fees, administrative fees, etc.
Benchmarks
Bloomberg Barclays U.S. Aggregate Index
The Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The Index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS (agency and non-agency).
Bloomberg Barclays U.S. Intermediate Credit
The Index is the intermediate component of the Bloomberg Barclays U.S. Credit Index. The Bloomberg Barclays U.S. Credit Index measures the investment grade, US dollar-denominated, fixed-rate, taxable, corporate and government –related bond markets. It is composed of the US Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals, and local authorities.
Intra-month cash flows from interest and principal payments contribute to monthly Index returns but are not reinvested at a short-term reinvestment rate between rebalance dates. At each rebalancing, cash is effectively reinvested into the returns universe for the following month so that Index results over two or more months reflect monthly compounding. One cannot invest directly in an Index.
List of Composites
A complete listing and description of all composites is available upon request.
Dispersion
The dispersion of annual returns is measured by the asset weighted standard deviation across portfolio returns represented within the composite for the full year.
Performance
Gross returns are presented gross of management fees, custodial fees, and withholding taxes, but net of direct trading expenses. Net-of-fee returns are net of actual investment management fees and direct trading expenses. All returns are based in U.S. dollars and computed using a time-weighted total return. Composite returns are asset weighted individual portfolios computed monthly. Returns for periods exceeding 12 months are annualized. The Dolan McEniry Investment Grade Composite includes both price performance and coupon/dividend income as do the Bloomberg Barclays U.S. Intermediate Credit Index and Bloomberg Barclays U.S. Aggregate Index. Results reflect the reinvestment of dividends, interest and other earnings. The Dolan McEniry performance reflected above is not necessarily indicative of future results and, as a composite of different accounts, does not necessarily reflect the exact performance of any specific account. Additional information regarding the firm’s policies and procedures for calculating and reporting performance returns is available upon request.
Management
Daniel D. Dolan, Jr. and Roger S. McEniry are responsible for the investment management process of this composite.
Fee Schedule
Dolan McEniry Capital Management, LLC’s standard fee is 0.25% (25bps) of assets under management for accounts over $2,000,000 USD.
Disclaimer
Past performance is no guarantee of future results. Investing is speculative and involves risk, including the possible loss of principal. Historical returns should not be used as the primary basis for investment decisions. This product should be considered based on the suitability of its strategy in relation to return objectives, risk tolerances, and other investments. Although the statements of fact and data in this document have been obtained from or based upon sources believed to be reliable, Dolan McEniry Capital Management, LLC makes no warranties or representation as to their accuracy, correctness, or reliability, and assumes no liability or responsibility for any omissions or errors.
| Year | Total Firm Assets (USD Millions) | Composite Assets (USD Millions) | Composite Percent of Firm Assets | Composite Accounts at Year-End | Composite Gross Annual Return | Composite Net Annual Return | Bloomberg Barclays US Credit 1-5 year Annual Return | Composite Dispersion | 3-Yr St Deviation1 Dolan McEniry Short Duration |
3-Yr St Deviation1 Bloomberg Barclays US Credit 1-5 yr |
|---|---|---|---|---|---|---|---|---|---|---|
| 2015 | 4,903 | 50.2 | 1.00% | 2 | 1.77% | 1.52% | 1.06% | 0.00% | ||
| 2016 | 5,886 | 36.9 | 0.60% | 2 | 4.57% | 4.22% | 2.58% | 0.00% | ||
| 2017 | 6,340 | 175.4 | 2.80% | 3 | 3.20% | 2.85% | 2.32% | 0.18% | ||
| YTD 2018 | 6,442 | 163.9 | 2.50% | 14 | 1.41% | 1.11% | 0.18% | |||
| MONTH | 0.22% | 0.19% | -0.09% | |||||||
| LAST 12 MONTHS | 1.56% | 1.15% | 0.05% | |||||||
| LAST 2 YEARS | 2.39% | 1.98% | 0.79% | |||||||
| SINCE INCEPTION (12/31/2014) | 2.92% | 2.51% | 1.64% |
1. 3-Year Ex-post Standard Deviation is not presented because 36 months of returns are not available.
Compliance Statement
Dolan McEniry Capital Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Dolan McEniry Capital Management, LLC has been independently verified for the periods September 30, 1997 through December 31, 2017. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Dolan McEniry Short Duration Composite has been examined for the periods December 31, 2014 through December 31, 2017. The verification and performance examination reports are available upon request.
Definition of the Firm
Dolan McEniry Capital Management, LLC is an independent investment management firm established in 1997 and is an SEC registered investment adviser. Registration of an adviser does not imply a certain level of skill or training. Dolan McEniry Capital Management, LLC manages fixed income accounts utilizing Dolan McEniry’s specific strategies for institutional and individual clients.
Definition of the Composite
Dolan McEniry Short Duration Composite is a fixed income investment product benchmarked against the Bloomberg Barclays U.S. Credit 1-5 Year Index. In this strategy, the firm utilizes U.S. corporate investment grade, U.S. corporate high yield and U.S. Treasury securities. Dolan McEniry Short Duration is approximately 60% U.S. corporate investment grade bonds and 40% U.S. corporate high yield bonds. The composite has an average duration target of 3 years or less. The Dolan McEniry Short Duration Composite was created on December 31, 2015 and includes short duration mandate accounts going back to December 31, 2014.
Non-fee paying accounts represented less than 2% of the composite assets for all periods shown. There were no non-fee paying accounts in the composite as of December 31, 2017.
Bundled fee assets as percentage of composite assets are as follows:
| Year | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|
| % of bundled fee in the composite | 0 | 0 | 0 | 0 |
The bundled fee may consist of custodian fees, administrative fees, etc.
Benchmark
Bloomberg Barclays U.S. Credit 1-5 Year
This Index is the 1-5 year maturity component of the Bloomberg Barclays U.S. Credit Index. Must have a maturity from 1 up to (but not including) 5 years. The Index includes both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility, and Finance, which include both U.S. and non-U.S. corporations. The non-corporate sectors are Sovereign, Supranational, Foreign Agency, and Foreign Local Government.
Intra-month cash flows from interest and principal payments contribute to monthly Index returns but are not reinvested at a short-term reinvestment rate between rebalance dates. At each rebalancing, cash is effectively reinvested into the returns universe for the following month so that Index results over two or more months reflect monthly compounding. One cannot invest directly in an Index.
List of Composites
A complete listing and description of all composites is available upon request.
Dispersion
The dispersion of annual returns is measured by the asset weighted standard deviation across portfolio returns represented within the composite for the full year.
Performance
Gross returns are presented gross of management fees, custodial fees, and withholding taxes, but net of direct trading expenses. Net-of-fee returns are based on a model 0.40% (40bps) investment management fee applied monthly and direct trading expenses. All returns are based in U.S. dollars and computed using a time-weighted total return. Composite returns are asset weighted individual portfolios computed monthly. Returns for periods exceeding 12 months are annualized. The Dolan McEniry Short Duration Composite includes both price performance and coupon/dividend income as does the Bloomberg Barclays U.S. Credit 1-5 Year Index. Results reflect the reinvestment of dividends, interest and other earnings. The Dolan McEniry performance reflected above is not necessarily indicative of future results and, as a composite of different accounts, does not necessarily reflect the exact performance of any specific account. Additional information regarding the firm’s policies and procedures for calculating and reporting performance returns is available upon request.
Management
Daniel D. Dolan, Jr. and Roger S. McEniry are responsible for the investment management process of this composite.
Fee Schedule
Dolan McEniry Capital Management, LLC’s standard fee is 0.40% (40bps) of assets under management for accounts over $2,000,000 USD.
Disclaimer
Past performance is no guarantee of future results. Investing is speculative and involves risk, including the possible loss of principal. Historical returns should not be used as the primary basis for investment decisions. This product should be considered based on the suitability of its strategy in relation to return objectives, risk tolerances, and other investments. Although the statements of fact and data in this document have been obtained from or based upon sources believed to be reliable, Dolan McEniry Capital Management, LLC makes no warranties or representation as to their accuracy, correctness, or reliability, and assumes no liability or responsibility for any omissions or errors.