High Yield

• Dolan McEniry High Yield (Net)
• Bloomberg U.S. High Yield Ba/B Index

Disclosures

 

Definition of the Composite

Dolan McEniry High Yield is a fixed income investment product benchmarked against the Bloomberg 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. 

There were no non-fee paying accounts in the composite as of December 31, 2022.  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 less than 2% of non-fee paying accounts in the composite as of December 31, 2021.

Benchmarks

Bloomberg U.S. Corporate High Yield Ba/B Index

The Index is the Ba/B component of the Bloomberg 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.

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. Prior to 12/31/2018, net-of-fee returns were based on a model 0.60% (60bps) investment management fee applied monthly and direct trading expense. 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 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. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request.

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.

GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.