Short Duration

• Dolan McEniry Short Duration (Net)
• Bloomberg Barclays U.S. Credit 1–5 Year
• Bloomberg Barclays U.S. Credit 1–3 Year

Disclosures

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, 2019.

Benchmarks

Bloomberg Barclays U.S. Credit 1-5 Year Index
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.

Bloomberg Barclays U.S. Credit 1-3 Year Index
This Index is the 1-3 year maturity component of the Bloomberg Barclays U.S. Credit Index. Must have a maturity from 1 up to (but not including) 3 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.

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.

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.