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Ultra Short Duration Strategy

The strategy seeks maximum total return consistent with the preservation of capital. Interest rate risk is managed by maintaining an effective duration of one year or less under normal market conditions. 

  • 25 year track record
  • Higher-quality (Investment Grade), high cash flow bonds with an emphasis on complexity premium
  • Buy and hold approach with an emphasis on structured securities
  • Seeks to keep duration less than a year, which reduces duration risk compared to longer duration portfolios
  • Competitive performance versus peers and benchmark1

Ultra Short Duration Commentary (PDF)

Ultra Short Duration Fact Sheet (PDF)

Subprime Auto Asset-Backed Securities (PDF)

Ultra Short Duration
ICE BofAML 3-Month T-Bill
Jul. 1, 1995


The team views the Ultra Short Duration strategy as an extension of the money market sector, offering the potential for additional returns in exchange for a modest degree of price volatility. Its buy and hold approach produces a portfolio with significant first-year cash flows, and an overriding goal to maximize reinvestment opportunities and reduce price volatility. The strategy's multi-sector approach emphasizes structured products, which historically have produced high alpha and Sharpe ratios through interest rate and credit cycles. The strategy leverages the firm's sector specialists as well as advanced evaluation and risk management capabilities in these increasingly complex markets.

Portfolio Construction

  • Invests primarily in investment grade cash bonds and cash 
  • U.S. dollar-denominated securities with Yankee bond exposure typically below 10%
  • Maximum of 5% in any one issuer
  • Maximum of 25% in any one industry 
  • Duration must be less than 1 year

Strategy Facts

As of 12/31/2023
 Assets Under Management
$903 million
 eVestment Universe U.S. Enhanced Cash Management
 Investment Vehicles

Separate Account
Mutual Fund


Scott Weston

Scott D. Weston

Managing Director, Senior Portfolio Manager

Career Summary
Countrywide Investments
Midwest Group of Funds

BA - University of Utah
MBA - University of Cincinnati

Meet Scott Weston
Brent Miller

Brent A. Miller, CFA

Vice President, Senior Portfolio Manager Structured Products

Career Summary
Integrity Companies

BS - University of Evansville

Meet Brent Miller
photo of Laura Mayfield

Laura L. Mayfield

Assistant Vice President, Senior Portfolio Manager

Career Summary
Western & Southern Life Assurance Company

BA - Olivet Nazarene University
MBA - Xavier University

Meet Laura Mayfield

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Past performance is not indicative of future results.