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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. 

  • 20+ 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
STYLE
ICE BofAML 3-Month T-Bill
BENCHMARK
Jul. 1, 1995
INCEPTION

Philosophy

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 6/30/2019
 Assets Under Management
$1.2 billion
 eVestment Universe U.S. Enhanced Cash Management
 Investment Vehicles Separate Account
Mutual Fund

Management

Scott Weston

Scott D. Weston

Managing Director, Senior Portfolio Manager

Career Summary
Countrywide Investments
Midwest Group of Funds

Education 
BA - University of Utah
MBA - University of Cincinnati

Meet Scott Weston
Brent Miller

Brent A. Miller, CFA

Assistant Vice President, Senior Portfolio Manager

Career Summary
Integrity Companies

Education 
BS - University of Evansville

Meet Brent Miller

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IMPORTANT DISCLOSURES
Past performance is not indicative of future results.