DOLAN MCENIRY CREDIT COMPOSITE

DATA THROUGH February 28, 2017

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
Bloomberg Barclays 
Intermediate
CreditAnnual Return
Composite Dispersion
 3-Yr St Deviation 
Dolan McEniryCredit
Bloomberg Barlcays Intermediate Credit
2009 1,969 322.5 16.4% 268 26.35% 26.00% 15.93% 1.19%    
2010 2,365 487.4 20.6% 356 11.06% 10.70% 7.76% 0.38%    
2011 2,873 618.4 21.5% 351 8.40% 8.04% 5.37% 0.34% 4.14% 3.85%
2012 3,939 954.7 24.2% 570 9.36% 8.99% 8.10% 0.26% 2.83% 2.85%
2013 4,063 1,086.0 26.7% 645 4.59% 4.24% -0.17% 0.31% 2.85% 3.00%
2014 4,939 1,283.5 26.0% 706 4.90% 4.55% 4.16% 0.23% 2.36% 2.66%
2015 4,903 1,412.8 28.8% 604 1.71% 1.37% 0.90% 0.29% 2.63% 2.58%
2016 5,886 2,023.6 34.4% 868 6.66% 6.32% 3.68% 0.31% 2.41% 2.47%
YTD 2017 6,091 2,080.8 34.2% 898 1.78% 1.72% 1.10%      
MONTH     1.02% 1.00% 0.72%      
LAST 12 MONTHS    7.79% 7.45% 3.67%      
LAST 2 YEARS     4.32% 3.97% 2.16%      
LAST 3 YEARS     4.31% 3.96% 2.67%      
LAST 5 YEARS     5.25% 4.89% 2.98%      
LAST 7 YEARS     6.48% 6.12% 4.08%      
SINCE INCEPTION (12/31/2008)    8.97% 8.61% 5.64%      


Disclosures
 

Returns for periods exceeding 12 months are annualized.
 
Compliance Statement
Dolan McEniry Capital Management, 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 has been independently verified for the periods September 30, 1997 through December 31, 2015. 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, 2015. The verification and performance examination reports are available upon request.
 
Past performance is no guarantee of future results.
 
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 with the SEC does not imply a certain level of skill or training.  Dolan McEniry Capital Management, LLC  manages fixed income accounts utilizing DMC’s specific strategies for institutional and individual clients.  Additional information regarding the firm’s policies and procedures for calculating and reporting performance returns is available upon request.
 
Definition of the Composite
Dolan McEniry Credit is a fixed income investment product benchmarked against the Bloomberg Barclays U.S. Intermediate Credit Index or the Bloomberg Barclays U.S. Intermediate Corporate Index. In this strategy, the firm utilizes U.S. corporate investment grade, high yield and U.S. Treasury securities. Dolan McEniry Credit has averaged approximately 60% investment grade corporate bonds and 40% high yield corporate bonds. The Dolan McEniry Credit Composite was established and created on December 31, 2008.
 
All returns are based in U.S. dollars and computed using a time-weighted total return. The composite includes all fee paying, discretionary accounts managed according to Dolan McEniry’s Credit strategy and have been under management for two months. There are no non fee paying accounts in the composite. 
 
Bundled fee assets as percentage of composite assets are as follows:
 
Year 2016 2015 2014 2013 2012 2011 2010 2009
% of bundled fee
portfolios
in the composite
39.6 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.
The Dolan McEniry Credit Composite includes both price performance and coupon income as does the Bloomberg Barclays U.S. Intermediate Credit.
 
Benchmarks
Bloomberg Barclays U.S. Intermediate Credit Index
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.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. 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.
 
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% (40bp) of assets under management for accounts over $5,000,000USD.
 
Disclaimer
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 mo warranties or representation as to their accuracy, correctness, or reliability, and assumes no liability or responsibility for any omissions or errors.