Investment Grade

• Dolan McEniry Investment Grade (Net)
• Bloomberg U.S. Intermediate Credit Index
• Bloomberg U.S. Aggregate Index

Disclosures

 

Definition of the Composite

Dolan McEniry Investment Grade is a fixed income investment product benchmarked against the Bloomberg U.S. Intermediate Credit Index or Bloomberg U.S. Aggregate Index. In this strategy, the firm utilizes entirely U.S. corporate investment grade bonds and U.S. Treasury securities. Dolan McEniry Investment Grade is approximately 100% U.S. investment grade securities. The Dolan McEniry Investment Grade Composite was created on December 31, 2015 and includes investment grade only accounts going back to September 30, 2003.

Non-fee paying accounts represented less than 2% of the composite assets for all periods shown before 12/31/2019.  As of 12/31/2019, there were 2.46% non-fee paying accounts in the composite.  Non-fee paying accounts represented less than 2% of the composite assets as of December 31, 2020, 2.05% of the composite assets as of December 31. 2021, and no non-fee paying assets as of December 31, 2022.

Benchmarks

Bloomberg U.S. Intermediate Credit Index

The Index is the intermediate component of the Bloomberg U.S. Credit Index. The Bloomberg 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.

Bloomberg U.S. Aggregate Index

The Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The Index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS (agency and non-agency).

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. 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 Investment Grade Composite includes both price performance and coupon/dividend income as do the Bloomberg U.S. Intermediate Credit Index and Bloomberg U.S. Aggregate 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.