Fixed Income Strategies
Dana Municipal Strategy
Dana Municipal Bond Portfolios are constructed to produce yields similar to longer-term bonds while limiting price volatility to that of bonds in the 3-5 year maturity range. Risk is managed by focusing on high quality, shorter duration, and self-amortizing securities. The ultimate goal is to construct an “all-weather” portfolio that provides consistent long-term performance throughout interest rate cycles.
Objective:
Deliver maximum excess yield over the index benchmark with a concentrated focus on credit quality and duration that is able to traverse both up and down markets.
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Mandate:Tax Exempt Municipal Bond
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Benchmark:Bank of America/Merrill Lynch 1-5 Year Municipal Index
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Inception:December, 1986
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Average Number of Holdings:15–30
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Target Cash%:0-5%
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Effective Duration Target:2.50-3.50
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Target Portfolio Credit Rating:Aa1/AA