Fixed Income Strategies

Dana’s process and philosophy to managing fixed income portfolios starts with the understanding that we’ve been hired to minimize loss of principal while providing a consistent income to portfolios. Our process eliminates the futile attempt in predicting interest rate movements and focuses on the relative-valuations of securities. Risk analysis is an ongoing component of our process as we believe alpha is most appreciated within a defined risk framework..

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.

  • Mandate:
    Tax Exempt Municipal Bond
  • Benchmark:
    Bank of America/Merrill Lynch 1-5 Year Municipal Index
  • Inception:
    December, 1986
  • Average Number of Holdings:
    15–30
  • Target Cash%:
    0-5%
  • Effective Duration Target:
    2.50-3.50
  • Target Portfolio Credit Rating:
    Aa1/AA

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