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 Preferred Income Strategy

Dana Preferred Income Strategy utilizes fixed and variable rate preferred stock securities. We emphasize the use of preferred securities with short to intermediate call dates as they often have a higher yield than government and corporate bonds with similar longer duration, yet exhibit less interest rate sensitivity due to the callable structure of these preferred securities. We believe utilizing these securities will allow us to achieve our clients’ investment objectives with less interest rate risk than comparable investment alternatives.

Objective:
Produce an actively managed portfolio of preferred stock securities that provide attractive yields while maintaining investment grade credit quality and lower overall duration than comparable noncallable preferred stocks.

  • Mandate:
    Preferred Income
  • Benchmark:
    S&P U.S. Investment Grade Preferred Stock Index, Barclays Aggregate Index
  • Inception:
    March, 2010
  • Average Number of Holdings:
    15–25
  • Target Cash%:
    0-5%
  • Effective Duration Target:
    2-5 years
  • Target Portfolio Credit Rating:
    Investment Grade

Fixed Income

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