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Defensive Fixed Income

The Defensive Fixed Income portfolio is intended to be used in asset allocation for purposes of managing risk and playing defense over a period of years. The primary focus here is on the return of principal first, and the return on principal second. Our intent is to hold portfolio positions to maturity. While there may be market fluctuations in bond values prior to maturity, these fluctuations are of little concern. The average duration of maturity in this portfolio is designed to be shorter than most fixed income strategies. The portfolio is not an appropriate alternative for short-term liquid investments such as a money market fund.

The Defensive Fixed Income Strategy

Quality – Standards for credit quality measured by cash flow coverage of debt service and by net debt-to-equity on the balance sheet.

Maturity – Average maturity of 2-4 years; no maturity longer than 5 years.

Return – Seeks a competitive yield-to-maturity.

Portfolio manager: Charlie Mahar