Ultra Short Duration Strategy

The strategy seeks maximum total return consistent with the preservation of capital. Interest rate risk is managed by maintaining an effective duration of one year or less under normal market conditions.

25+ year track record
Higher-quality (Investment Grade), high cash flow bonds with an emphasis on complexity premium
Buy and hold approach with an emphasis on structured securities
Seeks to keep duration less than a year, which reduces duration risk compared to longer duration portfolios
Competitive performance versus peers and benchmark¹

Ultra Short Duration Commentary (PDF)

Ultra Short Duration Fact Sheet (PDF)

Securitized

STYLE

ICE BofA 3-Month US Treasury Bill

BENCHMARK

January 1, 1995

INCEPTION

$852 Million

ASSETS UNDER MANAGEMENT

As of 9/30/2024

US Enhanced Cash Management

EVESTMENT UNIVERSE

Separate Account

Mutual Fund

ETF

INVESTMENT VEHICLES

Philosophy

The team views the Ultra Short Duration strategy as an extension of the money market sector, offering the potential for additional returns in exchange for a modest degree of price volatility. Its buy and hold approach produces a portfolio with significant first-year cash flows, and an overriding goal to maximize reinvestment opportunities and reduce price volatility. The strategy's multi-sector approach emphasizes structured products, which historically have produced high alpha and Sharpe ratios through interest rate and credit cycles. The strategy leverages the firm's sector specialists as well as advanced evaluation and risk management capabilities in these increasingly complex markets.

Portfolio Construction

Invests primarily in investment grade cash bonds and cash
U.S. dollar-denominated securities with Yankee bond exposure typically below 10%
Maximum of 5% in any one issuer
Maximum of 25% in any one industry
Duration must be less than 1 year

Management Team

Scott D. Weston

Managing Director, Senior Portfolio Manager

Career Summary
Countrywide Investments
Midwest Group of Funds

Education
BA - University of Utah
MBA - University of Cincinnati

Meet Scott Weston

Brent A. Miller, CFA

Vice President, Senior Portfolio Manager, Securitized Products

Career Summary
Integrity Companies

Education
BS - University of Evansville

Meet Brent Miller

Laura L. Mayfield

Assistant Vice President, Senior Portfolio Manager

Career Summary
Western & Southern Life Assurance Company

Education
BA - Olivet Nazarene University
MBA - Xavier University

Meet Laura Mayfield

Richard V. Schneider

Vice President, Senior Portfolio Manager Structured Products

Career Summary
Mesirow Financial
Loop Capital Markets
Lehman Brothers Asset Management
Lincoln Capital Management

Education
MBA - University of Notre Dame
BS - University of Notre Dame

Meet Richard Schneider

Meet Fixed Income Team

Resources

Ultra Short Duration Commentary (PDF)

Ultra Short Duration Fact Sheet (PDF)

Subprime Auto Asset-Backed Securities (PDF)

Connect with Fort Washington

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