Ancora Taxable Short Term Fixed Income


People

Jim Bernard, CFA - Portfolio Manager

Jim Raimondo - Portfolio Manager

Jeremy Scacco - Portfolio Manager


Philosophy 

The Ancora Taxable Short Term Fixed Income Strategy strives to earn a higher return than today's most conservative fixed income options with a core plus approach.  To accomplish this goal Ancora's fixed income management team seeks to add value through:
 
  • Active Sector Allocation: Active rotation between agency, government, investment grade corporate and mortgage back bonds.
  • Dynamic Security Selection: An example would be non index eligible bonds of high credit quality issuers.
  • Yield Enhancements: When market conditions permit and only with the knowledge of the client we made add small amounts of short term, high yield exposure to the portfolio. 
We also understand the importance of liquidity in enhanced short term fixed income options and therefore maintain a duration inline with applicable benchmarks.

Process

Portfolio Construction: Typically 20-50 holdings per account focusing in on credit/duration/sector allocation decisions. The investment universe is primarily high quality, investment grade bonds.
Buy Discipline: We buy when price has dislocated from fundamentals relative to historical spreads.
Sell Discipline: We scale out of positions when price becomes stretched relative to historical spreads and when underlying credit fundamentals begin to deteriorate. 
Risk Management: We maintain rigorous credit standards for the portfolio while seeking to maintain high levels of liquidity throughout varied market environments. 
 

Additional Information

Account Minimum: $1 million
Annual Fees: 75 bps
Custodial Arrangements: Available upon request
For more information: Contact Jim Bernard, CFA Director of Fixed Income, jb@ancora.net or 216-825-4000