- The Short Duration Government/Agency Composite includes all fixed income accounts, greater than $2 million, which contain exclusively U.S. Treasury notes, federal government agency securities, and federal agency mortgage-backed securities.
- The accounts are benchmarked to the ICE BofA Merrill Lynch 1-3 Year U.S. Treasury Index and typically maintain duration between 1.0 and 2.5 years.
- Cash is not held as a tactical allocation. No derivatives are used.
Composition as of March 31, 2023
The ICE BofA Merrill Lynch 1-3 Year U.S. Treasury Index tracks the performance of U.S. dollar denominated sovereign debt publicly issued by the U.S. government in its domestic market. Qualifying securities must have at least one year remaining term to final maturity, a fixed coupon schedule, a minimum amount outstanding of $1 billion, and must mature in less than three years. Index returns reflect the reinvestment of income and dividends but do not include management fees and transaction costs. Indices are included for comparison purposes only. Volatility, number of issues, capitalization size, year-to-year return history, and other security attributes of the indices differ from the attributes of the DBF portfolios.
DB Fitzpatrick (DBF) is an independent investment management firm established in 1984 and is registered with the U.S. Securities and Exchange Commission and licensed with the Idaho Department of Finance. Registration does not imply a certain level of skill or training. DBF manages a variety of equity, balanced, fixed income, and commercial mortgage assets for institutional and individual clients.
- Valuations and returns are computed and stated in U.S. Dollars.
- All account returns are net of transaction costs and reflect the reinvestment of dividends and other earnings. Gross returns do not reflect the deduction of the management fees. Net returns are net of model management fees in effect for the respective time period and are derived using the maximum rate of the fee schedule. Actual returns may vary.
- The minimum portfolio size for inclusion in the composite is $2,000,000.
- Future returns will depend on future allocation decisions. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that when redeemed, investments may be worth more or less than the original cost.
- Any investment, including DBF’s portfolios, has the potential of generating losses as well as profits.
- D.B. Fitzpatrick & Co., Inc. is the full legal name of the investment management firm.