- The Intermediate Duration Govt./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 Barclays U.S. Government Intermediate Index and typically maintain duration between 2.5 and 5 years.
- Cash is not held as a tactical allocation. No derivatives are used.
Composition as of March 31, 2018
The Barclays U.S. Government Intermediate Index includes U.S. Treasuries and U.S. agency debentures that have remaining maturities of more than one year but less than 10 years. Prior to March 31, 2012 the benchmark of the Intermediate Duration Government/Agency composite was the Barclays Aggregate Index. The benchmark change was made to provide a benchmark that was more representative of the investment universe of the composite strategy. This change was made retroactively for all years. Both DBF returns and index returns reflect the reinvestment of dividends and other earnings. Indices are included for comparison purposes only and do not include transaction costs. 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.
D.B. Fitzpatrick (DBF) is an independent investment management firm established in 1984 and is registered with the U.S. Securities and Exchange Commission and 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.
- 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.