- Bottom-up, fundamentally-driven investment approach with credit as the primary source of return.
- Credit research focused on a company’s creditworthiness and each security’s relative value.
- Securities Universe: Investment Grade Corporate Bonds, High Yield, Emerging Markets Debt, Government Bonds, MBS.
- Credit exposure built first. Treasury and mortgage exposure added to complement credit and neutralize macro risks, particularly duration.
- Investment Objective: 125 – 175 basis points over the relevant benchmark index.
- Core Plus Fact Sheet
- Separately Managed Portfolio
- Minimum Fee: $75,000
|Annualized Returns as of September 30, 2017 (%)|
|Composite / Index||3Q17||Year To Date||1 Year||3 Years||5 Years||7 Years||10 Years||Since Inception
October 1, 1999
|Gross of Advisory Fees||1.39||4.95||3.07||3.70||3.55||4.58||5.30||6.34|
|Net of Advisory Fees||1.30||4.68||2.71||3.34||3.19||4.21||4.93||5.97|
|Barclays Capital US Aggregate Index||0.85||3.14||0.07||2.71||2.06||2.95||4.27||5.08|
Sources: GIA Partners and Barclays Capital.
Performance data is preliminary. Data is based upon a composite of representative accounts. Returns for less than one year are not annualized. Fees have not been deducted from the presentation and may impact performance. The performance data quoted represents past performance. Past performance is not an indication of future performance, provides no guarantee for the future, and is not constant over time. Performance returns may increase or decrease as a result of currency fluctuations. Additional disclosure regarding the composite may be found on the GIPS Disclosure tab.
|Characteristics as of September 30, 2017||Portfolio||Bloomberg Barclays US Aggregate Index|
|Weighted Average Maturity (Years)||10.8||8.3|
|Yield to Worst (%)||3.9||3.1|
|Modified Duration (%)||5.7||6.0|
|Portfolio Turnover Rate (%)||33||N/A|
as of September 30, 2017
|% of Portfolio|
|Latin America & Caribbean||7.8|
|Middle East & Africa||0.9|
as of September 30, 2017
|% of Portfolio|
|Investment Grade Credit||27.1|
|Developed Markets High Yield||8.3|
|Emerging Market Corporate Debt||14.8|
GIA Partners, LLC (the “Firm”), a Delaware limited liability company, is wholly owned by the principals of the Firm. The Firm, formed in October 2009, is an investment advisor registered with the U.S. Securities and Exchange Commission and is licensed to provide investment management services in and from New York, New York. Firm policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.
Core Plus Composite (the “Composite”) primarily includes treasury, mortgage, investment grade, high yield, emerging market debt and other income generating securities.
The benchmark, Bloomberg Barclays Capital US Aggregate Index, (the “Index”) tracks securities that are SEC-registered, taxable, and US dollar denominated. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The security must have: 1) at least one year to final maturity regardless of call features, 2) be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch, 3) be fixed rate, dollar-denominated and non-convertible. The returns for Index were taken from published sources and not examined by the auditors.
Gross-of-fees returns are presented before management and performance fees but after all trading expenses. Net-of-fees returns are calculated by deducting a management fee of 0.35 percent fees from the monthly gross composite return.
This composite was created in October 1999. A complete list of composite descriptions is available upon request. Valuations are computed and performance reported in U.S. dollars.
The Composite’s performance contains performance from the period of October 1, 1999 to September 30, 2009 during which time the portfolio management team of the Firm was associated with another firm. The portfolio management team was the only investment decision maker responsible for the Composite’s performance while associated with the former firm. The portfolio management team is currently the principals of the Firm.
The 3-year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. The standard deviation is not presented for 2000 to 2009 because it is not required for periods prior to 2010. Internal dispersion is calculated using the asset-weighted standard deviation of annual gross returns of those portfolios that were included in the composite for the entire year. Internal Dispersion is not required if the composite contains less than 5 accounts.
GIA claims compliance with the Global Investment Performance Standards (GIPS® standards) and has prepared and presented this report in compliance with the GIPS standards. The Firm has been independently verified for the periods from January 1, 2010 through December 31, 2011. The verification report is available upon request. Verification assesses whether (1) the Firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis, and (2) the Firm’s policies and procedures are designed in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.
Past performance is not an indication of future returns.
|Core Plus Composite GIPS Disclosure|
|Year||Composite Gross Return (%)||Composite Net Return (%)||Benchmark Return (%)||Composite
3-Yr St Dev (%)
3-Yr St Dev (%)
|Number of Portfolios||Internal Dispersion (%)||Composite Period-End Assets ($MM)||Firm Assets ($MM)|
Disclosures and Supplemental Information
GIA Partners, LLC (“GIA”), a Delaware limited liability company, is wholly owned by the principals of the firm. GIA is an investment advisor registered with the U.S. Securities and Exchange Commission (CRD No. 151207) and is licensed to provide investment management services in the United States. The firm conducts its investment management services in and from New York, New York.
Past performance: The performance data quoted represents past performance. Past performance is not an indication of future performance, provides no guarantee for the future and is not constant over time. The value of your investment may fluctuate and may be worth more or less than its original cost when redeemed. Current performance may be lower or higher than the performance data quoted.
Index performance: Indexes are unmanaged and investors can not actually make investments in an index. The index performance shown does not reflect the deduction of management fees or other expenses, which would reduce an index’s performance returns. Indexes do include reinvestment of all dividends and other income earned. Benchmark returns are presented gross of withholding taxes.
Portfolio holdings: The portfolio holdings, characteristics, weightings, and allocations presented in this material represent the portfolio at the time this material was completed and are subject to change without notice.
Forecasts and market outlook: The forecasts and market outlook presented in this material reflect subjective judgements and assumptions of the investment manager and unexpected events may occur. There can be no assurance that developments transpire as forecasted in this material. Certain assumptions made in the preparation of the material may be subject to change without notice and GIA is under no obligation to update the information contained herewith.
Information only: This material is for information purposes only. It does not constitute an offer or a recommendation to purchase or sell shares in any security. Investors should consider the investment objectives, risks and expenses of any investment carefully before investing.
Not for Distribution or Reproduction: This material may not be distributed, published, or reproduced, in whole or in part, without the prior approval of GIA Partners, LLC. This presentation is for one on one use only and is not to be distributed to the general public. The information presented in this material has been prepared by GIA Partners, LLC and/or obtained from sources which it believes to be reliable, however it does not guarantee the accuracy, adequacy, or completeness of such information.
Management fees: Management fees charged by GIA are described in Part II of GIA’s Form ADV. Since management fees are deducted quarterly, the compounding effect will be to increase the impact of such fees by an amount directly related to the account’s performance. For example, an account with a 10% gross annual return and a 1% annualized management fee that is deducted quarterly will have a net annual return of about 8.9%.
Due to active management, allocation will evolve over time and the data set forth above is subject to change. There is no guarantee that future data will match historical information.
All amounts shown are expressed in US dollars unless otherwise indicated.