Core Fixed Income Composite Select UMA Community Capital ...
Community Capital Management, Inc.
2500 Weston Road, Suite 101 Weston, Florida 33331
PRODUCT OVERVIEW
Community Capital Management's Core Fixed Income strategy seeks current income and preservation of capital through investments in high quality fixed income securities that support community and economic development in the United States.Manager's Investment Philosophy and Process:The firm's investment philosophy is grounded in three core beliefs.Fixed income investing can have positive societal impactFixed income impact investing can deliver attractive risk adjusted returnsCore fixed income should be looked at as ballast in a diversified portfolio
Style:
US Taxable Core
Sub-Style:
Taxable Core
Firm AUM: Firm Strategy AUM:$1,922,882.3 billion
TARGET PORTFOLIO CHARACTERISTICS
Number of bond holdings:
1351 to 1456
Average maturity:
6.0 to 6.7 years
Average duration:
4.7 to 5.3 years
Average coupon:
3.1 to 3.3%
Average turnover rate:
20 to 27%
Core Fixed Income Composite Select UMA
Year Founded: GIMA Status: Firm Ownership: Professional-Staff:
1998 Approved No Firm Ownership Selected 26
PORTFOLIO STATISTICS Number of bond holdings
---------------12/18------ 06/18
Communit-----I-n--d-e- x*** Communit
y Cap
y Cap
1,428
--
--
Yield
3.5
--
--
Distribution Rate
--
--
--
Avg maturity
6.11 yrs.
--
--
Avg duration
4.66 yrs.
--
--
Avg coupon
3.3%
--
--
FIXED INCOME SECTOR DISTRIBUTION (%)
12/18 09/18
U.S. Treasury
0.00 0.00
U.S. Agencies
0.50
Mortgage-Backed Securities
66.60
Asset-Backed Securities
8.90
Municipals
18.50
Collateralized Mortgage
0.00
Obligations
Financials ?
1.16
Industrials ?
0.23
Medium capitalization ?
0.51
High Yield Corporates
0.00
Convertibles
Foreign Bonds
Emerging Debt
06/18 0.00
03/18 0.00
?High Grade Corporates Total may not equal 100% due to rounding. ***Index : BC Aggregate
Past performance is no guarantee of future results. This profile is not complete without the pages, which contain important notes, including disclosures about the composite, index descriptions and a glossary of
terms. Information shown is as of December 31, 2018, unless otherwise noted. All data are subject to change.
Page 1 of 7
Core Fixed Income Composite Select UMA
Yankees General Obligation Bonds Revenue Bonds Insured Bonds Pre-Refunded Bonds Zero Coupon Bonds Cash/Cash Equivalents
0.00 0.00 0.00 0.00 3.60
?High Grade Corporates Total may not equal 100% due to rounding. ***Index : BC Aggregate
Past performance is no guarantee of future results. This profile is not complete without the pages, which contain important notes, including disclosures about the composite, index descriptions and a glossary of
terms. Information shown is as of December 31, 2018, unless otherwise noted. All data are subject to change.
Page 2 of 7
MANAGER'S INVESTMENT PROCESS
? Invest in well-researched investment-grade bonds where the bond proceeds are clearly specified, the manager believes those proceeds will deliver positive societal impacts, and those positive outcomes can be measured.
? Build a portfolio that is diversified among sectors of the bond market that tend to have lower correlation to stocks (as measured by the S&P 500) than the broad bond market (as measured by the Barclays Aggregate Index), contributing to a portfolio with attractive diversification characteristics.
? Actively manage the portfolio along multiple dimensions (security selection, sector rotation, duration/yield curve management), in an effort to take advantage of opportunities and reduce unnecessary risks in the quest to outperform its benchmark (Barclays Intermediate Aggregate Index)
Core Fixed Income Composite Select UMA
RISK CONSIDERATIONS
Investing in securities entails risks, including: Fixed Income securities may be sensitive to changes in prevailing interest rates. When rates rise the value generally declines. There is no assurance that the private guarantors or insurers will meet their obligations. U.S. Treasuries are guaranteed by the U.S. government and, if held to maturity, offer a fixed rate of return and fixed principal value. Growth investing does not guarantee a profit or eliminate risk. The stocks of these companies can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. Value investing does not guarantee a profit or eliminate risk. Not all companies whose stocks are considered to be value stocks are able to turn their business around or successfully employ corrective strategies which would result in stock prices that do not rise as initially expected. Bonds rated below investment grade may have speculative characteristics and present significant risks beyond those of other securities, including greater credit risk and price volatility in the secondary market. Investors should be careful to consider these risks alongside their individual circumstances, objectives and risk tolerance before investing in high-yield bonds. If a strategy expects to hold a concentrated portfolio of a limited number of securities, it should be noted that a decline in the value of these investments would cause the portfolio's overall value to decline to a greater degree than that of a less concentrated portfolio.
PORTFOLIO'S MATURITY STRUCTURE (%) 12/18 09/18
0 to 2 Years
10.09 0.00
2 to 4 Years
14.82 0.00
4 to 6 Years
13.96 0.00
6 to 8 Years
30.96 0.00
8 to 12 Years
27.83 0.00
12 to 17 Years
2.11 0.00
Over 17 Years
0.23 0.00
Cash/Cash Equivalents
0.00 0.00
06/18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
03/18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
PORTFOLIO'S CREDIT QUALITY STRUCTURE (%) *Investment Grade
AAA AA
12/18 78.80 15.00
09/18 0.00 0.00
06/18 0.00 0.00
A
6.10
0.00 0.00
BBB
0.10
0.00 0.00
03/18 0.00 0.00 0.00 0.00
Below Investment Grade
BB
0.00
0.00
0.00
0.00
B
0.00
0.00
0.00
0.00
Below B
0.00
0.00
0.00
0.00
Not Rated
0.00
0.00
0.00
0.00
Cash/Cash Equivalents
0.00
0.00
0.00
0.00
See important notes and disclosures pages for a discussion of the sources of the performance data used to calculate the performance results and related analyses shown above.
Past performance is no guarantee of future results. This profile is not complete without the pages, which contain important notes, including disclosures about the composite, index descriptions and a glossary of
terms. Information shown is as of December 31, 2018, unless otherwise noted. All data are subject to change.
Page 3 of 7
RISK/RETURN ANALYSIS - 5 YEARS ENDING 12/31/18
R a t e
o f
R e t u r n s
Standard Deviation (%)
Community Cap (Gross) Community Cap (Net) BC Aggregate 90-Day T-Bills
STD 2.28 2.27 2.96 0.37
Core Fixed Income Composite Select UMA
AVERAGE ANNUAL TOTAL RETURN (%) - PERIODS ENDING 12/31/18
R a t e
o f
R e t u r n s
ROR 2.76 0.35 2.52 0.60
INVESTMENT RESULTS
Community Cap (Gross) Community Cap (Net) BC Aggregate
2009 5.79 3.30 5.93
2010 5.65 3.19 6.54
Annual Rates of Return (%) 2011 2012 2013 2014 2015 7.94 4.68 -2.57 5.67 2.48 5.42 2.23 -4.85 3.21 0.09 7.84 4.22 -2.02 5.96 0.55
2016 1.54 -0.83 2.65
2017 3.09 0.68 3.54
10 Year - Ending 12/31/18
2018 Annual Std. Dev.
1.06 3.49
2.66
-1.33 1.07
2.64
0.01 3.48
3.10
RISK VOLATALITY (%)
R a t e
o f
R e t u r n s
Number Of
Community Cap (Gross) Community Cap (Net) BC Aggregate
Up Qtrs. 15 11 15
PORTFOLIO'S QUARTERLY RETURNS (%)
Quarter1 Quarter2 Quarter3 Quarter4
2009 2010
Gross Net Gross Net Gross Net Gross Net 2.30 1.69 0.92 0.32 2.69 2.09 -0.22 -0.81
2.01 1.41 2.94 2.33 1.86 1.26 -1.22 -1.80
2011 2012
0.70 0.11 2.46 1.86 3.53 2.92 1.04 0.44 0.72 0.13 2.09 1.49 1.57 0.97 0.23 -0.36
2013
0.08 -0.52 -2.46 -3.03 0.32 -0.27 -0.51 -1.10
2014 2015
1.37 0.77 2.06 1.46 0.49 -0.11 1.65 1.05 1.69 1.09 -0.53 -1.12 1.70 1.10 -0.37 -0.96
2016 2017
2.18 1.58 1.39 0.79 0.29 -0.30 -2.27 -2.85 0.74 0.15 1.31 0.72 0.73 0.13 0.28 -0.31
2018
-0.83 -1.43 0.00 -0.60 0.07 -0.53 1.84 1.23
Related
Select UMA
PORTFOLIO'S RISK STATISTICS - PERIODS
ENDING 12/31/18 ? ?
3 Year 5 Year
Standard Deviation
2.43% 2.28%
Standard Deviation of Primary Benchmark Sharpe Ratio
3.21% 0.37
2.96% 0.95
Sharpe Ratio of Primary Benchmark Alpha
0.33 0.11%
0.65 0.70%
Beta
0.74
0.75
Downside Risk
0.73% 0.60%
R-Squared
0.98
0.94
Tracking Error
0.94% 0.95%
Information Ratio
-0.17
0.25
Down 5 Qtrs.
9 5
PORTFOLIO DIVERSIFICATION - R?(INCEPTION THROUGH 12/14)+
R?
Community Cap vs. BC Aggregate
0.88
+Statistics are calculated using gross of fee performance only.
1. Statistics are calculated using gross of fee performance only. 2. BC Aggregate was used as the primary benchmark and the 90-Day T-Bills Index as the risk-free benchmark.
Past performance is no guarantee of future results. This profile is not complete without the pages, which contain important notes, including disclosures about the composite, index descriptions and a glossary of
terms. Information shown is as of December 31, 2018, unless otherwise noted. All data are subject to change.
Page 4 of 7
Core Fixed Income Composite Select UMA
COMPOSITE DISCLOSURES
The disclosures provided below apply to performance information in this profile, if any. Past performance is not a guarantee of future results. Actual individual account results may differ from the performance shown in this profile. There is no guarantee that this investment strategy will achieve its intended results under all market conditions. Do not rely upon this profile as the sole basis for your investment decisions.
Performance results in this profile are calculated assuming reinvestment of dividends and income. Returns for more than one year are annualized and based on quarterly data. Returns for periods of less than a calendar year show the total return for the period and are not annualized.
Sources of Performance Results and Other Data: The performance data and certain other information for this strategy (including the data on page 1 of this profile) may include one or more of the following: (i) the performance results of a composite of Morgan Stanley accounts managed by the third party investment manager, (ii) the performance results for accounts and investment products managed by the third party investment manager, in the same or a substantially similar investment strategy outside of the applicable Morgan Stanley program, and/or (iii) in the case of Model Portfolio Strategies, the Model Portfolio Provider's results in managing institutional accounts outside of the Morgan Stanley Select UMA program prior to Model Portfolio Strategy's inception in the Morgan Stanley Select UMA program . For periods through June 2012, the Fiduciary Services program operated through two channels ? the Morgan Stanley channel and the Smith Barney channel and any performance and other data relating to Fiduciary Services accounts shown here for these periods is calculated using accounts in only one of the these channels.) Please note that the Fiduciary Services program was closed on January 2, 2018. Although the Fiduciary Services and Select UMA programs are both Morgan Stanley managed account programs, the performance results and other features of similar investment strategies in the two programs may differ due to investment and operational differences. Performance in one program is not indicative of potential performance in the other. For example, the individual investment strategies in Select UMA program accounts may contain fewer securities, which would lead to a more concentrated portfolio. The automatic rebalancing, wash sale loss and tax harvesting features of the Select UMA program, which are not available in Fiduciary Services, also could cause differences in performance. In addition, any performance results included in this profile that are based on a third party investment manager's accounts that are not part of the Morgan Stanley program accounts or institutional accounts that are part of the Model Portfolio strategy may differ due to investment and operational differences as well. As such, performance results of the third party investment manager's composites and the third party Model Portfolio Strategies may differ from those of Select UMA accounts managed in the same or a substantially similar investment strategy. For example, in the case of Model Portfolio Strategies, Morgan Stanley, as the investment manager, may deviate from the Third Party Model Portfolios.
Related Performance:
Valuations and returns are computed and stated in U.S. dollars. Individual portfolios are revalued monthly and at all external cash flows. Pricing information is supplied by FT Interactive Data Corp. The firm uses the Daily Valuation method to calculate monthly returns and links these returns geometrically to produce an accurate time-weighted rate of return. Composite returns are asset-weighted. Gross of fees returns are calculated gross of management and custodial fees and net of transaction costs. Net of fees returns are calculated net of actual management fees, gross of custodian fees and any other fees, and net of transaction costs. Accruals for fixed income are included in calculations. The dispersion measure is the asset-weighted standard deviation of accounts in the composite for the entire year.
Morgan Stanley Performance: Gross Performance: Community Cap's gross results do not reflect a deduction of any investment advisory fees or program fees, charged by Community Cap or Morgan Stanley, but are net of commissions charged on securities transactions.
Net Performance for all Periods: Net performance results reflect a deduction of 0.5925% quarterly. This consists of three components: 0.5% maximum quarterly MS Advisory Fee and 0.0175% maximum quarterly Program Overlay Fee (which, together cover the services provided by Morgan Stanley), plus 0.075% quarterly SMA Manager Fees (being the fee currently charged by Community Cap to new clients for managing their assets in the Select UMA program). The SMA Manager Fees may differ from manager to manager, and managers may change their fee to new clients from time to time. If you select this manager for your account, check the SMA Manager Fees specified in the written client agreement, in case these have changed since you received this profile. Historical net fees reflect the Advisory Fee Schedule as of October 1, 2018. Morgan Stanley program fees are usually deducted quarterly, and have a compounding effect on performance. The Morgan Stanley program fee, which differs among programs and clients, is described in the applicable Morgan Stanley ADV brochure, which is available at ADV or on request from your Financial Advisor or Private Wealth Advisor. Document approval date 06/2018. #CRC 2095714
Focus List, Approved List, and Watch Status: Global Investment Manager Analysis ("GIMA") uses two methods to evaluate investment products in applicable advisory programs. In general, strategies that have passed a more thorough evaluation may be placed on the "Focus List", while strategies that have passed through a different and less comprehensive evaluation process may be placed on the "Approved List". Sometimes an investment product may be evaluated using the Focus List process but then placed on the Approved List instead of the Focus List. Investment products may move from the Focus List to the Approved List, or vice versa. GIMA may also determine that an investment product no longer meets the criteria under either evaluation process and will no longer be recommended in investment advisory programs (in which case the investment product is given a "Not Approved" status). GIMA has a "Watch" policy and may describe a Focus List or Approved List investment product as being on "Watch" if GIMA identifies specific areas that (a) merit further evaluation by GIMA and (b) may, but are not certain to, result in the investment product becoming "Not Approved". The Watch period depends on the length of time needed for GIMA to conduct its evaluation and for the investment manager to address any concerns. GIMA may, but is not obligated to, note the Watch status in this report with a "W" or "Watch" on the cover page.
Past performance is no guarantee of future results. This profile is not complete without the pages, which contain important notes, including disclosures about the composite, index descriptions and a glossary of
terms. Information shown is as of December 31, 2018, unless otherwise noted. All data are subject to change.
Page 5 of 7
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related download
- victory capital announces acquisition of usaa asset
- community capital management inc
- sustainable investing assets reach 12 trillion as
- how to value a wealth management firm mercer capital
- news release
- the financial performance of impact investing
- victory capital to acquire usaa asset management company
- core fixed income composite select uma community capital
- 2016 trends report highlights
- 2017 the giin
Related searches
- what is a fixed income annuity
- immediate fixed income annuity rates
- best fixed income investments 2019
- vanguard fixed income mutual funds
- vanguard fixed income securities
- diverse community capital program
- fixed income closed end funds
- community capital management aum
- fixed income rentals for seniors
- vanguard fixed income etf
- best fidelity fixed income funds
- vanguard fixed income investments