AMI’s Taxable Fixed Income objective is to provide current income consistent with preservation of capital and growth of capital as a secondary objective.  It is suitable for most taxable and tax-exempt investors looking for diversification from their equity exposure as well as those desiring a high degree of current income.

 

Overview

  • Portfolios may be invested in U.S. Government and agency securities, corporate bonds, mortgages, asset backed securities, and taxable municipal bonds.
  • Our disciplined, research driven approach starts with a top-down analysis of the economy to determine which sectors are likely to perform best under our 12-18 month outlook.  We also consider the relative valuation of each sector as compared to its historical mean as well as to that of other sectors.  This provides our sector weightings and industry allocations.
  • Issue selection is determined by a bottom-up fundamental analysis of each issuer and issue using independent external sources as well as internal proprietary research.
  • Corporate bonds are examined for their ability to deleverage their balance sheets, increase interest coverage and achieve fundamental financial improvement so as to achieve ratings upgrades resulting in bond price appreciation (spread tightening).
  • Portfolios are separately managed and no derivatives, hedging or leveraged strategies are used.  Additionally, portfolios can be easily customized to meet client requests including cash flow needs, yield requirements, sector exposure and maturity limitations.

 

Click on each chart below to see a larger version.

 

 

 

 

 

 

 

   

 

 

 

TOP TEN HOLDINGS*
1. 

Western Digital Corp

10.500% Due 04-01-24

1.64%
2

Wells Fargo & Co.

5.875% Due 12-31-49

1.64%
3

Toll Bros Fin Corp

5.625% Due 01-15-24

1.62%
4

Leucadia Natl Corp

5.500% Due 10-18-23

1.58%
5

Citigroup Inc.

5.875% Due 12-29-49

1.57%
6

Goldman Sachs Group Inc

5.375% Due 12-29-49

1.52%
7

T Mobile USA Inc

6.000% Due 03-01-23

1.52%
8

Newfield Expl Co

5.625% Due 07-01-24

1.51%
9

Olin Corp

5.500% Due 08-15-22

1.50%
10

Zions Bancorporation

5.650% Due 11-15-23

1.50%

*As of 9-30-17. Holdings are subject to change.  The securities identified and described above do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable.  A complete list of all buy and sell recommendations for this strategy within the last 12 months is available upon request.  AMI Asset and/or one or more of its employee may have a position in these securities and may purchase and sell such securities from time to time.

 

 

AMI 3rd Quarter 2017 Taxable Fixed Income Factsheet

 

 


* as of 09/30/2017