CW Henderson Ultrashort Municipal SMA

Separately Managed Accounts . Short-Term Bond .

Overview

 
STRATEGY

The CW Henderson Ultrashort Municipal SMA seeks to generate attractive tax-exempt income and offer the potential for higher returns than a stable value investment while mitigating principal volatility by limiting duration to a maximum of 1-year. Portfolios are well diversified and comprised of highly rated (AAA and AA-rated) municipal bonds with desirable liquidity characteristics.

KEY FACTS
Key Facts - Part 1
Benchmark Bloomberg 1 Year General Obligation Municipal Bond Index
Key Facts - Part 2
Strategy Inception Date September 30 1991
INVESTMENT GOALS Income
Cash Management
KEY INVESTMENT TEAM
Craig Henderson
Senior Vice President
Senior Portfolio Manager
Head of Investment Area, Fixed Income Municipal SMA

joined Federated Hermes
48 years of experience
Matthew Andrews
Senior Vice President
Senior Portfolio Manager
Head of Investment Area, Fixed Income Municipal SMA

joined Federated Hermes
21 years of experience
David Beck
Senior Vice President
Senior Portfolio Manager/Group Head Trading

joined Federated Hermes
38 years of experience
Monika Bhasin
Vice President
Senior Portfolio Manager/Senior Trader

joined Federated Hermes
27 years of experience
Francis Michl
Vice President
Senior Portfolio Manager/Senior Trader

joined Federated Hermes
33 years of experience

Commentary

Documents

 
DISCLOSURES

Effective 9/30/22, CW Henderson & Associates, Inc. was acquired by Federated Hermes, Inc. and renamed Federated Hermes CW Henderson, a division of Federated Investment Counseling. Additionally, the portfolio’s name was changed from CW Henderson Short Term to CW Henderson Ultrashort Municipal SMA.

Investment strategies described on this site are not necessarily available through every sponsor program. Please check with your Federated Hermes representative or your home office to ascertain accessibility.

Separately managed account portfolios strategies are only offered to certain qualified investors.

Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices.

Income generated by municipal bonds may be subject to the federal alternative minimum tax (AMT) and state and local taxes.

Modified duration: A measure of a security’s price sensitivity to changes in interest rates calculated by assuming that a callable bond will be redeemed on the appropriate call date if the bond is priced to a call date or at maturity if priced to maturity.

Weighted Average Life (WAL): The average time a dollar of principal is outstanding at an assumed prepayment rate.

Weighted average maturity: Is the average time to maturity of debt securities held in the fund.

Yield to worst (YTW): On a corporate bond, the yield to worst is the lowest yield that a buyer can expect among the reasonable alternatives, such as yield to maturity, yield to call, and yield to refunding.

Weighted average coupon: This figure is calculated by weighting each bond's coupon by its relative size in the portfolio. This figure indicates whether the portfolio has more high- or low-coupon bonds.

For a detailed discussion of Managed Account strategies or to receive additional information, please Contact Us.

Portfolio information is derived from an aggregation of all accounts that comprise the composite. Actual account characteristics of individual accounts may be different. Portfolio characteristics are as of the date above and are based on individual securities held across client accounts on that date. Holdings are subject to change. Statistics shown are not indicative of future statistics and are not representative of future portfolio performance.

Refer to the GIPS report found on this website in the Documents section.

For printing purposes, this commentary must be accompanied by the full GIPS report.

Issues discussed within this communication represent the investment manager's explanation of factors that were considered when executing transactions or holding specific securities on the prior date indicated. Because this is a managed portfolio, the investment mix will change and the holdings are not indicative of future portfolio composition. Marketplace conditions fluctuate suddenly and frequently, and investment manager's opinions may change. These comments are not intended to be and do not constitute recommendations that others buy, sell or hold any of the securities discussed. 

Past performance is no guarantee of future results.

For additional information, including definitions of related terms and indexes, see the Financial Glossary and Benchmark Index Glossary.

Federated Hermes CW Henderson, a division of Federated Investment Counseling

2960961381