Short Term Product

Our short term portfolios typically have durations of less than one year and seek to provide significant incremental return when compared, on a tax adjusted basis, to US Treasury bills, Certificates of Deposit or municipal money market funds.

  • Avg. Effective Maturity .75 years
  • Avg. Effective Duration .70 years
  • Avg. Quality AA+ *
  • * Nothing less than "A" rated.


Performance

From September 1991 to June 2014 the total return of our Short-Term Strategy Composite was 3.29% net of fees (using the maximum fee level) on an annualized basis. The benchmark for this product, the Barclays Capital One Year Municipal GO Index, was not established until June 1993. Therefore, the comparison from June 1993 to June 2014 is an annualized return of 3.09% net of maximum fees for the composite versus 3.19% for the Barclays Capital One Year Municipal GO Index.

Note: Past performance is not a guarantee of future results.

 

1. Short Term Strategy Composite performance calculated net of maximum fee.
2. Unlike the CWH Short Term Strategy, the Barclays Capital One Year Municipal GO Index is not actively managed, so the Index returns do not take into account any management fees. If management fees were applied to the Index returns as they are to the CWH Short Term Strategy returns, the Index returns would have been lowered.
3. Performance results reflect the reinvestment of dividend and other income.
4. Rapid and dramatic inflationary market conditions would probably have a negative impact on investment results.
5. As with any investment vehicle, there is a possibility of loss as well as potential for profit.
6. CWH's portfolio contains higher quality municipal bonds compared to the Barclays Capital One Year Municipal GO Index.

Note: Approximately 4% of the Barclays Capital One Year Municipal GO Index is comprised of bonds rated Baa/Non-Rated or below investment grade, whereas C.W. Henderson & Associates, Inc. has only a small fraction of 1% of assets invested in bonds rates less than single A.