Commentary
iM Dolan McEniry Corporate Bond Fund Third Quarter 2021 Commentary
Dolan McEniry believes that client portfolios are positioned to provide reasonable absolute and relative returns going forward. MORE
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Overview
Investment Objective
The fund seeks to provide investors with total return, with a secondary investment objective of preserving capital. The fund will invest in a diversified portfolio of U.S. corporate investment grade* bonds, high yield bonds, and U.S. Government and Treasury securities.
Value starts with free cash flow
They do all their own homework in the hunt for undervalued corporate bonds—those with low credit risk and wide spreads. Key to their credit analysis is an evaluation of free cash flow because companies who generate it well and allocate it wisely make the strongest case for enduring value.
Research supports decisive investing
At Dolan McEniry, they do their own research—no relying on Wall Street reports or ratings agencies. Their discovery and analysis process is clear, focused and efficient, carried out day after day in pursuit of exceptional returns year after year.
Contrarian mindset provides clarity
Their strategy keeps a clear eye on conservative investment fundamentals rather than following a herd mentality or chasing trends. They love a beaten down and out of favor company, as long as there is safety in its cash flows. They believe that over time, long-term lending is better than short-term trading.
Long-term focus wins client trust
Their singular focus has led a range of clients to trust them in managing their assets, from foundations and endowments to pension funds and wealthy families. Some of these relationships have lasted for years, even decades. Their clients have confidence that their strategic approach will balance risk and reward by focusing on value and investing intelligently.
DUE DILIGENCE TOOLKIT
Managers
Daniel Dolan, Jr.
Managing Member, Portfolio Management and Security SelectionRead the full manager bio
Mr. Dolan founded Dolan McEniry in 1997, following a 16-year career in the financial services industry. Mr. Dolan previously worked with Morgan Stanley and Salomon Brothers. He received a B.A. from Lake Forest College in 1980. In addition to leading the firm’s business development and client service efforts, Mr. Dolan focuses on portfolio management, security selection, and securities trading.
Roger McEniry
Managing Member, Portfolio Management and Security SelectionRead the full manager bio
Mr. McEniry joined Dolan McEniry as a partner in March 2001. Prior to joining the firm, he spent sixteen years with a Chicago private equity firm. Mr. McEniry graduated from Williams College with honors in 1978 and received an MBA from the University of Michigan in 1981. At Dolan McEniry, his focus is the analytical and strategic side of the firm; security selection, risk management, and credit analysis are under his leadership.
Stephen Schubert
Managing Director, Portfolio Management and TradingRead the full manager bio
A member of the Dolan McEniry team since 1998, Mr. Schubert currently serves as the Managing Director of Portfolio Management and Trading. He received his Bachelor of Science degree in Finance from Michigan State University where he competed on the varsity tennis team and graduated with honors.
C. Schaffer Degen
Senior Portfolio ManagerRead the full manager bio
Mr. Degen joined Dolan McEniry as an Analyst in April 2012 and currently serves as a Senior Portfolio Manager. He graduated from Miami University in 2010 with a B.S. in Business and a major in Finance.
M. Patrick Voelker
Senior Portfolio ManagerRead the full manager bio
Mr. Voelker joined Dolan McEniry as an Analyst in November 2012 and currently serves as a Senior Portfolio Manager. He graduated with honors from St. Norbert College in 2012 with a B.A. in Economics.
Robert W. Greber, III
Portfolio ManagerRead the full manager bio
Mr. Greber joined Dolan McEniry as an Analyst in February 2015 and currently serves as a Portfolio Manager. He graduated from the University of Missouri in May 2014 with a B.S. in Business Administration and a major in Finance.
Daniel Dolan, Jr.
Managing Member, Portfolio Management and Security SelectionRead the full manager bio
Mr. Dolan founded Dolan McEniry in 1997, following a 16-year career in the financial services industry. Mr. Dolan previously worked with Morgan Stanley and Salomon Brothers. He received a B.A. from Lake Forest College in 1980. In addition to leading the firm’s business development and client service efforts, Mr. Dolan focuses on portfolio management, security selection, and securities trading.
Roger McEniry
Managing Member, Portfolio Management and Security SelectionRead the full manager bio
Mr. McEniry joined Dolan McEniry as a partner in March 2001. Prior to joining the firm, he spent sixteen years with a Chicago private equity firm. Mr. McEniry graduated from Williams College with honors in 1978 and received an MBA from the University of Michigan in 1981. At Dolan McEniry, his focus is the analytical and strategic side of the firm; security selection, risk management, and credit analysis are under his leadership.
Stephen Schubert
Managing Director, Portfolio Management and TradingRead the full manager bio
A member of the Dolan McEniry team since 1998, Mr. Schubert currently serves as the Managing Director of Portfolio Management and Trading. He received his Bachelor of Science degree in Finance from Michigan State University where he competed on the varsity tennis team and graduated with honors.
C. Schaffer Degen
Senior Portfolio ManagerRead the full manager bio
Mr. Degen joined Dolan McEniry as an Analyst in April 2012 and currently serves as a Senior Portfolio Manager. He graduated from Miami University in 2010 with a B.S. in Business and a major in Finance.
M. Patrick Voelker
Senior Portfolio ManagerRead the full manager bio
Mr. Voelker joined Dolan McEniry as an Analyst in November 2012 and currently serves as a Senior Portfolio Manager. He graduated with honors from St. Norbert College in 2012 with a B.A. in Economics.
Robert W. Greber, III
Portfolio ManagerRead the full manager bio
Mr. Greber joined Dolan McEniry as an Analyst in February 2015 and currently serves as a Portfolio Manager. He graduated from the University of Missouri in May 2014 with a B.S. in Business Administration and a major in Finance.
Since 1997, the Chicago-based team of Dolan McEniry has provided excellent service to a full range of clients, from wealthy individuals to pension funds to corporations to sovereign nations. They have $7.8 billion in assets under management and have earned high industry rankings—along with our client’s trust.
Performance
Select the set of performance tables to view.
AVERAGE ANNUAL TOTAL RETURN
*Institutional Class launch date is 9/28/2018. Advisor Class launch date is 5/17/2019. Benchmark Since Inception is as of the Institutional Class Inception date.
Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888-898-1041.
Performance shown prior to the inception of the Advisor Shares reflects the performance of the Institutional Shares and excludes expenses that are not applicable to, and are lower than, those of Advisor Shares. The performance of the Advisor Shares will differ from that of the Institutional Shares due to differences in expenses.
Performance as of 09/20/2021 is that of the Predecessor Fund. All of the assets and liabilities of the Predecessor Fund were transferred to the Fund in a reorganization on 09/20/2021.
Performance for periods greater than one year are annualized.
Bloomberg Barclays U. S. Aggregate Index:
The Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The Index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS (agency and non-agency).
Bloomberg Barclays U.S. Intermediate Credit:
The Index is the intermediate component of the Bloomberg Barclays U.S. Credit Index. The Bloomberg Barclays U.S. Credit Index measures the investment grade, US dollar-denominated, fixed-rate, taxable, corporate and government – related bond markets. It is composed of the US Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals, and local authorities.
Fund Data
Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. The gross and net expense ratios can be found in the most recent Summary Prospectus (9/20/2021). There are contractual fee waivers in effect through 4/30/2022.
Portfolio Holdings
- To view our most recent portfolio holdings, please click here.
Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
Stay Informed
iMGP Funds emails provide investors a way to stay in touch with us and receive information regarding the funds and investment principles in general. Topics may include updates on the funds and managers, further insights into our investment team’s processes, and commentary on various aspects of investing.
DISCLOSURE
The Fund’s investment objectives, risks charges and expenses must be considered carefully before investing. The statutory and summary prospectuses contains this and other important information about the investment company, and it may be obtained by calling 800-960-0188. Read it carefully before investing.
Mutual fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments by the Fund in lower-rated securities presents a greater risk of loss of principal and interest than higher-rated securities. Foreign securities are subject to risks relating to political, social, economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices, including fluctuations in foreign currencies.
Credit Ratings are grades given to bonds that indicate their credit quality as determined by a Nationally Recognized Statistical Rating Organization (“NRSRO”) such as Standard and Poor’s, Moody’s, and Fitch. The firm evaluates a bond issuer’s financial strength, or its ability to pay a bond’s principal and interest in a timely fashion. Ratings are expressed as letters ranging from ‘AAA’, which is the highest grade, to ‘D’, which is the lowest grade. If NRSRO ratings differ, the security will be considered to have received the highest of those ratings. For securities rated by an NRSRO other than S&P, the Adviser converts that rating to the equivalent S&P rating. Securities not rated by an NRSRO appear in the “Not Rated/Unavailable” category. Ratings are subject to change.”
Diversification does not guarantee a profit or protect from loss in a declining market.
Index Definitions | Industry Terms and Definitions
The iMGP Dolan McEniry Corporate Bond Fund is distributed by ALPS Distributors, Inc.