Newport Beach, California

Strategies

All Weather Strategy


Strategy Overview

The All Weather Income Strategy, incepted in 2016, is a diversified portfolio of income-producing securities. The strategy is managed in an individual account format and seeks to maximize total return across various sectors via dividends and income. The strategy invests across liquid markets such as real estate investment trusts, master limited partnerships, business development corporations, preferred securities, royalty trusts and closed-end funds. The strategy has a flexible allocation mandate which seeks to produce a consistent income across all market cycles. The portfolio is actively managed, incorporating a proprietary distribution model which focuses on high conviction income-producing securities with compelling risk-reward characteristics. The strategy uses a top down approach for macro analysis combined with a bottoms up fundamental analysis for individual security selection. The strategy is unlevered, highly-liquid and not benchmark dependent.

INCEPTION
March 01, 2016

BENCHMARK
Bloomberg US Aggregate Bond Index

Portfolio Managers


Quarter-End Performance (Net of Fees)

As of March 31, 2025


YTD
1YR
5YR
Since Inception
All Weather Income Strategy
4.70%
11.17%
15.48%
5.62%
Bloomberg US Aggregate Bond Index
2.78%
4.88%
-0.40%
1.51%

Performance data is annualized unless specified otherwise.

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Portfolio


Asset Class Exposure

As of March 31, 2025

Top 10 Holdings

As of March 31, 2025

Weight
Dividend Yield
EPD
3.2%
6.6%
HESM
2.4%
6.7%
CQP
2.4%
7.4%
ET
2.3%
9.5%
BXSL
2.3%
13.4%
MPLX
2.2%
3.5%
WMB
2.2%
7.4%
NEM
2.2%
3.9%
ARCC
2.0%
8.0%
NLY
2.0%
8.8%

Monthly Commentary


2025 July Portfolio Commentary

2025 July Portfolio Commentary

Aug 13, 2025
2025 June Portfolio Commentary

2025 June Portfolio Commentary

Jul 14, 2025
2025 May Portfolio Commentary

2025 May Portfolio Commentary

Jun 16, 2025
2025 April Portfolio Commentary

2025 April Portfolio Commentary

Jun 02, 2025