Strategies and Performance

Willingdon Views

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Strategies & Performance
Top Corporate Bond Holdings by Sector

Consumer Discretionary:

Best Buy, Discovery Comm., Macy’s, Time Warner, Viacom Inc., Walgreens


AGL Capital, FMC Tech., Kinder Morgan, Marathon Oil, Sunoco Inc.


Assured Gurantee, Bank of America, Goldman Sachs, JP Morgan, Lincoln National, MetLife Inc., Morgan Stanley, Wells Fargo, Xlit Ltd.


Allergan Inc., Celgene Corp., Cigna Corp., Express Scripts


Ingersoll-Rand, Ryder Systems


Monsanto, Nucor


Corning Inc., EBay

Telecom: AT&T, Verizon, WellPoint Inc.
Utility: Dominion Resources, Duke Energy, Southern Company


Our focus in selecting fixed income securities is primarily on credit quality and cash flow, while also providing yield generation. We believe that fixed income provides a strong foundation to a balanced portfolio; therefore we reduce risk by investing in companies with low default risk. Taxable bond portfolios are constructed using US Treasuries, US Agency or investment grade corporate bonds. We currently favor Agencies and corporate bonds due to the low returns offered by US Treasuries. Tax free bond portfolios are constructed using high quality municipal bonds from the state in which the client resides. The post-election interest rate increase has stabilized and we are in more of a "Wait and see" mode to see what reforms and changes will come from the new administration. The economy is growing modestly but isn't generating the inflation or growth that would propel rates significantly higher. This uncertainty favors WWM’s strategy of using individual bonds. Interest rates rise and fall, however, high quality bonds always mature at par. Our preference remains for high quality bonds with maturity 5 years and shorter or structured bonds that have coupons that will float or step up as rates rise.

This investment strategy is not a recommendation to buy or sell any of the securities mentioned.  Past performance is not a guarantee of future results.