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| Bonds Online |
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| 5/10/2013Market Performance |
| Municipal Bonds |
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S&P National Bond Index
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3.00% |
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S&P California Bond Index
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2.96% |
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S&P New York Bond Index
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3.13% |
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S&P National 0-5 Year Municipal Bond Index
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0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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| More |
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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
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848.03 |
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S&P U.S. Preferred Stock Index (CAD)
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636.26 |
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S&P U.S. Preferred Stock Index (TR)
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1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
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1,276.26 |
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| REITs |
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S&P REIT Index
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174.07 |
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S&P REIT Index (TR)
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425.30 |
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| MLPs |
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S&P MLP Index
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2,469.58 |
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S&P MLP Index (TR)
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5,428.50 |
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See Data
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A Bond Fund That Beats the Pack |
BARRON's - May 19, 2010 - by Neil A. Martin
EATON VANCE PORTFOLIO MANAGER JIM EVANS recently picked up a little insight about pacing from his 16-year old daughter, a high-school All-American swimmer. In the 500-yard free-style, she explained, her aim is to pick up an extra two-tenths of a second on each lap, which translates into four seconds over 20 pool lengths. That's often the difference between first and last place. "Wow," he thought, "that sounds familiar."
Evans appreciates the importance of consistently beating the pack by small amounts in his job running Eaton Vance's Tax-Advantaged Bond Strategies Short-Term fund (tickers: EABSX, ECBSX and EIBSX for different share classes), which has more than $550 million invested in municipals, U.S. Treasuries and other fixed-income instruments. His group of 12 investment professionals work together "to add a small amount of value day in and day out," he notes. Evans' step-by-step approach at Eaton Vance, as well as at his previous firm, have help the fund rank No. 1 over three-, five- and 10-year periods in Morningstar's short-term municipal bond fund universe. The tax-advantaged bond group, which handles a total of $8 billion at Eaton Vance, also runs different versions for intermediate- and long-term fixed income.
The 50-year old portfolio manager has been turning incremental gains into long-term profits for awhile. Boston-based Eaton Vance, with $173 billion in assets, acquired Evans' group in December 2008 from M.D. Sass Investor Services, a New York firm where he'd managed clients' municipal-bond portfolios for 18 years. The mutual fund was converted from a private limited partnership and launched in late March of 2009, near the peak of the credit crisis (The fund was able to maintain its performance records with Morningstar and Lipper because its strategies haven't changed). Evans, who runs the unit and the individual funds, developed a lot of the strategies while trading tax-exempts for Continental and Mellon banks earlier in his career and overseeing the municipal-bond arbitrage business at former brokerage Kidder, Peabody.
UNLIKE A LOT OF MUNICIPAL-BOND fund managers, Evans takes a quantitative and systematic approach to allocating investments between municipals and U.S. government or agency securities as well as to the particular bonds or notes he buys. He has been able to do that with lower volatility and less risk than most funds. The average holding is rated triple-A or and duration is a relatively short four years. Because of the active management, the fund has 120% annual turnover; its expense ratio is 0.90%.
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| Stuff to look at |
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S&P Commentary and Newsletters: S&P
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| BondsOnline Advisor |
Income Security Recommendation January 2013 Issue.
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