Logan Circle Partners, L.P. (“Logan Circle” or the “Firm”) is a registered investment adviser and began managing assets on November 1, 2007. On September 15, 2017, the Firm became a wholly owned subsidiary of MetLife, Inc. and is part of MetLife Investment Management, MetLife, Inc.’s institutional investment management business. From April 16, 2010 to September 15, 2017, the Firm was a subsidiary of Fortress Investment Group LLC. Additionally, on December 19, 2011, the Firm formed a new subsidiary, Logan Circle Partners I LLC, which is a wholly-owned entity of the Firm. The Firm is defined to include all accounts managed by Logan Circle and Logan Circle Partners I LLC. The track record presented represents the team’s performance at Delaware Investments while it managed the Emerging Markets strategy from November 1, 2006 (“inception date”) through October 31, 2007. From November 1, 2007 (“creation date”) to the present, the performance presented is for the Emerging Market Debt (“Emerging Markets”) composite.
The Firm claims compliance with the Global Investment Performance Standards (“GIPS®”) and has prepared and presented this report in compliance with the GIPS® standards. The Firm has been independently verified for the periods November 1, 2007 to December 31, 2017. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS® standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS® standards. The Emerging Market composite has been examined for the periods November 1, 2007 to December 31, 2017. Verification does not ensure the accuracy of any specific composite presentation. The verification and performance examination reports are available upon request. The Firm maintains a complete list and description of composites, policies for valuing portfolios, calculating performance and preparing compliant presentations all of which are available upon request.
The Emerging Markets strategy seeks to outperform the global fixed income market by investing in a combination of global fixed income assets in three primary opportunities: currency risk, credit risk and country risk. The Emerging Markets composite includes all fee-paying portfolios managed on a discretionary basis according to the applicable composite strategy except as otherwise excluded herein. The Firm maintains a complete list and description of composites which are available upon request. Policies for valuing portfolios, calculating performance and preparing compliant presentations are available upon request.
Effective January 1, 2014 the Emerging Markets composite has a significant cash flow policy which is applied consistently and within GIPS® standards. The Firm has chosen to remove accounts that have a significant daily external aggregate cash flow greater than 10% or monthly flow greater than 20%. If any account meets these thresholds, then the account is removed from the composite. Aggregate cash flow is defined as additions plus withdrawals over the period. Accounts are removed in the month of the significant cash flow. If the significant cash flow is client directed requiring security liquidation that materially affects account management, the Firm will remove the account the month of security liquidations. The account will be reinstated to the composite once the portfolio manager has determined that the flow has not impacted the management of the account and the account is invested as per the strategy. From August 1, 2011 to April 30, 2012 the Emerging Markets composite had a significant cash flow policy whereby the Firm chose to remove accounts that had a significant monthly external aggregate cash flow greater than 10%. Prior to August 1, 2011 there was no significant cash flow policy.
Past performance is not indicative of future results. Performance returns are based on fully discretionary accounts under management and may include terminated accounts. Returns are presented gross and net of fees, include the reinvestment of all income and are calculated in U.S. dollars. Dividend income has been recorded net of all applicable foreign withholding taxes. Net of fee returns reflect the deduction of investment management fees and are calculated in the same manner as gross of fee returns. The investment management fee schedule for the Emerging Markets strategy is 0.50% on the first $50 million, 0.45% on amounts from $50 million to $150 million and 0.40% on amounts over $150 million. Net returns have been calculated by reducing the monthly gross returns by the highest stated ADV fee for the strategy. From inception date to March 2011, the highest stated ADV fee used to calculate monthly net returns was 0.65%. From April 2011 to the present the highest stated ADV fee is 0.50%. Fees have a compounding effect on cumulative results. Investment management fees are described in Part 2A of the Firm’s Form ADV. Actual investment management fees incurred by clients may vary and returns will be reduced by investment management fees and other expenses that the account may incur.
Derivatives may make up a part of the Emerging Markets strategy as the Firm believes that derivatives offer value and are appropriate investments for client mandates. The Firm may utilize futures, forwards and interest rate futures to assist in the management of our portfolios. Derivative usage is governed by the appropriate level of risk to meet the return targets rather than for speculative purposes.
|YEAR||GROSS-of-FEE RETURN1||NET-of-FEE RETURN1||BENCHMARK RETURN1||NUMBER OF PORTFOLIOS||DISPERSION STDV2||COMPOSITE 3 YR STDV3||BENCHMARK 3 YR STDV3||COMPOSITE ASSETS||% TOTAL FIRM ASSETS4|
|11/1/2006 (Inception) to 12/31/2006||4.83%||4.73%||1.94%||≤ 5||N/A||N/A||N/A||$25,805,399||-|
|2007||9.63%||8.92%||6.27%||≤ 5||N/A||N/A||N/A||$27,755,018||< 1%|
|2008||-17.89%||-18.43%||-10.91%||≤ 5||N/A||N/A||N/A||$20,942,453||< 1%|
|2009||52.46%||51.51%||28.18%||≤ 5||N/A||N/A||N/A||$55,056,889||< 1%|
|2010||19.91%||19.14%||12.04%||≤ 5||N/A||N/A||N/A||$56,172,916||< 1%|
1 Past performance is not indicative of future results. Net of fee returns reflect the deduction of investment advisory fees and are calculated in the same manner as gross of fee returns. Net of fee returns are calculated using the highest fee rate disclosed in the Firm’s ADV. Fees for separate accounts may be negotiable depending upon asset size and type of account. The performance benchmark for the Logan Circle Emerging Market Debt composite is the JP Morgan Emerging Markets Bond Index Global, which tracks returns for actively traded external debt instruments in emerging markets. For additional benchmark disclosure, please see the full GIPS® disclosures at the end of this Presentation.
2 “N/A” is an indication that the information is not statistically meaningful due to an insufficient number of portfolios (five or fewer) in the composite for the entire year. Standard deviation is only presented for accounts managed for a full calendar year.
3 The three year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36 month period. The standard deviation is not presented for 2006 through 2010 because it is not required for periods prior to 2011. It is also not presented for quarter-ends.
4 Prior to November 1, 2007, the investment team was part of Delaware Investments and therefore the Firm is reporting the percentage of Firm assets only for all accounts managed by Logan Circle Partners, L.P.
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