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. The Firm continues to operate as Logan Circle Partners, L.P. 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 Partners, L.P. and Logan Circle Partners I LLC. The track record presented represents the team’s performance for the Logan Circle Short Term Actively Managed Program Opportunistic Fixed Income (“STAMP Opportunistic”) strategy from June 1, 2012 (“inception date” and “creation date”) to the present.
Logan Circle claims compliance with the Global Investment Performance Standards (“GIPS®”) and has prepared and presented this report in compliance with the GIPS® standards. Logan Circle 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 STAMP Opportunistic has been examined for the periods June 1, 2012 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 STAMP Opportunistic strategy seeks to generate excess returns over the short duration benchmarks through the active management of sector, yield curve, security and duration allocations within the investment grade and high yield universes. The STAMP Opportunistic composite includes all fee-paying portfolios equal to or over $20 million, 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.
The performance benchmark for the STAMP Opportunistic composite is the Bank of America Merrill Lynch 0-2 Year U.S. Treasury Index (the “BofA ML 0-2”). The BofA ML 0-2 is an unmanaged index comprised of short-term Treasury Notes and Bonds with an outstanding par that is greater than or equal to $25 million with a maturity range from zero to two years, reflecting total return. All index returns presented are provided to represent the investment environment existing during the time periods shown and will not be covered by the future report of independent verifiers. For comparison purposes, the indices are fully invested and include the reinvestment of income. The returns for the indices do not include any transaction costs, management fees or other costs. Investors cannot purchase interests directly in an index.
Returns are based on fully discretionary accounts under management and may include terminated accounts. The dispersion of annual returns is measured by the standard deviation among asset-weighted portfolio returns represented within the composite for the full year. Dispersion is not calculated for composites with five or fewer accounts for the whole period.
Performance 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. Returns calculated gross of fees do not reflect the deduction of our investment management fees. Individual client returns will be reduced by investment management fees and other expenses that the account may incur. The investment management fee schedule for the STAMP Opportunistic strategy is 0.30% on the first $25 million, 0.25% on amounts from $25 million to $100 million and 0.20% on amounts over $100 million. Net returns have been calculated by reducing the monthly gross returns by the highest stated ADV fee of 0.30%. Fees have a compounding effect on cumulative results. Investment management fees are described in greater detail in Part 2A of the Firm’s Form ADV. Actual investment management fees incurred by clients may vary.
Past performance is not indicative of future results. The information presented is only available for institutional client use and is presented for use only as a one-on-one presentation.
|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 ASSETS|
|6/1/2012 (Inception) to 12/31/2012||3.13%||2.95%||0.18%||≤ 5||N/A||N/A||N/A||$213,585,984||1.03%|
|2013||2.29%||1.98%||0.28%||≤ 5||N/A||N/A||N/A||$218,477,092||< 1%|
|2014||1.33%||1.02%||0.25%||≤ 5||N/A||N/A||N/A||$293,376,914||< 1%|
|2015||-0.11%||-0.41%||0.23%||≤ 5||N/A||0.93%||0.20%||$275,084,063||< 1%|
|2016||2.69%||2.38%||0.71%||≤ 5||N/A||0.97%||0.30%||$88,550,434||< 1%|
|2017||1.88%||1.58%||0.60%||≤ 5||N/A||0.91%||0.31%||$112,291,233||< 1%|
|1Q 2018||0.24%||0.16%||0.18%||≤ 5||N/A||N/A||N/A||$114,557,188||N/A|
|2Q 2018||0.63%||0.56%||0.38%||≤ 5||N/A||N/A||N/A||$115,276,776||N/A|
|3Q 2018||0.66%||0.58%||0.39%||≤ 5||N/A||N/A||N/A||$116,029,365||N/A|
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 STAMP Opportunistic Fixed Income composite is the Bank of America Merrill Lynch 0-2 Year U.S. Treasury Index, which is comprised of short-term Treasury Notes and Bonds with an outstanding par that is greater than or equal to $25 million and with a maturity range from zero to two years, reflecting total return. The benchmark does not reflect holdings in all sectors targeted within the STAMP Opportunistic strategy. For additional benchmark disclosures please see the full GIPS disclosures on the following page.
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.
3The 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 2012 because the composite has not been in existence for three years. It is also not presented for quarter-ends.
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