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. Prior to November 1, 2008 the above composite returns are based on portfolio management while at Bear Stearns Asset Management. The track record presented represents the team’s performance at Bear Stearns Asset Management while it managed the Intermediate Government/Credit composite from January 1, 1997 (“Inception date”) to October 31, 2008. From November 1, 2008 (“creation date”) to the present, the performance presented is for the Logan Circle Intermediate Government/Credit Fixed Income (“Intermediate Government/Credit”) composite.
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 Intermediate Government/Credit composite has been examined for the periods November 1, 2008 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 Intermediate Government/Credit strategy seeks to generate total returns in excess of the Barclays Intermediate U.S. Government / Credit Index over a market cycle through the active management of sector, yield curve, security and duration allocations. The Intermediate Government/Credit composite includes all fee-paying portfolios equal to or over $10 million, managed on a discretionary basis according to the applicable composite strategy. 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 Intermediate Government/Credit composite is the Bloomberg Barclays Intermediate U.S. Government/Credit Index, which measures the performance of Treasuries, government-related and investment grade U.S. corporate securities with a remaining maturity between one and 10 years. 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 Intermediate Government/Credit composite is 0.35% on the first $25 million, 0.25% on amounts from $25 million to $100 million and 0.20% on amounts from $100 million to $200 million and 0.15% amounts over $200. Net returns have been calculated by reducing the monthly gross returns by the highest stated ADV fee of 0.35%. For periods prior to January 2013, net returns have been calculated using actual management fees. 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 available for institutional client use only and is presented here for use only as a one-on-one presentation.