High Grade Core Intermediate 1st Quarter 2011
During the first quarter, Samson’s High Grade Core Intermediate Strategy generated a gross return of 0.72% which compares favorably to the benchmark return of 0.48%. As readers of our past commentaries may recall, we do not utilize all sectors of the investment grade universe in our conservative strategy. The performance of the index excluding the types of securities we do not purchase (BBB corporates, asset-backed securities, commercial mortgages) was 0.36%. The key driver of our out-performance during the quarter was our sector allocation strategy, largely driven by our value approach to high quality investing.