Midwest Investor Will Shift Into Mortgages

Dana Investment Advisors plans to increase its exposure to mortgage-backed securities by about $160 million in the coming months and will finance the increase by reducing its exposure to Treasuries.

  • 13 Feb 2004
Email a colleague
Request a PDF
Joseph Veranth
Dana Investment Advisors plans to increase its exposure to mortgage-backed securities by about $160 million in the coming months and will finance the increase by reducing its exposure to Treasuries. Joseph Veranth, executive v.p. and portfolio manager of the $1.6 billion fixed income fund in Brookfield, Wis., says he plans to increase the MBS portion to roughly 30% of the overall portfolio; mortgages currently account for 20%. Veranth says he plans to add adjustable-rate-mortgages (ARMs) because he thinks interest rates are heading northward.

Veranth emphasizes that comparable mortgage-backed securities are more attractive than Treasuries and that he would consider short-term mortgages with above-market coupons, such as 6% or 6 1/2% and carrying 10- to 15-year maturities, as opposed to traditional 30-year MBS. At present, 60% of the fund is invested in equal amounts of Treasuries, agencies and MBS. The remaining 40% is held in investment-grade corporate bonds.

Separately, Veranth says he also plans to shorten the duration of his government bond portfolio to reduce interest-rate risk. He adds he expects prices on long-term Treasuries will decline most if and when rates move up; as a result, he plans to replace long-term Treasuries with short-term ones.

  • 13 Feb 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Jan 2017
1 Citi 22,118.13 61 9.00%
2 Barclays 20,987.41 55 8.54%
3 JPMorgan 17,406.75 53 7.08%
4 HSBC 16,333.52 48 6.64%
5 Goldman Sachs 15,454.74 49 6.29%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 Commerzbank Group 114.00 1 66.16%
2 CaixaBank 37.05 1 21.50%
3 UniCredit 10.62 1 6.17%
3 BNP Paribas 10.62 1 6.17%
Subtotal 172.30 3 100.00%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 SG Corporate & Investment Banking 770.06 2 16.80%
2 Goldman Sachs 656.16 2 14.32%
3 JPMorgan 527.28 4 11.50%
4 Emirates NBD PJSC 408.38 1 8.91%
5 Deutsche Bank 321.53 3 7.01%