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
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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
  • 24 Jul 2017
1 Citi 253,106.92 930 8.89%
2 JPMorgan 230,914.50 1036 8.11%
3 Bank of America Merrill Lynch 221,389.46 762 7.78%
4 Goldman Sachs 171,499.26 554 6.03%
5 Barclays 169,046.60 646 5.94%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2017
1 HSBC 27,039.93 106 7.36%
2 Deutsche Bank 25,125.19 81 6.84%
3 Bank of America Merrill Lynch 23,128.33 61 6.29%
4 BNP Paribas 19,315.94 110 5.26%
5 Credit Agricole CIB 18,706.93 106 5.09%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2017
1 JPMorgan 13,488.13 59 8.47%
2 Citi 11,496.21 73 7.22%
3 UBS 11,302.86 45 7.09%
4 Morgan Stanley 10,864.95 59 6.82%
5 Goldman Sachs 10,434.21 54 6.55%