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
  • 13 Mar 2017
1 JPMorgan 94,925.33 384 8.39%
2 Citi 87,531.58 331 7.74%
3 Bank of America Merrill Lynch 84,341.49 288 7.46%
4 Barclays 75,288.19 241 6.66%
5 Goldman Sachs 68,504.71 208 6.06%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 May 2017
1 Deutsche Bank 19,381.65 47 8.82%
2 Bank of America Merrill Lynch 18,968.25 36 8.63%
3 HSBC 18,103.95 50 8.24%
4 BNP Paribas 8,911.57 55 4.05%
5 SG Corporate & Investment Banking 8,885.00 54 4.04%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 8,714.26 35 8.36%
2 UBS 8,283.47 33 7.95%
3 Goldman Sachs 7,736.57 37 7.42%
4 Citi 6,897.11 46 6.62%
5 Bank of America Merrill Lynch 6,215.31 24 5.96%