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Bluestone Income

OBJECTIVE

Deliver superior current income versus traditional equity income strategies with reduced volatility and lower levels of interest rate risk compared to a debt strategy.

INVESTMENT STRATEGY

This strategy is designed to deliver a superior risk-adjusted yield while reducing volatility over a full market cycle. The strategy seeks to achieve this objective by investing in a broad basket of yield-producing assets including common and preferred equities, exchange traded debt, and ETFs/ETNs. This diversity allows us to produce a higher yield than a more traditional income product while still providing volatility reduction through active asset allocation model-based decision making. The strategy does not invest in junk bonds or distressed debt securities.

PORTFOLIO MANAGEMENT

  • Lee A. Calfo
  • Brian C. Shevland

RISK TOLERANCE

Moderate

PORTFOLIO GUIDELINES

  • Inception in September 2010
  • Typical allocation is 20-30 positions
  • Maximum non-ETF position size is 5% at initiation
  • No leverage, No Shorting
  • Max levered ETF exposure 10% (typically zero)

PORTFOLIO STATISTICS (1Q17)

2016 Yield (Annual) 5.52%
3 Year Trailing Yield (Annual) 5.53%
Historical Annualized Return 4.48%
Beta vs. S&P 0.4
Sharpe Ratio 0.61

As of 3/1/2017

 SHARES CLASSYIELDBENCHMARK
Class IClass RBlend*
Inception33.59%27.26%-50.71%
YTD3.00%2.87%-1.97
20169.13%8.32%5.53%7.06%
2015-7.97%-8.66%5.85%-0.37%
20144.55%3.77%5.21%7.92%
20137.53%6.73%-7.30%
20126.79%6.00%-8.26%
20116.04%5.25%-5.62%
2010**0.87%0.68%-2.20%
*All investing involves risk, including the loss of principal. There is no assurance that this Program will be able to achieve its investment objective. Past performance is not a guarantee of future results. Future performance may be higher or lower than show. Returns are presented in USD and are calculated net of all brokerage commissions, execution costs, and investment advisory fees and include all dividends and interest, accrued income, realized and unrealized gains or losses. The Bluestone Income Composite includes all Bluestone Income strategy accounts not a part of a WRAP program. The Bluestone Income strategy seeks to generate income by selecting securities that pay dividends or interest.  From September 1, 2010 through September 1, 2011 the Bluestone Income Strategy was run at a prior firm by the same portfolio manager. The Bluestone Income Plus Composite includes all Bluestone Income Plus strategy accounts not a part of a WRAP program. The Bluestone Income Plus strategy seeks to generate income by selecting securities that pay dividends or interest and also employs an option writing strategy. The returns shown are for composites of all accounts managed in the strategies which meet Bluestone Capital Management’s stated criteria for inclusion in the composites. Actual fees, which are negotiated at the time of account opening, may vary and thus, individual returns will vary. ⁺ Portfolio Beta is measured against the S&P 500 Index. * Benchmark refers to the strategies’ benchmark, which is 30% S&P 500 Value Index and 70% Barclays US Aggregate Bond Index, rebalanced monthly and includes reinvested dividends. Prospective clients can obtain a compliant presentation by contacting the firm via the phone or email listed below.
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