Overview
Inception
Date
10.01.2010
Account
Minimum
$250,000
Philosophy
• Multi-faceted Process Adds Value
• Conservative Approach to Fixed Income Management
• Bond Market Inefficiencies Offer Opportunities for Selective Investors
• Fundamental Research Drives Security Selection
Process
Top Down
- Duration Management
- Yield Curve Analysis
- Sector Analysis
Bottom Up
- Proprietary Analysis
- Fundamental Research
- Security Selection
Performance
| Term | QTR | YTD | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception1 |
|---|---|---|---|---|---|---|---|
| Short Term Government SMA (Gross) | 1.42 | 3.50 | 6.10 | 3.46 | 1.15 | 1.76 | 1.59 |
| Short Term Government SMA (Net) | 1.04 | 2.73 | 4.54 | 1.93 | -0.35 | 0.26 | 0.09 |
| Bloomberg 1-5 Year US Gov't | 1.38 | 3.45 | 6.11 | 3.25 | 0.86 | 1.59 | 1.45 |
1The performance inception date is 10.01.2010. The benchmark is the Bloomberg 1-5Y Government Index. Performance is preliminary and is annualized for periods longer than one year. Net of fees performance returns are presented net of the SMA bundled fee, which includes all charges for trading costs, advisory services, portfolio management, custody and other administrative fees. Gross of fees performance returns reflect the deduction of trading costs: a client’s return will be reduced by the management fees and other expenses it may incur. Investment management fees are described in SCM's Form ADV 2A. Performance reflects the reinvestment of interest income and dividends and realized capital gains. The performance presented represents past performance and is no guarantee of future results. Performance is compared to an index, however, the volatility of an index varies greatly and investments cannot be made directly in an index. Market conditions vary from year to year and can result in a decline in market value due to material market or economic conditions. Performance for periods greater than one year is annualized. Please refer to the GIPS Composite Report in the factsheet linked below for additional disclosures. Sources: Morningstar Direct; Sterling Capital Management Analytics.
Short Term Government SMA
Materials
SMA
Insights
09.09.2025 • Charles Wittmann, CFA®
- Due to the large weight new additions of mega-cap stocks Alphabet, Amazon, and Meta in the Russell 1000 Value benchmark, we thought it would be helpful to provide our analysis. - We believe our focus on valuation discipline was a foundational pillar of our process over that time period. - Rather than entering the benchmark at a discount in 2025, each of these stocks are more expensive than the benchmark upon entry. - We also discuss how this change also occurs at a time when growth stocks trade at close to historic premiums to value stocks.
08.25.2025 • Andrew Richman, CTFA
Powell Puts September Rate Cuts Firmly In Play
Andy Richman's update on the upcoming September Federal Open Market Committee meeting.
08.05.2025 • Charles Wittmann, CFA®
- This summer, we found it difficult to find an area that has experienced a greater historic performance than high beta stocks. - We discuss how beta, or stocks with greater than average measured price swings, may be tied to the fundamental characteristics of these stocks. - We also show how investors have embraced and shed risk in dynamic fashion over the past year to place the performance of client investments in context.
07.02.2025 • Charles Wittmann, CFA®
- Why would several mega-cap stocks that have been classified as 100% growth in the past be classified, even partially, in value? - FTSE Russell uses an objective style and methodology that splits the Russell 1000® Index into growth and value based primarily on earnings growth, sales growth, and price-to-book measures (the last reconstitution was June 27, 2025). - We discuss the reasons for these changes and why they occurred. - We are aware of the changes, and our focus remains committed to the same process and mandate that has stood for decades.
06.20.2025 • Andrew Richman, CTFA
Andy Richman's update on the June Federal Open Market Committee meeting.
06.10.2025 • Charles Wittmann, CFA®
- Our investment philosophy focuses on quality. - What has made the last three months unusual is the underperformance of quality stocks in the market downturn this spring. - We discuss how quality has differentiated properties that tend to outperform in bear markets and over the long term. - We then discuss how the underperformance of quality in the recent negative return market, when historically it outperforms, resulted in “quality on sale” for active investors with a quality orientation.
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