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Jenner Capital pitches taxable fixed-income approach; projects ~4% prospective returns and near-term coupon cash flow
Summary
Jenner Capital presented a taxable fixed-income strategy to the Sarasota pension board, citing a yield-to-worst near 4.12% and anticipated coupon cash flow of about $582,137 to the plan over the next 12 months; the firm offered an in-person presentation in October.
Brian Elliott, director of Jenner Capital's Institutional Division, introduced the firm's taxable fixed-income mandate and the conservative, duration-managed approach Jenner would use if selected for the plan's taxable sleeve.
Elliott said Jenner is a boutique manager with approximately $9 billion in assets under advisement and described a strategy focused on credit selection and duration management relative to a gov-credit benchmark. He cited a current yield-to-worst of about 4.12% and said Jenner expects the account to add roughly $582,137.02 in coupon cash flow to the plan over the next 12 months and specifically forecasted March coupon receipts of approximately $79,997.88.
Board members asked whether those returns were gross or net and Elliott confirmed the presented returns were gross. Trustees scheduled a fuller in-person presentation for Oct. 22, and Elliott said Jenner would attend in person.
Trustees thanked the presenter and indicated they would review Jenner's slide deck and discuss the firm further at the scheduled follow-up meeting.
