In short: The other 10% of dry powder — "my flexible fund," a dual mandate to beat both cash and the Bloomberg bond index, achieved over 1, 3, 5, 10 years and since inception; "my favorite fund to manage." Together the mix yields ~6.25% at a duration of 2.
His "favorite fund to manage": a flexible bond fund that aims to beat both cash and the standard bond index, which he says it has done over 1, 3, 5 and 10 years. It is the second half of his "dry powder." Combined, his model portfolio yields about 6.25% with a duration of 2 — meaning rates could rise two full percentage points in a year and it would still make money. (He called it "DLEX"; the fund's institutional ticker is DFLEX.)
13:17So it's a lot better than buying a T-bill. And then the last one is DLEX, my flexible fund, which has an interesting dual mandate that we've actually succeeded at 1, 3, 5, 10, and since inception: we're trying to beat cash and the Bloomberg bond index. And when you have volatile markets, which we've had over the past 14 years, it's no small trick to be able to do that.
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