The Radcliffe Short Duration strategy (“SD”), launched in July 2017, is a less conservative extension of our Ultra Short Duration (“USD”) strategy. By modestly relaxing the constraints of the USD strategy, the SD strategy seeks higher unlevered returns from a larger investible universe that includes our favorite bonds that don’t quite meet the term or credit criteria of the USD strategy.

The SD strategy remains defensive with an average duration around 2 years and a focus on issuers that we’re confident will have the liquidity to pay off their short duration bonds regardless of market conditions. In addition to higher average yields, we believe the strategy can produce higher net returns than comparable short-term bonds with lower volatility and a high Sharpe Ratio.

All investments are subject to risks including the possible loss of principal. This description contains opinions and expectations regarding the marketplace and the strategy, as well as descriptions of current and potential investment processes.  There is no guarantee that our expectations will be met.  Radcliffe may change its investment process without notice at any time.