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Intelligent Fixed Income

Investment Objective: The strategy’s investment objective is to seek long-term total return while striving to generate meaningful current income. For taxable accounts, Qualified Dividend Income (QDI), which is currently taxed at a more favorable rate for upper tax brackets, is favored. 

Investment Description: On July 1, 2017 Ulland Investment Advisors (UIA) created the Intelligent Fixed Income (IFI) style for clients seeking a 100% fixed income investment. IFI invests solely in fixed-income securities, predominately preferred stock. Up to 20% of the strategy may invest in corporate bonds. Some securities used in IFI have ratings below investment grade or are unrated. Preferred and debt securities used in the strategy are issued by banks, insurance companies, other diversified financials, REITs, energy and pipelines, telecommunications, technology and consumer companies. Prior to July 1, 2017, Ulland’s fixed income strategy was part of Ulland’s Defensive Growth style, which also included equities.

Intelligent Fixed Income History

Intelligent Fixed Income Calendar Year Performance

Composite Definition: The Fixed Income Composite includes all portfolios invested 100% in fixed income securities which includes cash, preferred stock, corporate bonds and other subordinated securities. The account minimum for the composite is $150,000, with no margin. Prior to July 1, 2017 fixed income accounts were included in the Defensive Growth strategy. After July 1, 2017, all new 100% fixed income accounts were included in the Intelligent Fixed Income strategy. As of 01/31/2018, the fixed income composite was comprised of 140 accounts and $149 million in assets. The Fixed Income Composite is invested predominately in U.S. listed preferred stock. Securities include both $25 and $1,000 issues.

Performance: Performance quoted is past performance. Past performance is not indicative of future performance. Current performance may be lower or higher than performance shown. Differences in performance versus the Index may be attributable, in part, to differences in the asset make-up of the Fixed Income Institutional Composite vs. the Index. Performance calculations are based on the reinvestment of dividends and gains unless these amounts were paid out to the client. Performance is subject to revision.

Fee: Our normal fee schedule is 1.0% on the first $2 million, 0.75% on the next $3 million, and 0.50% for funds above $5 million. Individual fee arrangements may vary from this schedule.

Disclaimer: Investing involves risk; principal loss is possible. The principal risks of investing in the Strategy include interest rate risk: the value of fixed income securities are impacted by changes in interest rates. Bonds and preferred securities with longer durations tend to be more sensitive and more volatile than securities with shorter durations; bond prices generally fall as interest rates rise. Other risks include call risk, market risk and liquidity risk. Investors should consider the investment objectives, risk, charges, and expenses of this strategy carefully before investing. This and other important information can be obtained by contacting Ulland Investment Advisors.



4550 IDS Center · Eighty South Eighth Street · Minneapolis MN 55402 · Telephone: 612-312-1400 · Facsimile: 612-204-3464