EFTA02620238

From: Paul Barrett Sent: Wednesday, October 3, 2018 7:23 PM To: Cc: Richard Kahn Subject: Fixed Income portfolio Jeffrey 10yr rates have sold off 30bps since the end of Augu=t. We kept the duration under 3 yrs as I expected rates to sell off in H2.=We sold most of the fixed for life preferreds in O1. The remaining preferr=ds are mostly fixed to float which leaves a very manageable overall portfolio duration. Many of the bonds we =urchased had pretty wide spreads so the rate sell- off has largely been abs=rbed by spread compression as opposed to higher yields/lower prices.<=o:p> Summary: Portfolio Size: =nbsp; $5=.6MM Average Yield: &=bsp; 5.37% Ave Coupon: = &=bsp; 6.25% Ave Duration: &n=sp; = 2.32years If the rate selloff continues I think we will find s=me new names that offer 6-8% yields with < 2.5 years of duration.<=o:p> Paul Paul Barrett Alpha Group Capital LLC 1 EFTA_R1_01825892 EFTA02620238 142 W 57th Street, 11th Floor,=New York, NY 10019 (o) (c) <=p> mailto > 2 EFTA_R1_01825893 EFTA02620239