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This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.

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May 19, 2008

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7/26/2012 03:58 PM

This is an excellent seed to plant in the minds of investment managers. There could have been more detail in the article to support the total return perspective, but the fact that it was mentioned is a positive. I have been in the process of transitioning my credit union into thinking in terms of total return... it is a slow culture change.

Total Return Guy

7/26/2012 03:58 PM

The theme of this article incorrectly implies that TR and B&H strategies are mutually exclusive. It is a mis-conception that is, unfortunately, perpetuated far too frequently. In truth, many CU managers who employ a TR strategy are also employing a B&H strategy. Portfolios that are managed on a total return basis tend to produce higher risk-adjusted returns without necessarily having to sell any securities prior to maturity. Considering this, one might argue that a TR philosophy is a more conservative management style when executed properly.

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