Independent Banker - May 2019 - 26

PORTFOLIO
Portfolio Management
By Jim Reber, ICBA Securities
Fill the middle
Investment ladders could benefit from the
next yield curve shift.
he " middle. " What does that mean to you?
On a baseball team, it's a term that refers
to the defensive players in a line from the catcher
out to the center fi elder. Physiologically, it's an
obtuse reference to one's abdominal/waist/
hip area. Related to that, it's the reward in a
jelly-fi lled donut. Politically, it's currently a vacuum,
but formerly it was occupied by moderates
on either side of the aisle. And geographically, it's
the center section of the Volunteer State of Tennessee,
the site of ICBA LIVE 2019.
For investment portfolio purposes, the middle
T
26 Q ICBA Independent Banker Q May 2019
often means the segment of the yield curve or a
collection of bonds that span from, roughly, two
to seven years. If community bankers had been
taking heed of the suggestions they've received
from brokers and advisors over most of the past
decade, they would have invested less in the
middle and more on the fl anks. It may be time to
consider an alternative.
A weighty matter
In review, portfolio structures usually take on
one of two general structures: a " barbell " or
a " ladder. " Barbells have a concentration of
bonds that will reprice in the very near future,
and equal dollar amounts that will mature in the
Jim Reber, CPA,
CFA (jreber@
icbasecurities.com),
is president and CEO
of ICBA Securities,
ICBA's institutional,
fixed-income
broker-dealer for
community banks

Independent Banker - May 2019

Table of Contents for the Digital Edition of Independent Banker - May 2019

Table of Contents
Independent Banker - May 2019 - Intro
Independent Banker - May 2019 - Cover1
Independent Banker - May 2019 - Cover2
Independent Banker - May 2019 - Table of Contents
Independent Banker - May 2019 - 2
Independent Banker - May 2019 - 3
Independent Banker - May 2019 - 4
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Independent Banker - May 2019 - Cover3
Independent Banker - May 2019 - Cover4
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