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Image resource: The Motley Fool.Orchid Isle Funds Inc Q1 2019 Salary Call Apr 26, 2019, 10:00 a.michael. ET Items:. Prepared Remarks. How to undo last action in windows 7. Questions and Solutions. Contact ParticipantsPrepared Remarks:OperatorGood morning, and delightful to the Initial Quarter 2019 Income Conference Contact for Orchid Isle Funds.

This call is becoming recorded today, April 26, 2019. Queries and Solutions:OperatorThank you. (Agent Directions) Our very first question arrives from Christopher NoIan with Ladenburg ThaImann.

Your range is open up.Christopher Whitbread Patrick Nolan - Ladenburg Thalmann - AnalystHey, men. And I echo the sentiments on Dave Walrod. He had been a excellent man. The share count went down quarter-ovér-quarter despite giving share.

Therefore do you guys repurchase gives as nicely as concern?Robert Y. Cauley - Chairman, Leader and Fundamental Executive OfficerYeah, There were some of the buyback action, which finished in past due Queen4, really settles in Jan as a outcome of GAAP human resources purposes. It does not - if you bought the gives back again, there is certainly a delayed response or recording. So exact same with the sales.Christopher Whitbread Patrick Nolan - Ladenburg ThaImann - AnalystGot yóu. And.Robert Y. Cauley - Chairman, Us president and Key Executive OfficerSo - but l - and it wouId be higher nowadays.

In truth, I think, the press release we've put out last 7 days on the 17tl, we would have updated share count number, would reveal a higher. It't still below the peak. Through our share buyback activity, we bought back I think, 10.4% of all shares that we'd ever issued. So we're still below that all time peak and gives outstanding, but we are usually slowly growing back again.Christopher Whitbread Patrick Nolan - Ladenburg Thalmann - AnalystOkay. Chad, do you guys have got a weighted average cost for what you purchased - issued stocks at?Robert Elizabeth. Cauley - Chairman, Chief executive and Main Professional OfficerIt'h in the line. I wear't have got it in entrance of mé, but it wiIl be in the queue released later on today.

I need to say it had been $6.84.Christopher Whitbread Meat Nolan - Ladenburg ThaImann - AnalystGreat. And after that I observed that your length of time dropped in the quarter. Should we expect it to start raising heading forward given your responses?Robert At the. Cauley - Chairman, Us president and Chief Professional OfficerWell, that's novel duration, Chris. There'beds been instances when we were positioned extremely defensively and it has been close to three, thát's a design period, the empirical length, which issues more for us had been significantly lower.

And I would expect us to trade empirically longer than we do. So I would not put too much confidence in the model number. We do distribute it ánd it's án unbiased rendering of the stock portfolio as skipped features, but it is usually a design driven number. It'h - they perform have got the limitations.G. Hunter Haas - Key Financial Officer and Primary Investment Officer and DirectorChris, just - there'beds definitely been a change in the lower vouchers, which have - tend to possess a longer length. So you're certainly right on that front.

Some of the increased discount coupons - therefore if you have got higher pay-ups, so they have a tendency to furthermore be longer. But there's i9000 become a strategic shift to attempt to add a little little bit of period as our an actual have become shorter into the rally that'h occurred this season. So we'll continue to try out that. I believe our goal will be to be a little more flat during the Given tightening period. We are usually always attempting to end up being slightly brief - have got a brief biased at least empirically.

And what I believe we want to actually type of be more flat here going forwards. So in order to do that, we'll have to include a little bit duration in thé rallies and then hopefully back again it off as we assist delta hedge through these price actions within the period.Christopher Whitbread Meat Nolan - Ladenburg Thalmann - AnalystOkay. Thanks a lot, Hunter. Final question is definitely, Bob, in your remarks you pointed out for the TBAs. It seemed that the higher coupons stuff has more - it's i9000 more leverageable, more - has - my impact has been you can get increased leverage from higher coupon an actual.

Should we study that where your stability sheet leveraging proportion could pick up back again to nine situations? Or how should we examine that?Robert Age.

Cauley - Chairman, Leader and Key Executive OfficerI think it would remain in the - yés, we've happen to be - 8.5 had been at the end of the one fourth, but yes, I would anticipate it to remain at thé high-end óf our historical range, which as you pointed out about 8.5 and running low nine'h. And I believe we're comfortable performing that. Consistent also with the migration, not really simply the high coupons with higher pay-ups and therefore duration, but also in contrast with our prior background on lower coupons as well, which have got duration just because of the low cost character of the bonds.Christopher Whitbread Meat Nolan - Ladenburg ThaImann - AnalystOkay.

And last question. Does - do you think the strong GDP amount today type of - gives you any type of change in conditions of how the Fed might be? I'm thinking about the right environment because from my statement, it appears like that GDP quantity arrived in a bit stronger than people were expecting.Robert Elizabeth.

Cauley - Chairman, Chief executive and Chief Professional OfficerIt has been. It do other than any of the marketplace rally heading on into the quantity briefly backed away and resumed rallying.

A few of stuff, 3.2%, a 1.03% of that was net exports, the trade balance changed a lot and after that also I believe there't 0.65% supply build. And the marketplace takes on both of those are usually type of transitory.

Another amount that's extremely important is definitely real last product sales to perform domestic buys, which excludes net exports and inventory construct. That quantity had been 1.4%. If you move back again to Queen1 of last year, it had been I believe a little ovér 3%. It's declined every one fourth since and I believe that might end up being one point the market look forward through to and then also the PCE information had been a little on the smooth aspect. So it could become that what we're viewing is continuing robust growth without any infIation. And that't type of a paradóx if you're a traditional central banker because you assume prolonged periods of prolonged - of higher - above-trend growth, but you should obtain inflation, but we put on't appear to have got it. And I would presume it'beds hard to state because Powell (ph) has just ended up in the seat for a short period of time.

But he appears to get it. And I put on't think he's going to over walk in the face of smooth or weakening inflation simply because the development numbers or the nón-farm payroll quantities will look a little growth or little solid. If he did I think, it'll possibly end up being a mistake.

I furthermore think that the markets, equity markets in specific would respond very adversely. We obtain kind of a do it again of what we noticed last December. He seems to - type of to obtain it and I believe that was a great point because at the end of the time if you can somehow keep growth of these amounts without inflation, that's most likely something you're intended to encouraged and not really attempt to fight. Therefore we'll observe.Christopher Whitbread Meat Nolan - Ladenburg Thalmann - AnalystGreat. Thanks for acquiring my questions.Robert Age. Cauley - Chairman, Leader and Primary Executive OfficerSure.OperatorThank you.

(Operator Directions) And our next question arrives from Steve DeIaney with JMP Investments. Your line is open up.Steven Cole Delaney - JMP Investments LLC - AnalystThanks. Need for speed songs download. Good morning, Bob and Hunter.

How are usually you?Robert E. Cauley - Chairman, President and Fundamental Executive OfficerHey, Steve. How are you?Steven CoIe Delaney - JMP Securities LLC - AnalystGreat, thanks. Just one thing for me.

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Listening to a couple of income calls earlier in the 7 days, we appear to become getting a little disparity in conditions of where individuals were suggesting repo has been being costed. And we also discover, we monitor this, I think, it's GCF, RMBS on BIoomberg. And we're also seeing some day-tó-day volatility Iike it't not uncommon for that rate to move 5 or 6 foundation points in a day. Therefore I'm just wondering if you could simply provide us a few of - tying into your chart on Page 25, just sort of general watch of circumstances and the company passthrough repo marketplace and where you are seeing pricing presently? That'd become great. Thanks a lot.Robert E.

Cauley - Chairman, Leader and Fundamental Professional OfficerOkay. I'll speak briefly and after that I'll let Hunter talk. But I think the repo marketplace itself has become steady. The GC marketplace has become risky, no doubt. I wear't understand if that's i9000 various other than over quarter finish, intra-quarter, it's not really transferred - you've noticed - not noticed that passthrough tó the repo markets and that's a great deal more to do with settlements of - in your cash management bills, three, six, 12-month expenses and shortages of cash in the system. So you do observe volatility in the overnight funding markets. And you do see it in the repo markets over quarter end, but normally, I would say, it's stable and trending lower.G.

Hunter Haas - Primary Financial Official and Main Investment Official and DirectorYes. We wear't possess a lot of publicity in the over night market, so we are likely to, I think type of draw a little bit of a series through that voIatility.Steven Cole DeIaney - JMP Securities LLC - AnalystGot it.Gary the gadget guy. Hunter Haas - Chief Financial Expert and Chief Investment Official and DirectorI think our over night repos, which are usually all of the Government - or all of them are at Federal government Home Loan Bank were costed at 2.85% over year-end and has since come a method off.

And I think a great deal of people had been shell-shocked from that heading into the finish of the first quarter. And there had been sort of a little bit of anxiety in the marketplace. So we began prices in somewhat higher repo prices trending into the finish of Walk. And then it converted out to be simply a total nothing on the turn. Therefore I believe it'beds maintaining to type of move back lower. We still see individuals trying to consider benefit of buzz in the yéar-end - or quartér-end nervousness.

But simply to provide you some data points.Steven Cole Delaney - JMP Investments LLC - AnalystSure.Gary the gadget guy. Hunter Haas - Chief Financial Official and Main Investment Expert and DirectorI believe we (inaudible). One 30 days repos in the reduced 2.60s, if we want to obtain out over quarter finish, it's heading to consider 2.63%, 2.64%, 2.65% for state a three-month type of turn. And you're capable to do - it's because of the shape of the present - and the slight probability that if Fed slashes at some stage in the next year, therefore you're in fact seeing a come back of phrase rates that are usually lower than present rates. So you can locking mechanism in today.Steven Cole Delaney - JMP Investments LLC - AnalystPrice once again.G.

Seeker Haas - Fundamental Financial Police officer and Fundamental Investment Official and DirectorYes. Six months.Steven Cole Delaney - JMP Investments LLC - AnalystThe forward shape, yes.Gary the gadget guy. Hunter Haas - Chief Financial Police officer and Fundamental Investment Expert and DirectorYes, exactly. So we haven't happen to be really considering over six weeks, yes, but we do a lot of six months in the low 2.60%, I want to say.Steven Cole Delaney - JMP Investments LLC - AnalystThat's incredibly helpful, Hunter and Chad. And I think that the worry had been that the level of 2.85% has been kind of tossed out presently there.

And we definitely over the decades yet and we understand the quarter end can become insane and I sórt of remember thát the Japanese year-end can be Walk 31, isn't it? And that sometimes.G. Hunter Haas - Key Financial Official and Main Investment Expert and DirectorYes. And that had been elevated after that.Steven Cole Delaney - JMP Investments LLC - AnalystYe.