Investment Approach

Macroeconomic data and trends and the municipal market environment are analyzed to develop overall outlook and interest rate strategy.

We monitor economic releases, market trends, political developments, monetary policy, and the unique supply and demand features of the municipal market to develop our fixed income market outlook.

A duration target and yield curve strategy are formulated to best position the portfolios given the team’s outlook.

Our interest rate forecasts will alter our target duration, or the measure of a portfolio’s sensitivity to interest rate changes, as well as how we position individual holdings across the yield curve. Additionally, our outlook will influence whether we favor par, discount or premium bonds, and how we evaluate call options.

We focus on monopoly-like, essential purpose bonds, and conduct thorough reviews of underlying credit quality.

We invest only in bonds funding essential projects with underlying credit quality we deem to be single “A” or higher. We then review relative value, call protection, and overall fit within each portfolio.

A customized portfolio is created to meet each client’s individual investment needs and goals.

Portfolios can be tailored to minimize state income tax liabilities (if applicable), where sufficient quality bonds are available for adequate diversification.

Contact us to learn how to invest in our Municipal Fixed Income strategy