At Ascent, we recognize that each client has unique goals and objectives, but find the desire for safety, stability, and a competitive total return is nearly universal for a core fixed income allocation. This is why we have developed the following portfolio strategies:

Overview

We work with each client and advisor to understand their unique risk tolerance, cash flow needs, and tax situation to tailor one of these strategies to fit their needs. This can include varying the mix of asset types and maturities we invest in, as well as considering the implications of a client’s federal tax bracket and state of residence. We carefully consider whether taxable or tax-exempt securities are the best fit, if in-state versus out-of-state municipals provide the most attractive yield, and if the client has any unique needs for taxable income.

	Intermediate Taxable	Core Taxable	Municipal
Investment Objectives	Total return - A primary focus on principal preservation, with secondary goals of income and capital appreciation	Total return - A primary focus on principal preservation, with secondary goals of income and capital appreciation	Total return - A primary focus on principal preservation and secondary goals of stable tax-free income and capital appreciation
Investment Philosophy	Utilize both a top-down and bottom-up approach through use of macroeconomic data and trends to develop overall duration, yield curve, and sector strategy, and in-depth credit research to guide security selection	Utilize both a top-down and bottom-up approach through use of macroeconomic data and trends to develop overall duration, yield curve, and sector strategy, and in-depth credit research to guide security selection	Utilize both a top-down and bottom-up approach through use of macroeconomic data and trends combined with the municipal market environment to develop overall outlook, and in depth credit research and relative value to guide security selection
Securities used	Bonds issued or guaranteed by the U.S. government, its agencies or instrumentalities Investment-grade corporate bonds	Bonds issued or guaranteed by the U.S. government, its agencies or instrumentalities Investment-grade corporate bonds	High quality, essential purpose municipal bonds that are exempt from federal taxes
Account Minimums	$250,000	$250,000	$250,000
Diversification	Corporate bond positions targeted at 5% or less per issuer 16 to 19 positions per portfolio	Corporate bond positions targeted at 5% or less per issuer 16 to 19 positions per portfolio	Municipal bond positions targeted at 5% or less per issuer 18 to 25 positions per portfolio
Suitable Benchmark	Barclay’s Intermediate Government/Credit Index	Barclay’s Government/Credit Index	Barclay’s 1-10 Year Blend