With a historically low-yield environment as the backdrop, our pure high yield strategies (SMA) are opportunistically designed to potentially generate maximum tax exempt income.  Although income is our primary objective, we also aim to provide meaningful total return in order to achieve a solid overall risk-return profile for our investors.

Our portfolio construction is characterized by intensive fundamental credit analysis and focused on sectors that we believe present the best relative value and greatest upside potential in an effort to uncover investment opportunities that may produce a high stream of federally tax-free income.

We manage a diversified portfolio of high-yielding tax exempt securities with a focus on project revenue bonds in sectors deemed vital to the economy, such as healthcare, transportation, power/energy and education (public/private).  We will selectively invest in innovative, non-traditional, new dynamic sectors (such as charter schools, continuing care retirement communities and alternative forms of power/energy), which are historically higher-yielding and may provide long-term opportunities for enhanced total return and income.


We believe this strategy can offer investors the following:


On a relative and absolute basis


Favorable risk/reward characteristics compared to other asset classes


Low correlation* to other asset classes


Relative to investment grade municipals and taxable high yield


Federally tax-free income**


Higher yields can offset price declines in rising rate environment


We believe this is a timely opportunity to capture yield and total return in the high yield tax-exempt securities market. Today, the market and asset class are buoyed by the narrow trading band for Treasuries, the absence of inflation, a strengthening economy, higher spreads and the continued supply/demand imbalance on the long end of the interest rate curve, driven by investors’ seemingly insatiable appetite to find yield.

Portfolio Managers

Troy Willis, J.D., CFA

Troy Willis, J.D., CFA

Chief Investment Officer, Municipal Bond Strategies

Joseph Gulli

Joseph Gulli

Partner, Portfolio Manager


Credit selection is critical, and we conduct regular, in-person inspections for the majority of the products in which we invest. This includes interviews with management and a detailed inspection of financial statements and bond documents.

Our portfolio is more concentrated with a high conviction on what we own. We know our credits well. A seasoned team of individuals with extensive high yield and distressed experience ensures each investment is meaningful, and thoughtful.

We believe below investment grade project revenue bonds at discounted pricing offer the most compelling opportunity. With proper due diligence, these investments provide some of the best value across all asset classes.

A streamlined investment process enables us to act quickly in a changing market to exploit pricing anomalies and trading opportunities that appear – and disappear – rapidly

We focus primarily on brick-and-mortar projects with a dedicated cash flow stream, first mortgage, gross revenue pledges and assignment of all contracts.

We are not afraid to differ from the rest of the market. We believe that our greatest value is to be leaders in independent thought and strategy, and to act accordingly.

The performance data quoted represents past performance. Past performance does not guarantee future results.

**Income may be subject to state or local income tax and a portion of income may be subject to the federal alternative minimum tax for certain investors. Federal income tax rules will apply to any capital gains distributions.

*The correlation coefficient is a measure that determines the degree to which two variables’ movements are associated. The range of values for the correlation coefficient is -1.0 to 1.0. A correlation of -1.0 indicates a perfect negative correlation, while a correlation of 1.0 indicates a perfect positive correlation.

Diversification does not assure a profit or protect against a loss in a declining market.