2023: INCOME IS BACK- One (maybe the only?) Positive From the Pain of 2022 Fixed Income investors finally had the year many were predicting over the last decade, ending eight consecutive years of positive total returns for the broad municipal bond market. Much like...
High Income Municipal Bond Strategy
In fixed income, over the long run, yield drives total return. In municipal bonds that yield may carry additional tax-efficiency benefits. This high yield municipal bond strategy, available in a separately managed account (SMA), is designed to achieve strong long term total returns derived primarily, if not entirely, from the income produced by the securities held in a given portfolio, much like how the S&P 500’s long term total return has been materially attributed to reinvested dividend income.
The foundation of the process by which portfolios are constructed is an intensive, comprehensive reliance on bottom-up credit analysis. We take the time and make the effort to understand not just the basic profile of a given credit, but also its risk profile, and what remedies are available to us as lenders in the event something goes awry. Subsequently, specific security selection analysis is conducted on a strict relative value basis. This step is critical in an over-the-counter environment such as the municipal bond market. We are not taking risk indiscriminately. We’re striving to adequately compensate shareholders for the risk we take, in a marketplace that affords the professional manager ample opportunities to exploit inefficiencies inherent to that market.
Our aim with this approach is to build portfolios that provide above-market yields so to justify the risk (absolute and relative) represented in the credits behind the securities we select for inclusion.
- HIGH INCOME FEDERAL TAX EXEMPT FUND
- LONG-TERM, YIELD-DRIVEN TOTAL RETURN
- BOTTOM-UP CREDIT ANALYSIS
- VALUE-BASED SECURITY SELECTION
EXPERIENCE
TIME TESTED
RISK MITIGATION
FOCUSED
STREET RELATIONSHIPS
NIMBLE AND EFFICIENT
TRANSPARENCY
HIGH CONVICTION
RELATIVE VALUE FOCUSED
NIMBLE
NO INTEREST RATE FORECASTING
ADAPTABLE
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2023 January Update- Municipal Bond Strategies
2023: INCOME IS BACK- One (maybe the only?) Positive From the Pain of 2022 Fixed Income investors finally had the year many were predicting over the last decade, ending eight consecutive years of positive total returns for the broad municipal bond market. Much like...
2023 January Update- Municipal Bond Strategies
2023: INCOME IS BACK- One (maybe the only?) Positive From the Pain of 2022 Fixed Income investors finally had the year many were predicting over the...
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