SHORT DURATION MUNICIPAL
BOND STRATEGY

Our actively managed Short-Duration Municipal Bond Strategy seeks to outperform other short-term investment strategies such as money market funds and treasuries by carefully purchasing short-duration, high-quality, short-call municipal bonds that generate coupon interest. The strategy uses no leverage, nor does it invest in other investment vehicles such as mutual funds or other pooled investment vehicles.

Wind Energy Investing

FEDERALLY TAX-FREE

AVERAGE DURATION OF ONE-YEAR
OR LESS TO LIMIT RISK

LABOR-INTENSIVE PROCESS
UNCOVERS MARKET INEFFICIENCIES

QUALITY-FOCUSED DUE DILIGENCE
PROCESS BORN OF 30+ YEARS
EXPERIENCE

MANAGED IN SEPARATELY MANAGED
ACCOUNTS AT THE CUSTODIAN OF
CLIENT’S CHOOSING

FOCUSED, TAX-EFFICIENT STRATEGY

— An actively managed, tax-efficient strategy that capitalizes on portfolio manager expertise and inefficiencies in the secondary municipal bond market
— Maximize returns versus other short-term strategies by investing in short-duration, high-quality municipal bonds which carry interest income exempt from federal and, as applicable, state tax

— Purchase bonds primarily at auctions on the bid side of the secondary market
— Purchase short-call bonds that have bypassed their initial calls and have little or no call history
— Purchase bonds with attractive yield-to-call and yield-to-maturities

— Manager has spent entire career in municipal bond market
— Manager has managed strategy since 2011

— Across SMAs, returns have been consistent since strategy inception

OUR PROCESS

We purchase short-duration, high-quality municipal bonds with short calls and coupons ranging from 3.5% to 5.25% at prices close to the call price, resulting in tax-free yields-to-maturity of 3.0% to 4.25% and net tax-free returns ranging from 2.5% to 3.0% with average duration of less than one year.

THE MUNICIPAL BOND MARKET IS A NEGOTIATED MARKET.

We purchase bonds primarily on the bid side of the secondary municipal bond market, allowing us to achieve the best pricing for our clients.

OURS IS A CAPITAL CONSTRAINED STRATEGY.

The total universe of bonds available in the market is limited with the estimated size of this market between $4.5 to $6 billion, making it too small for larger funds.

WE UNCOVER INEFFICIENT POCKETS OF THE MARKET.

We screen through this universe to identify bonds with a low likelihood of call and attractive potential for returns.

OUR LABOR-INTENSIVE DUE DILIGENCE PROCESS REDUCES RISK.

Our due diligence process uses factors such as the bond’s underlying quality, market sector and the municipality’s sophistication and history of calling its bonds.

EQUITY INCOME STRATEGY: Q2 2021 COMMENTARY

At the end of the second quarter over 54% of Americans had received at least one dose of the vaccine, although the pace of vaccinations slowed substantially.

Infrastructure Plus Strategy: Q1 2021 Commentary

Looking back at how the market has performed over the first quarter, the choppy and divergent market reflected both headwinds and tailwinds.

Infrastructure of the Future

The COVID-19 pandemic has necessitated unprecedented changes across society and the global economy. We see 2020 as a key inflection year for renewable energy with accelerated growth.

David Weiner

David Weiner

Managing Partner

Eric Sellinger

Eric Sellinger

Managing Partner

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