Municipal Market Investment Advisors

"We're in the stay rich business, not the get rich business."
-
Craig W. Henderson

Monday, November 20, 2017

Welcome

C.W. Henderson & Associates, Inc. is a registered investment advisory firm specializing in the conservative management of tax-exempt municipal securities. Our business philosophy is simple: preserve our clients’ wealth. As a defensive investment manager, our primary objectives are twofold: maximize total returns on an after-tax basis and seek to never have negative total returns in any year.

As of  September 30, 2017 C.W. Henderson & Associates, Inc. managed 1,191 separate accounts with combined assets of $3.201 billion. The majority of high net worth clients come to us through consultants, family offices, RIAs or directly. Corporations and foundations also utilize our investment strategy.


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Quarterly Newsletters

Fed’s $4.5 Trillion Balance Sheet - June 30, 2017

As shown in the chart below, the ten year Treasury yield fell from the recent 2.62% high in mid-March to a low of 2.14% in late June before ticking higher to close the quarter at 2.31%. Sluggish GDP growth in the first quarter (initially reported at 0.70% but subsequently revised to 1.40%) coupled with lower than expected April and May employment gains (subsequently revised higher) and modest inflation set the stage for declining yields during most of the period. The municipal market followed the same pattern with ten year prime yields falling from 2.26% at the start of the period to 1.85% in late June and closing the quarter at 2.00%.  Read More > >

 

Federal Reserve on the Move - March 21, 2017

Federal Reserve Chairwoman Yellen indicated late last year that three tightening moves could be in the monetary authorities’ game plan this year following their two 25 basis point moves at the end of 2015 and mid-December last year. Given their relatively quick mid-March subsequent action that notched the targeted Fed Funds rate higher by another 25 basis points, Ms. Yellen’s prediction must be given credence. Additional tightening moves from the current 0.75-1.00% target range will, as always, be dependent on the pace of economic growth, continued healthy labor reports and the inflation outlook. Minutes from the Fed’s mid-March FOMC meeting indicated that members felt the economy is near full employment with the unemployment rate at 4.70% in February while the Personal Consumption Expenditures Price Index, the Fed’s preferred inflation measure, has risen near their targeted 2.0% level. The March non-farm employment report indicated that the unemployment rate notched still lower to 4.5% despite a lower than forecast employment gain during the month.  Read More > >