CWH Municipal Securities Specialist

Municipal Market Investment Advisors

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




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, 2016 C.W. Henderson & Associates, Inc. managed 1,148 separate accounts with combined assets of $3.027 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.

Quarterly Newsletters

Increased Risk at Low Interest Rate Levels - September 30, 2016

Fed Delays Again

Citing global uncertainty, tepid U.S. economic growth and low inflation, the Federal Open Market Committee decided at its late September meeting to maintain the targeted Federal Funds rate in the 0.25% to 0.50% range where it has been since December.  U.S. RGDP growth in the first two quarters of this year was sluggish at 0.80% and 1.40%, respectively, while the year-over-year advance in the CPI through August was a modest 1.00%.  The Core CPI, that excludes food and energy, advanced at a 2.2% pace for year ended in August but the Fed’s preferred measure, the Personal Consumption Expenditures Index, rose at a below target 1.60% rate.  The pending presidential election, with both candidates favoring tax reform and trade restrictions, may have also influenced the Fed’s decision to wait.


Flight to Quality - June 30, 2016 

Flight to Safety

Minutes from the Federal Open Market Committee’s April 26, 27 meeting indicated that the Fed was on track to raise the targeted Federal Funds Rate by another notch from the 0.25% to 0.50% range established last December.  However, the assumption of continuing employment gains was jolted by the meager 38,000 increase in May non-farm payrolls along with reductions in the reported employment gains in March and April.  That put the Fed on hold at the mid-June FOMC meeting as did the pending month-end Brexit vote.  The vote, unexpectedly in favor of Britain leaving the EU, sent equity markets in an initial tail spin and prompted investors to once again opt for the safety of the high grade fixed income markets.  The ten year benchmark Treasury yield fell to a record 1.37%, dropping below the previous 1.43% low set in July 2012 and dramatically below the 2015 year end 2.27% level.  The subsequent report of a recovery in June employment (+287,000; unemployment rate 4.9%) suggested that moderate domestic growth is continuing which stabilized the markets.


C.W. Henderson & Associates, Inc.
20 W. Kinzie St., Suite 1100
Chicago, IL 60654