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 August 31, 2016 C.W. Henderson & Associates, Inc. managed 1,128 separate accounts with combined assets of $2.991 billion. Most of our clients are high net worth individuals, but we also manage money for corporations, foundations, family offices and investment consultants.

Quarterly Newsletters

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.


Altered Money Market Fund Operating Rules - March 31, 2016

Cautious Federal Reserve

The Fed’s forecast after their December twenty-five basis point increase in the targeted Federal Funds rate was for four additional tightening moves in 2016 as the strengthening U. S. economy continued to foster employment gains and inflation climbed towards the Fed’s 2% target.  We commented in our last newsletter that four moves seemed unlikely given sluggish global growth and still muted inflation.  Our presumption proved correct.  At the conclusion of the mid-March Open Market Committee meeting, Fed Chairwoman Yellen indicated that global economic and financial uncertainty pose risks to the U.S. economy and justify a slower pace of interest rate increases.  She specifically pointed to slowing growth in China and weak oil prices as cautionary indicators prompting the need for patience.  Market forecasters and the futures market are now suggesting that only one tightening move is probable this year, and later in the year rather than earlier.  Fed guidance continues to emphasize that future moves will be data-dependent with inflation and employment gains being key factors in their consideration. 


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