Our Approach

Philosophy

We view our clients’ municipal bond portfolios as the safe harbor components of their overall investment accounts.  We construct portfolios based upon each client’s unique investment parameters including state of residency, tax status and risk profile.

Investment Process

The municipal bond market is broad and inefficient.  We employ four unique strategies that have been in place since the Firm was founded.  These strategies aim to take advantage of market inefficiencies while limiting portfolio risk.

Portfolio Construction

  • Portfolios are conservatively constructed with moderate durations to limit systematic risk.
  • Barbell portfolio structures are employed for enhanced risk/return characteristics.
  • Minimal interest rate forecasting is employed.
  • Portfolios are constructed using four proven strategies.

Credit Analysis

  • Securities are reviewed by internal credit research analysts.
  • Only high quality and liquid securities are purchased.
  • All securities are regularly reviewed to ensure the highest credit quality.

Tax Efficient

  • Active management is employed, when tax efficient, to enhance investment returns.
  • Tax loss harvesting is a major focus during rising interest rate environments.
  • Tax efficiency is paramount in all investment decisions.