We Are Specialists
Since 1990 we have focused primarily on one asset class; tax-exempt municipal securities. This singular focus has allowed us to deliver unique, disciplined tax-exempt investment solutions to our clients and permitted our deep and experienced team to develop lasting relationships with wealthy individuals, families and their advisors.
We Are Active Managers
We do not construct passive, laddered portfolios. We believe actively managed, barbell portfolio constructions reduce portfolio volatility while allowing the potential for enhanced returns. Changing supply/demand patterns can cause segments of the municipal market to periodically become overvalued and undervalued. We take advantage of these situations by offering bonds at elevated prices to the brokerage community. We can then swap from overvalued securities into other bonds that are trading at cheaper relative valuations. Our objective is to “sell rich and buy cheap” as long as it is tax efficient to do so.
We Take Pride in Client Service
We realize how important it is for clients to understand their municipal bond investments. We attempt to make the entire client experience a positive one – from client on-boarding to strategy execution. Clients have direct access to portfolio managers and decision makers. We do not have intermediaries or wholesalers. Our client service team is extremely high touch and responsive. We are always willing to discuss the municipal bond market and our unique approach as we believe this leads to longer and more gratifying relationships.
We Are Nimble
Our size is an advantage as it permits us to be nimble and allows us to remain selective as to which securities we purchase in client portfolios. We are price setters not price takers. Our size also permits us to efficiently harvest capital losses in rising interest rate environments. Tax losses can be carried forward into perpetuity and may be used to offset gains elsewhere in client investment portfolios.