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Investment Grade Municipal Bond

Municipal Bond Portfolios are carefully selected for quality, value and stable income generation. These portfolios are designed to generate above average, long-term, risk-adjusted rates of return, while at the same time placing a strong emphasis on the preservation of capital. We select tax-exempt bonds with investment grade credit quality and high market liquidity to reduce portfolio volatility and provide steady income.

Strategy Overview

The Municipal Bond strategy aims to deliver above average, total return, tax-exempt current income with an emphasis on preservation of principal. The strategy is an intermediate term, active management approach employing a laddered portfolio structure.  The team combines its macroeconomic outlook with fundamental research to identify attractive credits and manage duration for anticipated changes in the yield curve.

Investment Process

As an active bond manager, we select bonds in economic and industry sectors that represent attractive values. We extensively examine government monetary and fiscal policies and analyze the yield curve to identify the best relative values among maturities, municipalities and bond issues. Furthermore, these bonds are selected by state and diversified by city, municipality and maturity.

Our sensitivity analysis monitors the changes in the interest rate and tax environment to discover attractive opportunities for investment. Consideration of the yield curve enhances our ability to select the municipal bonds that meet our well-established risk/reward criteria.


Options Include: State-specific, state preference, national portfolios, maturity restrictions, income requirements, and tax loss harvesting.

Bond Selection

We focus on high quality, investment-grade municipal bonds, exhibiting high relative market liquidity coupled with attractive relative income based on the yield curve and bond spreads. Bond holdings are selected by state and further diversified by city, municipality and maturity. Our quantitative credit spread analysis enhances our fundamental analysis of each municipality’s unique characteristics. In addition, we provide our clients access to a broad selection of bonds through our position in the institutional bond marketplace.