Municipal Income Strategy
The strategy seeks total return as well as current income exempt from federal income tax. It invests in a diversified portfolio of primarily intermediate- to long-term municipal obligations that are investment-grade or above. It allows up to 25% in taxable municipals. The objective is to outperform the Bloomberg Municipal Bond Index by actively managing the four key elements of total return: security selection, sector rotation, duration management, and yield-curve positioning.
Competitive advantages
Independent thinking and discipline
A large, seasoned team of municipal fixed income analysts is supported by compliance and portfolio analytics systems.
Collaboration across asset classes
The team can use taxable fixed income analysts to gain intelligence on corporate bonds.
Flexible but uncompromising
The team has the willingness and ability to move down in credit without compromising the investment process.
Exploiting market inefficiencies while employing prudent risk management
Investment success results from disciplined return-enhancement strategies balanced with prudent risk management.
