Fixed income

Municipal Intermediate Strategy

The strategy aims to deliver current income from intermediate maturities and outperform the Bloomberg 1–15 Year Municipal Bond Index by actively managing four elements of total return: duration, yield curve, sector and credit, and security selection.

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.

Investment approach

Exploiting market inefficiencies while employing prudent risk management

A unique and collaborative approach

Portfolio managers, research analysts, and traders work together to identify the most attractive investments for portfolios to reflect our views and investor needs.

The team is positioned to capture maximum alpha from market inefficiencies.

Independent thinking identifies opportunities from changing market conditions and pricing inefficiencies.

The team effectively manages four main elements of outperformance.

Security selection, sector and credit-quality allocation, duration management, and yield-curve positioning are key to achieving total return outperformance.

Achieving a disciplined relative value orientation with timely credit research.

Seasoned credit analysts seek to provide excess returns by using the ability and willingness to move down in credit without compromising the investment process.

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Composite performance

Average annual returns

Average annual returns

(as of 6/30/2025)
10/1/2001
1M
3M
YTD
1Y
3Y
5Y
10Y
Inception
Composite (Gross)
0.77
0.44
0.76
2.55
3.28
1.51
2.51
4.15
Composite (Net)
0.74
0.36
0.61
2.24
2.97
1.21
2.20
3.83
Benchmark
0.76
0.70
1.09
2.63
2.70
0.86
2.13
3.51

Performance is historical and does not guarantee future results. For more information, please refer to the GIPS composite report found in the documents section.


Calendar year

Calendar year

2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Composite (Gross)
2.38
5.53
-5.75
1.91
4.50
6.77
1.59
5.06
-0.14
2.85
Composite (Net)
2.07
5.22
-6.04
1.61
4.18
6.45
1.29
4.75
-0.44
2.53
Benchmark
0.88
5.26
-5.95
0.86
4.73
6.44
1.58
4.33
0.01
2.83

Performance is historical and does not guarantee future results. For more information, please refer to the GIPS composite report found in the documents section.


Our team
Meet the investment team

Investment success results from disciplined return-enhancement strategies balanced with prudent risk management.

View Team
Robert

Robert Miller

Portfolio Manager

Key risks

Market risk: Security markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments with different sectors of the market and different security types reacting differently to such developments.

Debt securities risk: Debt securities are subject to both credit and interest rate risk. Credit risk is the possibility that the issuer or guarantor of a debt security may be unable, or perceived to be unable or unwilling, to pay interest or repay principal when they become due, and credit risk increases as an issuer’s credit quality or financial strength declines. Interest rate risk is the possibility that interest rates will change over time such that when interest rates rise, the value of debt securities tends to fall and the longer the terms of the debt securities held the greater the impact of this risk.

High yield risk: If a strategy invests in high yield securities (commonly known as junk bonds), these securities are considered speculative and have a much greater risk of default or of not returning principal and their values tend to be more volatile than higher-rated securities with similar maturities.

Foreign securities risk: If a strategy invests in the securities of non-U.S. issuers, these investments may be subject to lower liquidity, greater price volatility, and risks related to adverse political, regulatory, market, or economic developments and may be affected by changes in foreign currency exchange rates.

Investors should know that this strategy deployed may be subject to additional investment risks. For important information about the investment manager, please refer to the investment manager’s Form ADV Part 2, which is available upon request.

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