Fixed income

Municipal Strategy

The strategy aims to deliver current income from intermediate-long maturities and outperformance of the Bloomberg Municipal Bond Index by actively managing four key elements of total return: duration, yield curve, sector and credit, and security selection.

Products offered
  • Separate Account
    • Municipal

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 3/31/2024)
1M
3M
YTD
1Y
3Y
5Y
10Y
Inception
Composite (Gross)
0.18
0.22
0.22
3.72
-0.18
1.83
2.96
5.00
Composite (Net)
0.15
0.14
0.14
3.41
-0.48
1.53
2.65
4.65
Benchmark
0.00
-0.39
-0.39
3.13
-0.41
1.59
2.66
4.64

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

2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Fund
5.82
-8.84
1.64
5.29
7.25
0.99
5.23
0.37
3.18
9.92
Benchmark
6.40
-8.53
1.52
5.21
7.54
1.28
5.45
0.25
3.30
9.05

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
Contact Us

We look forward to helping you with your investment needs

 

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