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 We are a core fixed income manager whose style is characterized as having a top-down and value-oriented bias toward what we feel are high credit quality portfolios.
In our fixed income investment process, we first focus on the current economic environment and strategically allocate fixed assets based on anticipated changes in the environment. We use asset allocation, yield curve positioning, duration management and credit quality as our major portfolio factors. We consider various forms of economic data to include: monetary policy, interest rate environment and investor sentiment to gain perspective on the bond market. We then tailor the portfolio to meet the investor’s specific needs. These targets include: portfolio maturity, effective duration, average quality and sector weightings. Finally, we use relative valuation to determine the attractiveness of individual securities. This results in a strategically structured portfolio that we feel best fits the risk and return objectives of the client.
A tax-free, municipal bond strategy may be advantageous to individuals in the mid to upper marginal tax brackets (depending on their State of residence). In those instances, the taxable equivalent yield can meet or exceed taxable, similarly rated, fixed income investments.
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