Tax-Free

Philosophy

We seek to maximize tax-free returns while preserving capital by investing in a portfolio of high-quality municipal bonds. Each portfolio is customized to meet the needs and risk tolerances of the client. We purchase bonds that we believe will provide attractive tax-free income with prudent market risk. We do not make interest rate bets or take unnecessary credit risk. Many accounts are managed as double tax-exempt, using municipal bonds from a client's home state to further reduce the tax burden.

Process

Identify trends and relative value in the marketplace by applying a value-driven process that uses economic reports, yield curve analysis and other market indicators. As inefficiencies and opportunities are more prevalent in the municipal market, careful analysis and a thorough understanding of the market dynamics help us discover these relative value opportunities.
Manage a typical portfolio duration of three to six years. For most accounts we believe this intermediate maturity provides the best risk/reward opportunities, as it provides most of the tax-free income available while keeping market risk at acceptable limits. However, we also manage portfolios of shorter or longer duration if this will better meet the needs of the client.
Purchase investment-grade securities, typically A-rated or better, and non-rated issues that we believe are, at a minimum, of comparable quality to A-rated issues. We will not downgrade our credit quality standards to capture additional yield.

Related Links

Core Fixed Income

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