Focused on Total Return

Our investment philosophy focuses on maximizing our client’s after-tax total rate of return, over time, while achieving consistent, competitive yields, and reducing our client’s volatility experience. We do this using a research-based, diversified investment process, which focuses on three key decision criteria—duration, sector allocation and security selection.
We position portfolios based on our view of the future direction of interest rates. We then take advantage of any inefficiencies we identify along the municipal yield curve by overweighting or underweighting those areas of the curve that our research indicates to be most attractive or unattractive on a relative basis. In addition, we seek out crossover investment opportunities by continually monitoring the value of the tax-exempt sector relative to other fixed income alternatives.
Sector allocation
When we have determined optimal yield curve positions, we aim to further enhance client returns through sector allocations. In addition to generic municipal sectors, we view each state as its own municipal sector.
Security selection
We then research and review the underlying credit quality of not only those individual credits that we currently hold, but also those we may prospectively seek to buy. Lastly, through our unique application of quantitative analysis in this highly fragmented marketplace, we look to uncover and exploit any structural mispricings that exist in individual securities.