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Most bond managers are content to roll maturities in a laddered bond portfolio. This seems to assume that the best day to sell a bond is the day it matures and the best bond to buy is the one at the next rung on the ladder. In contrast, we actively evaluate opportunities to generate extra profits from each individual holding. Our objective is to proactively provide a mix of fixed income securities that offer current income consistency and opportunistic growth potential. We analyze security structure, the yield curve, interest rate trends, and arbitrage potential.

Municipal Bond Strategy. Tax-exempt securities are one of the few remaining investment frontiers that offer exceptional rewards for investors willing to investigate value and explore inefficiencies. We construct portfolios around two themes, with the actual mix dependent on client preferences and constraints:

  • Short Intermediate. Securities are high credit quality and are comprised of a mixture of callable and non-callable issues.
     
  • Total Return. We examine structure (the cash flow parameters) to find extra return in mostly insured or AAA/AA-rated municipals through an analysis of call provisions, advance-refunding potential, sinking funds, extraordinary prepayment probabilities, and yield spreads.

Taxable Fixed Income. We identify and exploit inefficiencies within a high credit quality framework. Portfolios are shaped around a fixed risk budget, choosing securities based on subtle differences in structural relative value and inefficiencies across the yield curve, using an optimized combination of callable and non-callable issues. We typically utilize various security types, including US treasuries, corporate bonds, government agency notes, and taxable municipal bonds.


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