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The US Intermediate Municipal strategy focuses on principal preservation, liquidity and consistent returns over the long term. We aim to deliver consistent income with low volatility with after-tax return awareness.

Strategy overview

  • Our fundamental investment process is designed to construct diversified, customizable portfolios of tax-exempt municipal securities not subject to the alternative minimum tax (“AMT”).
  • Our strategy aims to provide a high quality income advantage relative to the benchmark, which can generate strong and consistent excess returns.

Our approach

Investment philosophy and style

Our bottom-up, fundamental process is combined with robust, top-down risk management tools that aims to meet the objectives of principal preservation, liquidity and consistent excess returns over the long term.

We employ a fundamental investment process to construct a diversified portfolio of high quality fixed income securities that aims to deliver consistent excess returns (income) with low volatility.

Fundamental security selection

We add value through bottom-up fundamental security selection, selecting those securities that fundamental analysis shows carry the highest levels of intrinsic value. Each security under consideration is subject to ongoing qualitative, quantitative and structural research. Our strategy is to capture an income advantage that has the potential to deliver excess returns over the long term. We believe that this systematic security selection approach contributes the most consistently to alpha.

Emphasis on risk management

Capital preservation mind-set focusing on mitigating downside potential

  • Mandate and policy controls
  • Full, multidisciplinary vetting of client policies and objectives
  • Multiple levels of review
  • Clear accountabilities and cross checks
  • High quality focus reduces credit risk

U.S. Fixed Income expertise

  • Stable group of highly experienced analysts and portfolio managers executing a proven repeatable process
  • Distinct and specialized areas of expertise among fixed income investment professionals dedicated to fundamental, bottom-up analysis
  • Our team-based structure enhances our ability to recognize and respond quickly to the nuances of opportunity and risk in the US fixed income market.

Additional information

Inception
January 1988
Primary benchmark
Bloomberg Municipal Bond 1-10 Year Blend
Vehicle
Separate Account

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