Seeking Capital Preservation and
Tax-Exempt Income

The Intermediate Municipal Fixed Income strategy focuses on generating tax-efficient income for investors, with a highly-tailored approach to credit selection based on client circumstance. We emphasize investments in sectors with high credit quality, thoughtful diversification, and opportunistic trading to help drive cash flow.

This strategy is designed for investors seeking a relatively stable, tax-conscious, and high quality bond portfolio tailored to reflect their state income tax situation.

The portfolio generally holds 10-25 individual bonds and a small allocation to ETFs for enhanced liquidity and tactical positioning. The strategy is actively managed with regard to duration and portfolio structure.

How We Manage the Portfolio

Capital Preservation and Tax-Exempt Income

  • Focus on investment-grade, intermediate maturities
  • Resilient to credit stress, changing interest rates, and volatile markets
  • Emphasis on predictable income flow and principal stability

Aligned to Client Tax Situation

  • Review legacy positions for suitability
  • Manage turnover and gain/loss realization
  • Consider changes in tax landscape

Seek Incremental Return Opportunities

  • Portfolio maturity structuring in response to yield curve changes
  • Seek opportunities that arise at sector and security levels
  • Capitalize on the seasonality of supply and demand

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