Our active strategies have the flexibility to capitalize on opportunities across the yield curve and shift positioning to take advantage of inefficiencies in the municipal bond market. This flexibility is essential to protect and grow both principal and income.
We seek the best relative value by conducting bottom-up research examining both bond structure and the underlying credit. Our proprietary process focuses on a select universe of credits and evaluating several factors, including the issuer’s liquidity, financial flexibility, and trends at the state and sector levels.
We believe that constructing portfolios diversified by issuer, sector, geography, and bond characteristics and focusing on large, liquid, investment grade issuers that are active primary market participants can meaningfully mitigate risk.
Active bond management is a constant process that demands imagination, discipline and judgment. Knowing that what worked yesterday may not work tomorrow injects a level of dynamism that is both humbling and exhilarating.John Fox Co-director of Fixed Income
The muni market is one of the most inefficient marketplaces. It's large, it's fragmented and it's poorly understood. It really begs for active management. And unlike most investors, we actively look for opportunities and use our technical knowledge and extensive experience to take advantage of the market.Marty Tourigny Municipal Bond Portfolio Manager
We manage our client portfolios for total return, with a goal of protecting not only principal, but income as well. We do this through the active management of the portfolios — through yield-curve management, duration management, credit research, and our trading capabilities.Kara South Municipal Bond Portfolio Manager
Our process for choosing credits is very rigorous. It's bottom up and research intensive. We take the entire universe of about 50,000 different issuing authorities and we narrow that down to less than 500. So we focus on quality and are very selective.Marty Tourigny Municipal Bond Portfolio Manager