Our investment objective is to deliver superior risk-adjusted returns over full market cycles.  We believe that the mark of a superior manager is significant outperformance in turbulent markets and therefore place a great deal of emphasis on risk management and capital preservation.

Individual investors directly or indirectly own approximately two thirds of the municipal market.  In periods of market stress individual investors tend to disregard price in favor of reducing risk.  The municipal asset class with a market value of almost $4 trillion has over 50,000 distinct issuers and almost 1 million cusips.  The combination of a diverse investor base and fragmented market creates both inefficiency and opportunity.

Our core competencies, bottoms up fundamental analysis and investigating the probability of whether issuers will exercise their call option, sets us apart from other more generic portfolio managers.  Our “deep dives” into credit and structure on an individual bond basis allow for risk control and superior security selection.  We view our portfolio as a series of building blocks that begins with a thorough evaluation of each security.  

We do not attempt to time interest rates or engage in macro predictions.  We closely monitor our portfolio exposures to ensure we avoid unnecessary concentration risk and allocate capital efficiently.