The US Intermediate-Term Fixed Income strategy seeks to preserve capital while maximizing total after-tax return relative to prudent risk levels. The approach emphasizes the yield component of total return and capitalizes on market dislocations through research-intensive opportunistic buying – delivering robust credit research and institutional access to the municipal bond market.
Tailored, active
High-conviction, tax-efficient portfolios customized to client needs – national, state-specific, or state-preference
Direct owned, diversified
Institutional execution with full transparency and control over individual holdings with diverse issuer exposures
Tax alpha
Controlled turnover resulting in efficient management of realized gains and losses to enhance active after-tax wealth
Long-term returns are predominantly driven by income – not price swings. This principle shapes the Municipal Bond Team’s approach.
Maximizing income and preserving principal is the primary focus, while maintaining disciplined duration management. Positioning adjustments are tactical and macro-informed – not a departure from the team’s core philosophy.
Actively managing tax efficiency through controlled turnover and strategic loss harvesting can help deliver stronger after-tax results.
The total return–oriented investment process emphasizes tax-advantaged results, combining deep bottom-up credit research with a broader macroeconomic perspective.
In-depth fundamental analysis is the cornerstone of the approach.
A collaborative team structure across portfolio management, research, and trading ensures informed, disciplined decision making at every step.
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Risk Disclosures
Investing involves risk, including the possible loss of principal.
International investing (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. Investing in emerging markets involves greater risk than investing in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments, information about issuers may be less available or of a lesser quality, and securities markets may be smaller, less liquid, and subject to greater price volatility.
Investments in derivatives may involve additional expenses and are subject to significant loss if they perform differently than anticipated. Derivatives are also subject to the risk that the counterparty may fail to perform its obligations.
Fixed income securities can lose value, including the possible loss of principal. Fixed income securities are subject to credit risk and interest rate risk. Credit risk is the risk that an issuer of a fixed income security may be unable to make interest payments and/or repay principal in a timely manner. Interest rate risk is the risk that prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes.
High yield securities (“junk bonds”) are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than higher-rated securities.
Mortgage-backed securities (MBS) and asset-backed securities (ABS) are subject to credit risk and interest rate risk and may also be subject to prepayment risk and extension risk. In addition, MBS and ABS may decline in value, become more volatile, face difficulties in valuation, or experience reduced liquidity due to changes in interest rates or general economic conditions. Certain MBS, such as collateralized mortgage obligations, real estate mortgage investment conduits, and stripped MBS may be more susceptible to these risks than other MBS.
Diversification may not protect against market risk.
The principal on a fixed income security may be prepaid prior to maturity, which may require reinvestment at a lower interest rate.
The value of an investment will decline if there is a default by or a deterioration in the credit quality of the issuer or a provider of a credit enhancement or demand feature.
Liquidity risk is the possibility that securities cannot be readily sold within seven calendar days at approximately the price at which a portfolio has valued them. To the extent that a portfolio holds fixed income securities in smaller “odd lot” sizes, such positions may be less liquid and harder to sell. Odd lots may trade at lower prices than institutional round lot sizes, which may affect a portfolio’s ability to accurately value its investments.
Investments in collateralized loan obligations (CLOs) are subject to liquidity risk, interest rate risk, credit risk, prepayment risk, valuation risk, and the risk of default of the underlying asset, among others. The degree of such risk will generally correspond to the specific tranche in which an investment is made, with lower-rated CLO tranches often subordinate to higher-rated tranches in terms of payment priority and therefore subject to relatively greater risk.
Interest payments on inflation-indexed debt securities will vary as the principal and/or interest is adjusted for inflation.
Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.
All third-party marks cited are the property of their respective owners.
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Investing involves risk including the possible loss of principal. The investment capabilities described in this website involve risks due, among other things, to the nature of the underlying investments. All examples herein are for illustrative purposes only and there can be no assurance that any particular investment objective will be realized or any investment strategy seeking to achieve such objective will be successful. Past performance is not a reliable indication of future performance.
Before acting on any information, you should consider the appropriateness of it having regard to your particular objectives, financial situation and needs and seek advice.
The fund or strategy is subject to liquidity risk, which is the risk that the fund or strategy’s investments cannot be readily sold within seven calendar days at approximately the price at which the fund or strategy has valued them.