Municipal Investment Company

Strategy Overview

Investment approach

These strategies seek to take advantage of the opportunity for higher yields and discount appreciation in closed-end funds, while managing risk and controlling execution in a low-volume market. The Fiera Capital team has leveraged its extensive fixed income expertise to develop strategies in both municipal and taxable closed-end funds, presenting investors with tax efficient and taxable options.

Key Characteristics

Diversified Exposure to the Municipal or Taxable Closed-End Fund Universes
Attractive After-Tax Yield
Focus on Securities-Level Credit Research, Risk Management, Liquidity, and Sophisticated Execution

More informations

The complex nature of the closed-end fund universe requires a specialized approach and detailed analysis to identify relative value.

Closed-end Fund Risk	Risk Management
Higher credit risk than core fixed income strategies, with allocations to sub-investment grade and non-rated issues	Screening at fund constituent holdings level for size, credit, and sector exposures
Use of leverage to boost yield can result in higher interest rate sensitivity	Interest rate sensitivity analysis to determine what we believe to be true effective duration, optional interest rate hedge strategy
Low average daily trading volumes call for sophisticated trade execution	Trade execution strategy designed to source liquidity and minimize market impact

Investment Team

Iraj Kani PhD

Senior Vice President and Portfolio Manager, Quantitative Strategies

New York

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Disclaimer

Nothing on this website should be viewed as a recommendation, offer or solicitation to buy or sell any security or investment and does not constitute investment, legal, tax or accounting advice. Services are offered only to qualified investors and only in accordance with applicable laws and regulations in each relevant jurisdiction. Information is believed to be accurate as of the publication date but may change without notice; no warranty is provided, and Fiera Capital and its affiliates disclaim liability for its use.

Past performance is not a guarantee of future results. Inherent in any investment is the potential for loss. Target returns are aspirational, forward-looking and do not represent actual performance. There is no guarantee that such performance will be achieved, and actual results may vary substantially. Metrics (e.g., exposures, ratios, characteristics) are for reference only and may not capture all relevant factors. Different metrics may lead to materially different conclusions; Any specific holdings mentioned are for illustration only, and may not represent the full portfolio, past holdings, or future positions. Indices are unmanaged, not investable, and do not reflect fees or expenses. Index comparisons are provided for context and portfolio holdings may differ significantly from those of any index; All investment strategies involve risks, including market, economic, financial, operational, liquidity, valuation, and regulatory risks. Certain strategies may use leverage, derivatives, or concentrated exposures, which can increase volatility and risk of loss; No strategy, diversification approach, or risk management technique can eliminate risk, or guarantee returns in all market environments; Investors should review relevant governing documents and consult their own advisers before making investment decisions.

Environmental, social, governance (“ESG”) or impact related goals, commitments, or initiatives referenced on this website are voluntary, may not apply uniformly across strategies, and may be modified or discontinued at Fiera Capital’s discretion. ESG-related processes do not guarantee any specific investment outcome.