Actively Managed Tax Efficient Fixed Income

Strategy Overview

Investment approach

Our tax efficient fixed income investment strategies focus on quality control and effective risk management by utilizing a disciplined, capital preservation focused investment process. Portfolio Managers work directly with clients to customize separately managed portfolios to their particular investment goals, risk tolerance, liquidity needs, and state and federal tax status.

Active Management Approach:

Interest Rate Exposure
Yield Curve Structure
After-tax Sector Analysis
Credit Rating Allocation
Municipal State and Sector Relative Value
Trade Execution
Security Selection

Key Characteristics

Credit Research Emphasis
Transparency
Preservation of Capital
After-Tax Total Return Orientation
Risk-Management

More information

We invest across the maturity and investment grade credit spectrum with strategies ranging from customized liquidity and deployment capital solutions, to core mandates, to opportunistic long duration portfolios.

	Short Term Capital Deployment	Core Conservative	Core Plus
Mandate	Liquidity Asset Liability Management	Preservation of capital	Preservation and growth of capital
Benchmarks	Immunized Treasury Portfolio	Bloomberg Municipal Index 3 Year 1-10 Year	Bloomberg 1-10 Year Municipal Index
Liquidity	Focus on large, liquid issues	High quality, large, liquid issues	Lower quality and certain sectors may have less liquidity, particularly in down markets
State Allocation	Customized to client state tax status	Customized to client state tax status	Some in-state exposure with General Market allocations for effective sector rotation
Maturity Spectrum	0-5 years	Range of 0-12 years depending on mandate	Typically 0-17 years
Credit	Investment grade	A-rated or below typically limited to 25%	Up to 50% in A-rated or below Strategic investments in BBB-rated bonds
Sector Allocation	After-tax total return and interest rate scenario analysis	Quality-driven approach with focus on high quality sectors with limited volatility	Opportunistic sector rotation based on internal credit research and quantitative models