null Municipal High Yield

Municipal High Yield

Active Fixed Income US Income
  • Benchmark Bloomberg® Barclays U.S. Municipals
  • Inception Date April 2009

Strategy Overview

The Municipal High Yield strategy is designed to provide investors with a higher-yielding allocation to the municipal sector. The strategy invests predominantly in US municipal bonds and its primary objective is to provide high current income exempt from US federal income tax. To the extent consistent with its primary objective, the strategy also seeks capital appreciation as a secondary goal.

Objective

The strategy seeks high current income exempt from federal income tax, in addition to providing capital appreciation.

Approach

We take a pragmatic, long-term approach to municipal bond investing, utilizing a combination of bottom-up and top-down processes, which allows us to identify bonds that are attractive on a risk -adjusted basis. This approach has the potential to result in an emphasis on essential purpose revenue bonds that are fundamentally stable to improving, and may provide meaningful income with attractive yields.

Through our research expertise and trading acumen we seek to achieve best execution on relative value opportunities rather than relying on interest rate forecasting to deliver excess return. We focus on sectors and securities with stable, investment grade credit characteristics. We avoid bonds with deteriorating credit fundamentals or poor relative valuations as well as those that deliver excessive volatility to portfolio returns.

Please note that all investment strategies involve risk.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.