Short-Maturity,
Tax-Efficient

The Short Maturity Municipal Fixed Income strategy focuses on generating tax-efficient income and preserving capital for investors, with a highly-tailored approach to credit selection based on client circumstance. We emphasize investments in sectors with high credit quality, thoughtful diversification, and opportunistic trading to help drive cash flow and liquidity.

This strategy is designed for investors seeking near-term income and liquidity as well as a relatively stable, tax-conscious, and high-quality bond portfolio tailored to reflect their state income tax situation. The portfolio is actively managed with regard to duration and portfolio structure. The strategy generally holds 10-25 individual bonds.

How We Manage the Portfolio

Capital Preservation and Tax-Exempt Income

  • Focus on investment-grade issuers with maturities ranging from
    1-5 years
  • Resilient to credit stress, changing interest rates, and volatile markets
  • Emphasis on predictable income flow and principal stability

Aligned to Client
Tax Situation

  • Review inherited securities
    for suitability
  • Manage turnover and gain/
    loss realization
  • Consider changes in tax landscape

Incremental Return Tactics

  • Portfolio maturity restructuring in response to yield curve changes
  • Seek opportunities at sector and security levels
  • Capitalize on the seasonality of supply and demand

Insights

Trends 2025

Insight into exciting, disruptive or otherwise new developments we anticipate to be impactful to bus...

Perspective & Commentary

  • Uncertainty Around Tariffs

    The breadth and magnitude of the new levies surprises investors and introduces new worries about how businesses will operate and generate earnings in the new environment.
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  • Q1 2025 Commentary

    Uncertainty versus Opportunity: The market’s first quarter performance was volatile and varied with the S&P500 Index finishing down over 4%.
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  • Q4 2024 Commentary

    Party Like It's 1999 - Equity markets ended the year up 25%, putting together the two best consecutive years since 1997-1998.
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  • Exploring the Risks of Top-Heavy Markets

    Concentration has become a defining feature of today's financial markets, with just a handful of companies surging in both value and influence, propelling the market to all-time highs.
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  • Now Might Be the Time to Extend Duration on Cash Holdings

    Generally, risk is thought of in terms of volatility or the possibility of loss. However, we often remind ourselves that opportunity cost is another potential hinderance to long-term investment result...
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