Fixed income municipal team

“We believe that successful bond investing requires rigorous credit analysis. There is no substitute for research on a bond-by-bond basis. We scrutinize each security to get comfortable with its credit metrics and its trading levels.”

Joe Baxter, Head of Municipal Bond Department, Senior Portfolio Manager

We believe an investment process that emphasizes the yield component of total return minimizes the need to forecast interest rates and economic activity. Our seasoned group of portfolio managers, analysts, and traders understand the dynamics that drive the municipal market and strive to capture what we believe are attractive opportunities.

Dedicated solely to managing municipal bonds, we remain particularly sensitive to the tax ramifications of investment decisions. When putting together client portfolios, we focus on generating competitive tax-exempt income, optimizing security selection, and efficiently managing realized capital gains and losses. As part of our decision-making process, we evaluate all trades on both a pretax and after-tax basis, attempting to minimize realized gains and opportunistically harvest tax losses.

Our investment principles:

  • Income is the most significant and predictable component of total return over time, while price change is highly volatile and less significant.
  • A focus on security selection is critical in our bottom-up portfolio management style. There are 3 components of our collaborative approach to security selection: credit analysis, trading, and risk management.
  • Efficient management of realized gains and losses, through controlled portfolio turnover and the harvesting of losses, can significantly enhance after-tax returns.

Separate account strategy managed:

  • Municipal Intermediate Fixed Income