Our investment objective is to deliver superior risk-adjusted returns over full market cycles.  We believe that the mark of a superior manager is significant outperformance in turbulent markets and therefore place a great deal of emphasis on risk management and capital preservation.

The municipal asset class with a market value of almost $4 trillion has over 50,000 distinct issuers and almost 1 million cusips. Individual investors directly or indirectly own approximately two thirds of the municipal market with the balance held at banks, insurance companies and a variety of other investor types. The combination of a fragmented market and a diverse investor base creates both inefficiency and opportunity.

Our core competencies, bottoms up fundamental analysis and structural positioning sets us apart from other more generic portfolio managers. Our “deep dives” into credit and structure on an individual bond basis allow for risk control and superior security selection.  We view our portfolio as a series of building blocks that begins with a thorough evaluation of each security.