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Short Intermediate
Product Description
An actively-managed geographically diverse portfolio invested in investment grade municipal fixed income securities from the General Obligation, Revenue, insured, escrow-to-maturity and pre-refunded bond sectors.
Objective
Seeks to outperform the Merrill Lynch 1-3 Year Treasury Index
or equivalent index by approximately 35 basis points over full market
cycles, while preserving principal and maximizing income. The product
has a tracking error of approximately 50 basis points.
| Target Return: | Exceed the benchmark by 35 basis points,
measured over a 2 year period |
Projected Tracking
Error: | 50 basis points |
Benchmark: | Merrill Lynch 1-3 Year Treasury Index |
Average Credit Qualtiy: |
AA+ |
Duration: |
1.90 years |
Risk Management
Portfolio risk is systematically measured and budgeted
across all portfolio decisions (credit, yield curve, duration, liquidity,
etc.) based on our forecast confidence, return and risk expectations,
and experience. No single decision dominates the contribution to
risk or return.
Tax Management
To optimize a portfolio’s after-tax performance, a preference
is given to in-state municipal bonds. The remaining balance would
be invested in general market issues and those of other states that
generate superior after-tax yields to client’s state of domicile.
Factsheet
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Contact
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