Investment Approach

  • An intermediate-term municipal bond offering that is nationally diversified and seeks to provide a dependable stream of tax-free income
  • Integrates independent fundamental credit research to identify attractive investment opportunities and seeks to provide the best risk-adjusted yield that can be sourced from the municipal market over time
  • Consistent with the investment themes present in the established portfolios in our platform, this portfolio seeks to maintain a significant overweight to revenue bonds over general obligation debt, which can potentially be impacted by long-term liability concerns or political uncertainty
  • Seeks to add value primarily through individual security selection and sector allocation Leverages our quantitative capabilities to systematically capture the essential elements of our traditional mutual funds into concentrated separately managed account portfolios

Current Year Performance

Past performance cannot guarantee future results. All investments are subject to risks, including possible loss of principal.

Net annual returns reflect the deduction of a 1.25% annual wrap fee which is the maximum anticipated wrap fee deducted from the “pure” gross composite returns. Actual fees may vary. “Pure” gross returns are presented before the deduction of expenses and all other fees, but may include transaction costs. Returns include reinvestment of dividends and capital gains.. 


Team (As of 12/31/2019)

On June 30, 2023 the separately managed account's name changed from U.S. Municipal Intermediate-Term Bond SMA to Municipal Intermediate SMA.

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