• A short-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

• A short-intermediate-term municipal bond offering, with a national focus, that seeks to provide a compelling risk-adjusted yield that can translate into an attractive stream of tax-free income over time.
• Backed by our independent credit research, our investment approach emphasizes revenue bonds over general obligation debt as a result of our concerns about the fiscal challenges and political uncertainty that many state and local governments face.
• Portfolio duration will typically be managed to remain neutral relative to the Bloomberg Barclays 1–5 Year Blend (1–6 year maturity) Index, allowing security selection and sector weights to be our primary sources of value-added performance over time.
• Leveraging our quantitative capabilities, we are able to systematically capture the essential elements of our traditional mutual funds into concentrated separately managed account portfolios.

Established and Consistent Investment Philosophy and Process

We have adhered to our investment philosophy and process since 1976, with the inception of our flagship national municipal bond fund. We have consistently implemented our disciplined investment process through a wide range of market conditions and believe that our long-term performance track record validates our approach.

Experience Managing Municipal Bond Assets

We offer our clients an established and rigorous investment process in managing municipal products, honed over decades. Our highly experienced portfolio management team has largely been managing municipal bond portfolios since the early 1990s. Our portfolio management team has successfully navigated through multiple market cycles and has demonstrated a deep understanding of fundamental factors driving returns in the municipal market.

Fundamental Credit Research

With one of the industry’s strongest commitments to in-house research, T. Rowe Price portfolio managers rely on our proprietary research and independently developed internal credit ratings to support all of their investment decisions. Our dedicated municipal credit research team goes beyond the audited financial statements to assess budgetary, economic, demographic, and political factors, often incorporating on-site visits and interviews with municipal managers in their evaluation. Analysts often have specialties, such as covering health care credits, and use this extensive sector knowledge to assist our portfolio managers in identifying attractive investment opportunities. With regard to corporate-backed municipal issues, we are able to leverage T. Rowe Price’s broader research platform and collaborate with our equity and taxable colleagues for additional insights on such offerings. 

All investments are subject to risks, including the possible loss of principal. Fixed income securities are subject to credit risk, liquidity risk, call risk, and interest rate risk. As interest rates rise, bond prices generally fall. The portfolio will be highly impacted by events tied to the overall municipal securities markets, which can be very volatile and significantly affected by unfavorable legislative or political developments and adverse changes in the financial conditions of municipal securities issuers and the economy.

T. Rowe Price's separately managed accounts offer access to our firm’s expertise to identify opportunities and pursue solid, long term results through our disciplined approach to investing. We are focused on helping our clients invest confidently. Backed by our experience over many investment cycles, our SMAs provide one more way to access T. Rowe Price's established active management approach.

We would be pleased to discuss our solutions, products, and capabilities with you. Call 1-877-561-7670 to learn more about SMAs and model portfolios, and more specifically, about which T. Rowe Price SMAs may be suitable for your clients.