U.S. Municipal Intermediate-Term Bond SMA

Seeks to maximize tax-free income by investing in intermediate term municipal bonds, with an emphasis on revenue bonds and holdings that are rated A- or better at time of purchase.
Hugh D.  McGuirk, CFA
Portfolio Manager

Hugh McGuirk is head of the Municipal Bond team and portfolio manager of the US Municipal Single State Bond Strategy in the Fixed Income Division. He is president of the State Tax-Free and Summit Municipal Funds; chairman of the Investment Advisory Committees for the Georgia, Maryland, and Virginia Tax-Free Bond Funds; and a vice president and Investment Advisory Committee member of the Tax-Free High Yield, Tax-Free Income, and Tax-Free Short-Intermediate Funds and the Intermediate Tax-Free High Yield Fund. He also is a member of the Fixed Income Steering and Valuation Committees. Hugh is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc. 

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 03/31/2020)

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