Our Clients

Working with institutional investors, investment consultants, financial advisors and family offices, we provide fixed income solutions  and strategies to:

  • Endowments & Foundations
  • Corporations
  • Insurance Providers
  • Government Institutions
  • Taft Hartley/Union Plans
  • Private Clients

Institutional Clients

IR+M client portfolio managers and the investment team work closely with institutional clients to understand their specific situations and recommend solutions that meet their needs. We manage a broad range of US fixed income portfolios across the yield curve and risk-return spectrum. This close working relationship and flexibility is the foundation from which we provide exceptional client service.


Solutions

Strategies

short municipal Short credit short duration extended cash
cash / short
tax sensitive / crossover credit / corp government / credit core municipal Core
Core
long treasury long government / credit liability driven investing (LDI) long credit / corp
Long

Private Clients

The foundation of our portfolio management is credit analysis and our focus is on essential service revenue and general obligation bonds. Perception of credit risk in the municipal market often does not match actual credit risk which can create attractive relative value. We also seek to invest in inefficiently priced structures to opportunistically add incremental yield without adding the additional credit risk associated with lower quality securities. All portfolios are customized to each individual client’s income, quality, liquidity and tax needs. Our private client strategy is focused on:

  • Investing with a high-quality bias (A-rated or better universe) which aims to protect principal
  • Maximizing after-tax total return by limiting gains and harvesting losses when appropriate as well as managing the state tax exemption to optimize tax-adjusted income
  • Mitigating interest rate risk by remaining duration neutral to individual client’s investment horizon

The taxable and municipal teams work together in an open office environment to facilitate cross-sector analysis and investment, which may be relevant given the potential for lower tax rates and shifting relative value. Our ability to add value over the benchmark is driven by a bottom-up security selection process which takes advantage of credit, structure, and price inefficiencies inherent to over-the-counter traded fixed income markets.

Strategy Overview

  • Allowable investments: Municipal and US Government (including Government-Sponsored Entities) Securities
  • Benchmark: Barclays 1 Year Municipal Index
  • Average Portfolio Credit Quality: AA-
  • Municipal Universe: A-rated or better securities
highly conservative security selection
enhanced yield over cash and equivalents
liquidity is paramount
limited duration protects against inflation
Download Ultra-Short Strategies
  • Allowable investments:  Municipal and US Government (including Government-Sponsored Entities) Securities
  • Benchmark: Barclays 1-5 Year Municipal Short Index
  • Average Portfolio Credit Quality: AA-
  • Municipal Universe: A-rated or better securities
constrained duration limits potential inflation impact
enhanced liquidity balanced with additional total return potential
modest duration extension adds additional yield
superior credit quality augments portfolio safety
Download Short Strategies
  • Allowable investments:  Municipal and US Government (including Government-Sponsored Entities) Securities
  • Benchmark: Barclays 1-10 Year Municipal Blend Index
  • Average Portfolio Credit Quality: AA-
  • Municipal Universe: A-rated or better securities
moderate duration provides access to steep curve without undue interest rate risk
high quality bias maintains portfolio liquidity and limits credit risk
investment strategy balances additional yield potential with conservative rate exposure to limit inflation sensitivity
Download Core Strategies
  • Allowable investments: US Government Securities, Municipals, Corporate Bonds, Convertible Bonds, Securitized Bonds
  • Benchmark: 50% Barclays 1-10yr Muni Index/50% Barclays US Government/ Credit Index
Broadened diversification provides opportunity for enhanced after-tax return potential
Bottom-up relative value across sectors allows for tax-efficient sector and yield curve allocation
Download Crossover Strategies
  • Allowable investments:  Municipal and US Government (including Government-Sponsored Entities) Securities
  • Benchmark: Barclays 10 Year Municipal Index
  • Average Portfolio Credit Quality: AA-
  • Municipal Universe: A-rated or better securities
Longer duration takes advantage of steep municipal curve
Selective credit exposure provides strong liquidity
Provides deflation protection for sensitive investors
Prudent security selection protects against unexpected credit events
Download Long Strategies
yield duration