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
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
Ultra-Short
- Allowable investments: Municipal and US Government (including Government-Sponsored Entities) Securities
- Benchmark: Bloomberg Barclays 1 Year Municipal Index
- Average Portfolio Credit Quality: AA-
- Municipal Universe: A-rated or better securities
Short
- Allowable investments: Municipal and US Government (including Government-Sponsored Entities) Securities
- Benchmark: Bloomberg Barclays 1-5 Year Municipal Short Index
- Average Portfolio Credit Quality: AA-
- Municipal Universe: A-rated or better securities
Core
- Allowable investments: Municipal and US Government (including Government-Sponsored Entities) Securities
- Benchmark: Bloomberg Barclays 1-10 Year Municipal Blend Index
- Average Portfolio Credit Quality: AA-
- Municipal Universe: A-rated or better securities
Crossover
- Allowable investments: US Government Securities, Municipals, Corporate Bonds, Convertible Bonds, Securitized Bonds
- Benchmark: 50% Bloomberg Barclays 1-10yr Muni Index/50% Bloomberg Barclays US Government/ Credit Index
Long
- Allowable investments: Municipal and US Government (including Government-Sponsored Entities) Securities
- Benchmark: Bloomberg Barclays 10 Year Municipal Index
- Average Portfolio Credit Quality: AA-
- Municipal Universe: A-rated or better securities