Tax-Exempt

Process

Many factors must be considered when building an optimal portfolio. Our fixed income team uses the macroeconomic landscape, relative value between sectors, and issue level risk/reward analysis as inputs to make portfolio decisions such as portfolio duration, yield curve positioning and structure exposure.

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Experienced Portfolio Management Team

Portfolio managers average 17 years of investment management experience

Performance Incentive Plan
Aligns managers’ and clients’ interests to reward long-term performance

Michael J. Wachter, CFA

Michael J. Wachter, CFA
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Douglas J. Fry, CFA

Douglas J. Fry, CFA
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Katherine M. Doyle

Katherine M. Doyle
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Peter G. Altobelli, CFA

Peter G. Altobelli, CFA
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William F. Ford, CFA

William F. Ford, CFA
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Adam J. Lynch

Adam J. Lynch
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Sarah L. Thompson, CFA

Sarah L. Thompson, CFA
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Client Characteristics

Every portfolio we build is unique, as dictated by the diverse needs of our clients. Each individual client’s income requirements, liquidity needs, investment horizon and related risk tolerance drive our tax sensitive fixed income process.

Tax Situation

No two clients will have the same tax situation. A client’s marginal tax bracket, state of residence, AMT concerns and capital gains positions are all considered while formulating the optimal portfolio.

Issue Level Selection

A well balanced portfolio will contain municipal issues backed by both the revenue of specific projects and by the general obligations of individual communities. We focus our investments in geographically stable regions of the country while diversifying individual state exposure as much as possible. Often, state exposure will be driven by tax regulations in the clients state of residence. Geographical diversity increases the safety of the municipal portfolio as each bond is exposed to different economic circumstances.

Municipal Credit Risk Assessment

State Level
We internally rank all 50 states using an internal ranking system. We look at many different statistics including but not limited to: long term debt to GDP ratio, interest expense to revenue ratio and pension liabilities.

State Level

County Level
The United States has 3140 counties. We internally rank the 1816 counties which have populations over 25,000. Some of the statistics that we consider include: median household income, unemployment, and the percentage of the population below the poverty level.

County Level

Local Level
We choose bonds of individual municipalities based on the strength of the county and the state. We compare bonds of similar structure, quality and maturity to find the best issue at the time of purchase.

Local Level