Municipal Bond

Active bond management is a constant process that demands imagination, discipline and judgment. Knowing that what worked yesterday may not work tomorrow injects a level of dynamism that is both humbling and exhilarating.

The muni market is one of the most inefficient marketplaces. It's large, it's fragmented and it's poorly understood. It really begs for active management. And unlike most investors, we actively look for opportunities and use our technical knowledge and extensive experience to take advantage of the market.

We manage our client portfolios for total return, with a goal of protecting not only principal, but income as well. We do this through the active management of the portfolios — through yield-curve management, duration management, credit research, and our trading capabilities.

Our process for choosing credits is very rigorous. It's bottom up and research intensive. We take the entire universe of about 50,000 different issuing authorities and we narrow that down to less than 500. So we focus on quality and are very selective.