The strategy emphasizes those sectors of the market that have consistently demonstrated the ability to outperform Treasuries on both an after-tax and a risk adjusted basis. Security selection focuses on historical and relative yield spread analysis, bond structure and break-even analysis. The team does not emphasize forecasting the direction of interest rates and typically maintains portfolio sensitivity (i.e. duration) to changes in interest rates within a relatively tight parameter. For risk control, the team will diversify holdings so that no single security, municipality or sector can significantly impact portfolio performance. Bonds purchased will have at least an A stand-alone or implied credit rating by S&P or Moody’s. If insured, a bond’s underlying rating will be at least A.
Heather J. Perlmutter
Lawrence M. Fields
Michael T. Meltzer
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