Separately Managed Account

1-10 Year Laddered Corporate Bond Portfolio

This portfolio seeks to generate a stream of income from a portfolio of 30 carefully chosen investment-grade corporate bonds. We construct each portfolio like a “ladder” with maturity “rungs,” ranging from 1 to 10 years. Three bonds, or about 10% of the portfolio’s holdings, are expected to mature each year. The principal from each maturing issue gets reinvested in new, typically higher-yielding, 10-year bonds.

Another feature is the relatively stable 5-6 year average maturity of the portfolio, which can help control risk and improve tax efficiency versus higher turnover strategies. We continually monitor holdings with an eye toward maintaining portfolio credit quality objectives.

1-7 Year Laddered Corporate Bond Portfolio

This portfolio seeks to generate a stream of income from a portfolio of 21 carefully chosen investment-grade corporate bonds. We construct each portfolio like a “ladder” with maturity “rungs,” ranging from 1 to 7 years. Three bonds, or about 15% of the portfolio’s holdings, are expected to mature each year. The principal from each maturing issue gets reinvested in new, typically higher-yielding, 7-year bonds.

Another feature is the relatively stable 4-year approximate average maturity of the portfolio, which can help control risk and improve tax efficiency versus higher turnover strategies. We continually monitor holdings with an eye toward maintaining portfolio credit quality objectives.

1-10 Year Laddered Municipal Bond Portfolio

This portfolio seeks to generate a stream of income from a portfolio of approximately 20+ carefully chosen investment-grade tax-exempt municipal bonds. We construct each portfolio like a “ladder” with maturity “rungs,” ranging from 1 to 10 years. Two or more bonds, or about 10% of the portfolio’s holdings, are expected to mature each year. The principal from each maturing issue gets reinvested in new, typically higher-yielding, 10-year bonds.

Another feature is the relatively stable 5-6 year average maturity of the portfolio, which can help control risk and improve tax efficiency versus higher turnover strategies. We continually monitor holdings with an eye toward maintaining portfolio credit quality objectives.


Q3 2021 Tactical Asset Allocation

Key Points: U.S. Leads the WayPolicy Supports Remain Despite ReboundForeign Economies Lag RecoveryRates Move to New Lower GroundTactical Focus: Domestic and High Quality As the economy reopens, we believe growth is set to surge. The United States is well along the path on vaccination, which is unleashing months of pent-up demand. Meanwhile, …
Read More

A Discussion Worth Having

Is there a way for bond investors to win if interest rates rise? We think laddering bonds is one way to navigate an uncertain and changing environment. First, we must start with a simple fact. Nobody knows for sure what will happen to interest rates in the future. There are potential …
Read More

MuniWatch — March 2021

After remaining relatively flat for the first six weeks of the year, Muni yields took a sharp turn higher in mid-February, finally beginning to catch up to the rise in U.S. Treasury yields. Improving economic growth numbers combined with the proposed $1.9 trillion Federal Stimulus Bill have resulted in continued …
Read More

To The Bone

Interest rates on bonds are at very low levels. The decline in the United States rates follows those of other sovereigns like Germany, the United Kingdom, and Japan (Chart A, below). In turn, global rates are following a long-established, declining secular trend. That trend leads to “negative” rates with more …
Read More

Muniwatch — November 2020

In October, Muni yields crept higher, rising by 6-9 bps across the curve, echoing the move higher in US Treasury yields. Muni Mutual funds recovered from a single week of outflows and took in over $5 billion for the month. After the election results were announced, how-ever, both Muni and …
Read More

 Disclosures.

WP to LinkedIn Auto Publish Powered By : XYZScripts.com