California Short-Intermediate Tax-Free Strategy
The strategy seeks to provide current income exempt from federal and California income taxes while preserving capital. It invests in short- and intermediate-term, investment-grade California municipal obligations. The objective is to outperform the Bloomberg California Municipal 1–5 Year Blend Index by actively managing the four key elements of total return: security selection, sector rotation, duration management, and yield-curve positioning.
Competitive advantages
Independent thinking and discipline
A large, seasoned team of municipal fixed income analysts is supported by compliance and portfolio analytics systems.
Collaboration across asset classes
The team can use taxable fixed income analysts to gain intelligence on corporate bonds.
Flexible but uncompromising
The team has the willingness and ability to move down in credit without compromising the investment process.
Exploiting market inefficiencies while employing prudent risk management
Investment success results from disciplined return-enhancement strategies balanced with prudent risk management.