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Municipals

Summary

Summary

KEY FACTS as of 04/30/2019


Strategy Inception Date
Apr 1984
Strategy AUM
$7.0 B
Benchmark
Bloomberg Barclays Municipal Bond Index

Vehicles


  • This strategy is available as a:
  • Separate Account
  • Mutual Fund

PORTFOLIO MANAGERS

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

32 Years of Industry Experience

Supported By 15 Investment Professionals with 13 Years Avg. Industry Experience

Related Content

Today’s Municipal Bond Market in Three Charts
March 28, 2019

Here are the key market indicators we’re watching now—and their implications for muni-bond investors.

Muni Matters: Finding Value in a Strong Market
March 13, 2019

Even with a steepening muni yield curve, we believe there are attractive opportunities among tax-free municipal bonds.

Portfolio

Portfolio

Portfolio Breakdownas of 04/30/2019

Type Portfolio
Type Portfolio
Transportation
IDR/PCR
Healthcare/Hospital
GO Local
Special Tax
Lease
GO State
Education
Water & Sewer
Pre-Refunded
Power
Housing
VRDN
Insured

Credit Quality Distributionas of 04/30/2019

Type Portfolio
A-1/MIG1 0.6%
A-2/MIG2 0.5%
AAA 1.3%
AA 25.0%
A 38.1%
BBB 23.4%
< BBB 6.6%
Not Rated 4.4%

CHARACTERISTICS as of 04/30/2019

Portfolio Index
Portfolio Index
Average Coupon 4.9% 4.7%
Average Effective Maturity 19.0 Years 13.1 Years
Average Effective Duration 7.00 Years 5.61 Years
Average Yield to Worst 3.04% 2.30%

Performance

Performance

Municipal Bond Institutional Composite

Average Annual Returns as of 04/30/2019

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
Gross of Fees 4.46% 7.33% 3.85% 5.12% 6.84% 7.28%
Net of Fees 4.21% 6.55% 3.08% 4.35% 6.13% 6.85%
Bloomberg Barclays Municipal Bond Index 3.28% 6.16% 2.59% 3.56% 4.55% 6.65%

Calendar Year Returnsas of 04/30/2019

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
Gross of Fees 1.47% 7.87% 1.11% 4.06% 13.67% -5.43% 14.60% 11.94% 2.97% 25.58%
Net of Fees 0.73% 7.08% 0.36% 3.29% 12.83% -6.11% 13.76% 11.08% 2.66% 25.21%
Bloomberg Barclays Municipal Bond Index 1.28% 5.45% 0.25% 3.30% 9.05% -2.55% 6.78% 10.70% 2.38% 12.91%

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