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Municipals

Summary

Summary

KEY FACTS as of 12/31/2019


Strategy Inception Date
Apr 1984
Strategy AUM
$8.4 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

33 Years of Industry Experience

Supported By 15 Investment Professionals with 14 Years Avg. Industry Experience

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ESG and Municipal Bonds: Taking the Local View
November 19, 2019

How do environmental, social, and governance concerns factor into our credit analysis of local municipalities? First in a series.

Portfolio

Portfolio

Portfolio Breakdownas of 12/31/2019

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

Credit Quality Distributionas of 12/31/2019

Type Portfolio
AAA 3.0%
AA 26.2%
A 35.5%
BBB 24.5%
< BBB 6.2%
Not Rated 4.6%

CHARACTERISTICS as of 12/31/2019

Portfolio Index
Portfolio Index
Average Coupon 4.6% 4.6%
Average Effective Maturity 19.9 Years 13.2 Years
Average Effective Duration 7.08 Years 5.34 Years
Average Yield to Worst 2.54% 1.78%

Performance

Performance

Municipal Bond Institutional Composite

Average Annual Returns as of 12/31/2019

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
Gross of Fees 10.19% 10.19% 6.44% 4.88% 6.07% 7.30%
Net of Fees 9.39% 9.39% 5.67% 4.11% 5.33% 6.86%
Bloomberg Barclays Municipal Bond Index 7.54% 7.54% 4.72% 3.53% 4.34% 6.64%

Calendar Year Returnsas of 12/31/2019

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Gross of Fees 10.19% 1.47% 7.87% 1.11% 4.06% 13.67% -5.43% 14.60% 11.94% 2.97%
Net of Fees 9.39% 0.73% 7.08% 0.36% 3.29% 12.83% -6.11% 13.76% 11.08% 2.66%
Bloomberg Barclays Municipal Bond Index 7.54% 1.28% 5.45% 0.25% 3.30% 9.05% -2.55% 6.78% 10.70% 2.38%

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