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Municipals

Summary

Summary

KEY FACTS as of 02/28/2019


Strategy Inception Date
Apr 1984
Strategy AUM
$6.6 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 16 Investment Professionals with 11 Years Avg. Industry Experience

Related Content

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.

Four Reasons to Consider Municipal Bonds
February 25, 2019

For those taking a fresh look at these tax-exempt securities, here are what we consider to be the most attractive features of the current muni market.

Portfolio

Portfolio

Portfolio Breakdownas of 02/28/2019

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

Credit Quality Distributionas of 02/28/2019

Type Portfolio
A-1/MIG1 0.3%
A-2/MIG2 0.5%
AAA 1.3%
AA 24.7%
A 37.6%
BBB 24.2%
< BBB 6.9%
Not Rated 4.6%

CHARACTERISTICS as of 02/28/2019

Portfolio Index
Portfolio Index
Average Coupon 5.0% 4.7%
Average Effective Maturity 18.4 Years 13.1 Years
Average Effective Duration 7.79 Years 6.35 Years
Average Yield to Worst 3.37% 2.53%

Performance

Performance

Municipal Bond Institutional Composite

Average Annual Returns as of 01/31/2019

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
Gross of Fees 0.71% 3.20% 3.19% 5.15% 6.94% 7.22%
Net of Fees 0.64% 2.45% 2.43% 4.38% 6.24% 6.79%
Bloomberg Barclays Municipal Bond Index 0.76% 3.26% 2.15% 3.58% 4.55% 6.62%

Calendar Year Returnsas of 01/31/2019

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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