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Municipals

Summary

Summary

KEY FACTS as of 02/28/2020


Strategy Inception Date
Apr 1984
Strategy AUM
$9.1 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

Related Content

Municipal Bonds: Assessing the Market after the Fed’s Move
March 17, 2020

Here’s a brief look at how the municipal bond market is responding in the wake of the dramatic policy actions on March 15.

Municipal Bonds: Looking for Extra Yield with Less Interest-Rate Risk?
February 18, 2020

Here’s why investors may wish to consider a strategy employing short duration, high yield municipal bonds.

Portfolio

Portfolio

Portfolio Breakdownas of 02/28/2020

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 02/28/2020

Type Portfolio
AAA 2.6%
AA 25.8%
A 35.4%
BBB 24.6%
< BBB 5.5%
Not Rated 6.1%

CHARACTERISTICS as of 02/28/2020

Portfolio Index
Portfolio Index
Average Coupon 4.5% 4.6%
Average Effective Maturity 20.8 Years 13.2 Years
Average Effective Duration 6.45 Years 5.03 Years
Average Yield to Worst 1.99% 1.27%

Performance

Performance

Municipal Bond Institutional Composite

Average Annual Returns as of 02/29/2020

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
Gross of Fees 4.43% 13.27% 7.39% 5.57% 6.32% 7.40%
Net of Fees 4.31% 12.44% 6.60% 4.79% 5.58% 6.96%
Bloomberg Barclays Municipal Bond Index 3.11% 9.46% 5.32% 4.01% 4.51% 6.70%

Calendar Year Returnsas of 02/29/2020

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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