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Municipals

Summary

Summary

KEY FACTS as of 04/30/2020


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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New offerings from the New York Metropolitan Transportation Authority (MTA) and the State of Illinois indicate solid investor demand for municipal bonds of lower-quality issuers.

Portfolio

Portfolio

Portfolio Breakdownas of 04/30/2020

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

Credit Quality Distributionas of 04/30/2020

Type Portfolio
AAA 1.5%
AA 22.6%
A 36.6%
BBB 28.2%
< BBB 5.4%
Not Rated 5.7%

CHARACTERISTICS as of 04/30/2020

Portfolio Index
Portfolio Index
Average Coupon 4.5% 4.6%
Average Effective Maturity 19.3 Years 12.9 Years
Average Effective Duration 9 Years 6.11 Years
Average Yield to Worst 3.51% 2.25%

Performance

Performance

Municipal Bond Institutional Composite

Average Annual Returns as of 04/30/2020

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
Gross of Fees -5.65% -0.47% 3.39% 3.46% 5.04% 7.06%
Net of Fees -5.87% -1.20% 2.64% 2.70% 4.29% 6.62%
Bloomberg Barclays Municipal Bond Index -1.88% 2.16% 3.27% 3.04% 3.89% 6.52%

Calendar Year Returnsas of 04/30/2020

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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