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Municipals

Summary

Summary

KEY FACTS as of 07/31/2019


Strategy Inception Date
Apr 1984
Strategy AUM
$7.6 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 15 Investment Professionals with 13 Years Avg. Industry Experience

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Portfolio

Portfolio

Portfolio Breakdownas of 07/31/2019

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

Credit Quality Distributionas of 07/31/2019

Type Portfolio
AAA 2.2%
AA 26.4%
A 37.8%
BBB 23.3%
< BBB 6.2%
Not Rated 4.1%

CHARACTERISTICS as of 07/31/2019

Portfolio Index
Portfolio Index
Average Coupon 4.7% 4.6%
Average Effective Maturity 19.7 Years 13.2 Years
Average Effective Duration 7.24 Years 5.53 Years
Average Yield to Worst 2.66% 1.89%

Performance

Performance

Municipal Bond Institutional Composite

Average Annual Returns as of 06/30/2019

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
Gross of Fees 6.89% 8.02% 3.69% 5.16% 6.78% 7.32%
Net of Fees 6.50% 7.23% 2.92% 4.39% 6.06% 6.88%
Bloomberg Barclays Municipal Bond Index 5.09% 6.71% 2.55% 3.64% 4.72% 6.67%

Calendar Year Returnsas of 06/30/2019

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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