Gurtin Fixed Income Management is steadfast in the belief that fixed income should represent the low risk, low volatility portion of a client's overall investment portfolio. We believe this is optimally achieved by building fixed income portfolios that are broadly diversified with durations shorter than their benchmarks to limit volatility, and by minimizing credit risk exposure by focusing on high grade securities with ratings of A or higher.
We tailor each fixed income portfolio to maximize after-tax returns based upon our understanding of the client's tax situation. Specifically, we tailor our strategies for individuals who are either full tax payers, subject to the Alternative Minimum Tax (AMT), or uniquely tax sheltered. Our investment process begins with the development of a dynamic top-down analysis of the ever changing outlook for the economy, followed by a qualitative and quantitative bottom-up individual security selection process that focuses on securities that exhibit the best after-tax yields and volatility characteristics based upon our outlook.
Further, as a result of our ongoing research, we seek to generate sustainable excess return over the appropriate benchmarks by taking advantage of various opportunities presented in the markets. For example, in the municipal fixed income market, our strategies may take advantage of the historically upward sloping yield curve, seasonal supply and demand imbalances, and the overvaluation of embedded call options.
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