Explore Our Strategies

A Singular Focus on Municipal Investments


Very high credit quality investment grade bonds, supports interest rate neutral investment

Ladder

Very high credit quality investment grade bonds, supports interest-rate neutral investment, targets income well above a standard 1 – 10 year municipal ladder 2

Intermediate Value

Very high credit quality investment grade bonds, seeks to maximize total return

Extended Value

Very high credit quality investment grade bonds, targets income well above a 1 – 10 year municipal index

Opportunistic Value

Very high credit quality investment grade bonds, targets highest degree of capital stability

Stability

Strategy Overview

A Diverse Range of Sustainable Municipal Strategies


Ladder

Investors in this strategy have a neutral view on the direction of interest rates and seek predictable tax-exempt income. Maintaining a disciplined approach of continually reinvesting proceeds of annually maturing bonds, Gurtin offers laddered portfolios that evenly stagger principal across maturities at a fee starting at 13 basis points (bps) for advisory firm clients. This strategy is available in a structure that ladders bonds from 018 months (Ultra Short), 03 years (Short), 05 years (Limited), or 010 years (Intermediate).

 

Intermediate Value

Investors in this strategy seek a level of tax-exempt income that generates 50+ bps of excess total return over a standard 1 – 10 year municipal ladderwith minimal duration extension compared to a traditional intermediate-term ladder. 2 In the management of this strategy, Gurtin takes the standard laddered portfolio to the next level with a value-oriented approach that uses in-depth and offensive research to identify higher-yielding, high-quality bonds whose value we believe is being overlooked by the market. This strategy is comprised of bullet (i.e., non-callable) bonds and callable bonds with maturities extending out to 15 years.

 

Extended Value

Investors in this strategy seek to maximize total return over an investment horizon that extends beyond 5 years. In the management of this strategy, Gurtin implements a value-oriented approach that uses proprietary market research to capitalize on pricing inefficiencies of high-coupon callable bond structures — both at purchase and sale. This strategy is comprised of callable bonds maturing in 10 – 20 years.

 

Opportunistic Value

Investors in this strategy seek a high level of tax-exempt income, and are generally comfortable with interim interest rate fluctuations on bonds held to maturity. To capture value on high-quality investment grade bonds that meet our strict yield targets, Gurtin takes an intelligently contrarian investment approach that is at once disciplined, value-oriented, and flexible patiently waiting for what we believe are attractive purchasing opportunities during periods of market dislocation. Portfolios managed under this non-laddered strategy may at times have a short-, intermediate-, or longer-term average duration, depending on where value is found.

Stability

While investors in this strategy want to maximize tax-exempt income, they are also sensitive to negative returns and declines in portfolio value. By using proprietary market research to seek to identify bonds that are less sensitive to rising interest rates and maintaining a flexible approach to portfolio duration, Gurtin aims to deliver stable returns in a portfolio with little correlation to riskier asset classes, even during periods of interest rate volatility. In order to achieve the objective of stability even in the face of rising interest rates, portfolios managed under this non-laddered strategy can vary from short- to intermediate-term average duration, depending on the interest rate environment.

1 Gurtin defines a bond as having very high credit quality if one of the three major credit ratings agencies rates its obligor as investment grade or if Gurtin assigns it an internal investment-grade rating
The proxy for a traditional intermediate-term ladder is a simulated 0-10 year non-callable laddered municipal portfolio. This hypothetical intermediate-term simulated portfolio is comprised of 10 non-callable, AA-MMD priced bonds with a 5% coupon. The bonds are evenly spaced out by 1 year to maturity, beginning at year 1, and assumes reinvestment at redemption into the 10-year rung of the ladder.  The simulated portfolio does not represent actual trading and does not reflect the impact that economic and market factors have on management of the portfolio.
3 As of January 1, 2017, Gurtin Municipal Bond Management extended the final maturity guidelines for the Municipal Ladder – Limited strategy to no more than 6 years. See Portfolio Disclosures for more information.

Compare Our Strategies

With a deep, highly specialized expertise in municipal bonds, Gurtin’s range of municipal strategies are designed to meet a variety of clients’ needs.


 
Maintains Very High Credit Quality1
Integrates Fundamental ESG Analysis
Seeks to Minimize Reinvestment Risk
Strategically Incorporates Callable Bonds
Targets Absolute Value
Targets Relative Value
 
 
Maturity Range
Average Rating*
Average Life
Effective Duration
Yield-to-Maturity at Market
Yield-to-Worst at Market
Composite Inception Date
 
 
Maintains Very High Credit Quality1
Integrates Fundamental ESG Analysis
Seeks to Minimize Reinvestment Risk
Strategically Incorporates Callable Bonds
Targets Absolute Value
Targets Relative Value
 
 
Maturity Range
Average Rating*
Average Life
Effective Duration
Yield-to-Maturity at Market
Yield-to-Worst at Market
Composite Inception Date
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maintains Very High Credit Quality1
Integrates Fundamental ESG Analysis
Seeks to Minimize Reinvestment Risk
Strategically Incorporates Callable Bonds
Targets Absolute Value
Targets Relative Value
 
Maturity Range
 
Average Rating*
Average Life
Effective Duration
Yield-to-Maturity at Market
Yield-to-Worst at Market
Composite Inception Date
 
Data as of {{s.strategySettings[0].Settings[0].AsOfDate}}.
1 Gurtin defines a bond as having very high credit quality if one of the three major credit ratings agencies rates its obligor as investment grade or if Gurtin assigns it an internal investment-grade rating.
* Average Rating is the asset-weighted average credit rating of all securities in a portfolio, assuming the higher of Moody’s, S&P, or Fitch ratings for individual bonds and taking into account parity ratings of bonds with the same obligor-security combination. For bonds that are nonrated and do not have parity ratings, our internal rating is assumed.
**  As of January 1, 2017, Gurtin Municipal Bond Management extended the final maturity guidelines for the Municipal Ladder – Limited strategy to no more than 6 years. See Portfolio Disclosures for more information. 
*** The Stability strategy guidelines limit bonds to 15 years average life.

Strategy Customization

Many of Gurtin’s municipal bond strategies can be customized to align with environmental, social, and governance goals or to further optimize tax efficiency.

Social Advancement

Investors desiring to make an impact by advancing positive social or environmental goals have the opportunity to do so through their municipal investments with our Social Advancement strategy overlay. This strategy overlay enables investment in bonds identified through internal credit research to have proceeds that target projects related to education, the environment, or the community.

Tax Loss Harvesting

Investors seeking to keep more of the income they’ve earned may benefit from reducing their overall tax burden with Gurtin’s technology-driven municipal tax loss harvesting process. This active, year-round process can potentially permanently eliminate a capital gain tax liability — not simply defer the tax bill into the future as is the case in other asset classes — at no additional cost.

State Specification

Investors residing in high-tax and select other states can improve the tax efficiency of their Ladder portfolios by targeting investment in their state of residence. In total, we offer state-specific municipal ladder options for 14 states, allowing investors to achieve added value from state income tax exemption.

Social Advancement

Investors desiring to make an impact by advancing positive social or environmental goals have the opportunity to do so through their municipal investments with our Social Advancement strategy overlay. This strategy overlay enables investment in bonds identified through internal credit research to have proceeds that target projects related to education, the environment, or the community.

Target Social or Environmental Goals

Tax Loss Harvesting

Investors seeking to keep more of the income they’ve earned may benefit from reducing their overall tax burden with Gurtin’s technology-driven municipal tax loss harvesting process. This active, year-round process can potentially permanently eliminate a capital gain tax liability — not simply defer the tax bill into the future as is the case in other asset classes — at no additional cost.

Seek Additional Tax Efficiency

State Specification

Investors residing in high-tax and select other states can improve the tax efficiency of their Ladder portfolios by targeting investment in their state of residence. In total, we offer state-specific municipal ladder options for 14 states, allowing investors to achieve added value from state income tax exemption.

Tailor for Your State of Residence

Historical Performance

Gurtin’s high credit quality investment grade municipal bond strategies are designed to preserve capital while delivering risk-managed income and growth.


To compare growth of income on funds invested in our municipal bond strategies, please select a specified timeframe and strategies for comparison. Please note that the start date for the time frame will change to match the inception date of the most recently incepted strategy.





Performance History
(as of )

Hypothetical Growth of $100,000
()

 
 

The Performance History graph shows since inception returns as of , and does not reflect identical performance periods for composites with differing inception dates. In considering any prior performance information, historical or hypothetical, contained herein, prospective investors should bear in mind that prior performance does not guarantee nor is it indicative of future results. Therefore, no current or prospective client should assume that the future performance of any specific investment or investment strategy or objective (including those recommended by Gurtin) will be profitable or that returns will equal to corresponding indicated performance levels or produce a return of capital. Performance is shown net of fees in U.S. Dollars and assumes reinvestment of all income. Returns shown have been annualized for periods greater than one year. Hypothetical growth of $100,000 presented above is calculated using market values for the strategy composites. Individual account performance may vary.

Find Your Strategy

Discover which strategy may be right for your specific investment objectives and investor profile.


The following strategy objective questionnaire is designed to guide you to a strategy tailored to your individual needs. Please answer as honestly as possible.

By clicking “Find Your Strategy” you are indicating that you have read and agree to the following:  The information presented should not be construed as investment, tax, financial, accounting or legal advice. Each prospective investor should make his or her own investigation and evaluation of the investments and investment strategies described herein, including the merits and risks thereof. Investors should seek such professional advice for their particular circumstances. No assurance can be given that the investment objectives will be achieved or that investors will receive a return of any capital. In considering any prior performance information, historical or hypothetical, contained herein, prospective investors should bear in mind that prior performance does not guarantee nor is it indicative of future results. This tool does not constitute a client suitability analysis regarding the strategy or strategies listed here or an evaluation of an investor’s risk tolerance.