Investors in this strategy tend to desire something more than just tax-exempt income — they also want to make an impact, advancing positive social or environmental goals through their municipal investments. The strategy offers investors the option to invest in bonds identified through internal independent credit research to have proceeds that target projects related to education, the environment, or the community.
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 14 basis points (bps) for advisory firm clients. This strategy is available in a structure that ladders bonds from 0 – 18 months (Ultra Short), 0 – 3 years (Short), 0 – 5 years (Limited), or 0 – 10 years (Intermediate).
Investors in this strategy seek a level of tax-exempt income that generates 50 – 100 bps of excess yield over a standard 1 – 10 year municipal index, with minimal duration extension compared to a traditional intermediate-term ladder. 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.
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.
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.
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.
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