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 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+ bps of excess total return over a standard 1 – 10 year municipal ladder, with 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.

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.

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.