Strategy Overview

A Range of Differentiated Municipal Investment Solutions


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 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.

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 the industry standard of laddered portfolios that evenly stagger principal across maturities at a fee that is below industry standard costs. This strategy is available in a structure that ladders bonds from 0-18 months (Ultra-Short Term), 0-3 years (Short Term), 0-5 years (Limited Term)*, or 0-10 years (Intermediate Term).

Intermediate Value

Investors in this strategy seek a level of tax-exempt income that exceeds that of a standard intermediate portfolio. In the management of this strategy, Gurtin takes the standard laddered portfolio to the next level with a value-oriented approach that uses proprietary credit and market research to identify higher yielding, high quality credits and bond structures that are misunderstood by the market. This strategy is available in an intermediate structure that ladders 50% callable and 50% non-callable bonds from 1-15 years.

Opportunistic Value

Investors in this strategy seek a high level of tax-exempt income, and are comfortable with interim interest rate fluctuations on bonds held to maturity. Gurtin takes an intelligently contrarian approach that is at once disciplined, value-oriented, and flexible – patiently waiting for opportunities to capture value on bonds which meet higher yield targets by using proprietary credit and market research to identify higher yielding, high quality credits and bond structures that are misunderstood by the market. Portfolios managed under this non-laddered strategy may at times have an intermediate- or longer-term average duration, depending on where value is found.

Compare Our Strategies

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


 
Very High Credit Quality
Highest Degree of Capital Stability
Interest Rate Neutral Investment
Targets Well Above Market Income
 
 
Maturity Range
Average Life
Effective Duration
Yield-to-Maturity at Market
Yield-to-Worst at Market
Yield-to-Maturity at Cost
Yield-to-Worst at Cost
Average Rating
Composite Inception Date
 
 
Very High Credit Quality
Highest Degree of Capital Stability
Interest Rate Neutral Investment
Targets Well Above Market Income
 
 
Maturity Range
Average Life
Effective Duration
Yield-to-Maturity at Market
Yield-to-Worst at Market
Yield-to-Maturity at Cost
Yield-to-Worst at Cost
Average Rating
Composite Inception Date
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Very High Credit Quality
Highest Degree of Capital Stability
Interest Rate Neutral Investment
Targets Well Above Market Income
 
Maturity Range
 
Average Life
Effective Duration
Yield-to-Maturity at Market
Yield-to-Worst at Market
Yield-to-Maturity at Cost
Yield-to-Worst at Cost
Average Rating
Composite Inception Date
 
Data as of 4/30/2017.
*As of January 1, 2017, Gurtin Municipal Bond Management extended the final maturity guidelines for the Municipal Limited-Term strategy to no more than 6 years. See Portfolio Disclosures for more information.

Historical Performance

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


To compare growth of income on funds invested in our municipal 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
()

 
 

Since inception returns are as of 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 includes the reinvestment of all income and is net of fees. 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 goals and objectives:


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.