Short Term Municipal Strategy

Strategy Overview

The Short-Term Municipal strategy is an actively managed strategy appropriate for investors seeking a hedge against rising interest rates from a high quality, diversified portfolio.  The goal of the strategy is to reduce portfolio volatility and credit risk, generate income free of federal income taxes, and produce superior risk adjusted returns. The strategy consists of fully discretionary, separately managed account (SMA) portfolios.  The strategy invests primarily in municipal bonds exempt from federal income taxes.


Average Maturity 3.16
Modified Duration 2.28

Sector Allocation

General Obligation 42.83%
School District 41.31%
Water/Sewer 3.95%
Higher Education 2.60%
Utilities 2.03%

State Allocation

Top Five State Allocations
Indiana 13.10%
Texas 11.62%
Illinois 9.98%
Michigan 8.51%
Wisconsin 8.17%

Portfolio Management Team

Tom Bernardi, CFA
John Tranas

For more information find our strategies on Morningstar

Data as of 03/31/2024