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.
Profile
| Average Maturity | 3.41 |
| Modified Duration | 2.72 |
Sector Allocation
| General Obligation | 50.29% |
| School District | 33.72% |
| Water/Sewer | 4.82% |
| Higher Education | 2.79% |
| Utilities | 2.43% |
State Allocation
| Top Five State Allocations | % |
| Texas | 14.47% |
| Indiana | 12.88% |
| Illinois | 10.43% |
| Michigan | 7.99% |
| Wisconsin | 7.92% |
Portfolio Management Team
For more information find our strategies on Morningstar
Data as of 09/30/2023