Investment Philosophy
We believe that thoughtful credit selection and a high-conviction, concentrated approach are the cornerstones of successful investing in the non-rated municipal bond market. Our philosophy is not just about outperforming indices—it’s about creating a strategy that delivers results while staying true to our core values.
Our philosophy is rooted in the following principles:
Singular focus
We focus exclusively on the non-rated municipal bond market.
While others chase scale, we focus on delivering results.
Taking a high-conviction approach allows us to populate portfolios with our best ideas, prioritizing quality over quantity.
Credit analysis is the foundation
Fundamental credit analysis is the foundation of every investment decision.
Rigorous credit due diligence & surveillance build intimate knowledge of each investment.
By focusing on the story behind every bond, we strive to identify opportunities that others overlook and mitigate risk through careful selection rather than excessive diversification.
Opportunity in inefficiency
We believe that long-term investors can capitalize on inherent inefficiencies in the municipal bond market.
Opportunistic capital deployment during periods of dislocation can significantly benefit investors.
Innovative investment vehicles
We believe that the structure needs to match the strategy (and asset class).
Since our inception, we have brought innovative ways to access a market largely limited to traditional investment vehicles.
We offer Separately Managed Accounts (SMAs) and an SEC-registered Interval Fund, designed to align with the unique characteristics of the non-rated municipal bond market.
A commitment to education and transparency
Navigating the non-rated municipal bond market requires unique expertise, and we empower our clients with the knowledge and insights needed to make informed allocations.
We believe in transparency and strive to demystify this complex market for our investors.
