High Income Municipal

Strategy Overview

The High Income Municipal strategy is an actively managed strategy appropriate for investors seeking a goals-based portfolio with the aim for higher yield/income potential.  The goal of the strategy is to generate higher income while investing in a high quality, diversified portfolio.  The strategy consists of fully discretionary, separately managed account (SMA) portfolios.  The strategy holds individual bonds, primarily consisting of investment grade issues, which seek high income through higher duration portfolios and for comparison purposes is measured against the Bloomberg Barclays Municipal Bond 15-Year (12-17) Index.

Profile

Average Maturity 11.24
Yield to Worst (*TEY) 2.94% (4.67%)
Yield to Maturity (*TEY) 3.29% (5.22%)
Modified Duration 4.28

*Taxable equivalent yield at the 37% federal tax bracket.

Sector Allocation

Top Sector Allocations %
General Obligation 46.77%
School District 14.64%
Water 9.15%
Higher Education 4.87%
PRE/ETM 2.99%

State Allocation

Top State Allocation %
Texas 15.01%
Illinois 9.65%
Wisconsin 7.04%
Kansas 6.97%
Indiana 5.86%

Portfolio Management Team

Tom Bernardi, CFA | 8 years of industry experience

John Tranas | +20 years of industry experience

For more information find our strategies on Envestnet or Morningstar

Data as of 9/30/2019