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 relative to the Bloomberg Barclays Muni Short (1-5) benchmark. 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 3.12
Yield to Worst 2.03%
Yield to Maturity 2.13%
Modified Duration 2.40
Avg. Coupon 3.79%

Sector Allocation

Top Five Sector Allocations % of Strategy
General Obligation 47.42%
School District 14.88%
PRE/ETM 10.63%
Water 8.26%
Utilities 4.18%

State Allocation

Top Five State Allocation % of Strategy
Texas 14.61%
Wisconsin 12.25%
Illinois 11.32%
Iowa 6.03%
Indiana 5.70%

Portfolio Management Team

Tom Bernardi, CFA – 5 years of industry experience

John Tranas – 26 years of industry experience

For more information find our strategies on Envestnet or Morningstar

Data as of 9/30/2018