Tactical Ladder

Strategy Overview

The Tactical Ladder strategy is an actively managed strategy that consists primarily of investment grade securities with an overall modified duration range of +/-15% to the benchmark (Barclays 5-Year Municipal). The foundation of our process rests on our independent, in-house credit research team, which enhances our value-based investment approach by identifying suitable credits currently undervalued in the marketplace.

Profile

Average Maturity 5.60
Yield to Worst (*TEY) 2.38% (3.78%)
Yield to Maturity (*TEY) 2.58% (4.10%)
Modified Duration 3.54

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

Sector Chart

Top Sector Allocations %
General Obligation 53.43%
School District 17.39%
Water 7.17%
Utilities 3.24%
PRE/ETM 2.75%

State Chart

Top State Allocation %
Texas 14.53%
Wisconsin 11.87%
Illinois 8.85%
Washington 7.42%
Iowa 7.05%

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