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 5.58
Yield to Worst (*TEY) 2.41% (3.83%)
Yield to Maturity (*TEY) 2.61% (4.14%)
Modified Duration 3.57

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

Sector Chart

Top Sector Allocations %
General Obligation 51.95%
School District 18.47%
Water 7.40%
PRE/ETM 3.31%
Utilities 3.27%

State Chart

Top State Allocation %
Texas 15.45%
Wisconsin 10.28%
Illinois 9.61%
Iowa 7.11%
Washington 6.75%

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 6/30/2019