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.


Average Maturity 5.41
Yield to Worst (*TEY) 2.38% (3.78%)
Yield to Maturity (*TEY) 2.66% (4.22%)
Modified Duration 3.52

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

Sector Chart

Top Sector Allocations %
General Obligation 48.80%
School District 19.66%
Water 7.91%
PRE/ETM 4.29%
Utilities 3.73%

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 3/31/2019