Ultra-Short Municipal

Strategy Overview

The Ultra-Short Term Municipal strategy is an actively managed strategy appropriate for investors seeking a hedge against rising interest rates.  The goal of the strategy is to generate higher income compared to tax-free money market funds. The strategy consists of fully discretionary, separately managed account (SMA) portfolios.  The strategy invests primarily in municipal bonds exempt from federal income taxes and for comparison purposes is measured against the Bloomberg Barclays Municipal Bond 1-Year (1-2) Municipal Index.

Profile

Average Maturity 1.44
Yield to Worst (*TEY) 1.92% (3.05%)
Yield to Maturity (*TEY) 1.92% (3.05%)
Modified Duration 1.37

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

Sector Chart

Top Sector Allocations
General Obligation 37.51%
School District 23.03%
Higher Education 10.31%
Water 10.02%
Utilities 6.51%

State Chart

Top State Allocation %
Minnesota 20.81%
Texas 13.83%
Wisconsin 12.80%
Iowa 11.90%
Illinois 11.48%

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