Our views on fixed income investing
  • Most of the time, our preferred opportunities are high-grade corporate or municipal bonds (depending on the client's tax status) with a final maturity of three to ten years. Taxable municipal bonds and callable Agency bonds may also be desirable. Fixed income obligations of a longer maturity are carefully weighed in light of current and expected interest rates as well as inflation expectations. At the current time we do not believe that the slightly higher return of bonds with a long maturity is worth the interest rate risk.

  • A laddered portfolio of bonds is simple to construct, cost-effective, and usually provides satisfactory returns relative to benchmarks.
  • Income generation is provided through high-grade corporate or municipal bonds. We may incorporate fixed income alternatives (e.g. REITS, preferred shares, MLPs, or convertible preferreds) if it makes sense, given the client's risk profile and investment objectives.