Intermediate Municipal Bonds
- Investment grade credits, intermediate maturities emphasizing attractive tax-free income within the context of capital preservation and modest volatility.
- Derived from the unique characteristics of the municipal bond market and the objectives clients bring to the bond market.
- In-depth research and careful security selection exploit inherent inefficiencies in the municipal bond market.
- Customized portfolios and diversified/balanced construction designed to honor both income and total return guideposts.
- Appropriate bond swapping and ongoing portfolio monitoring to ensure strategy consistency.
- Second Quarter 2018 Municipal Bond Market Commentary by Tom Dalpiaz (July 18th)
- June 2018 Strategy Overview and Performance
The Intermediate Municipal Bond Strategy composite includes institutional and retail portfolios that are primarily invested in a diverse range of tax-free and taxable fixed income securities. The strategy emphasizes the use of tax-free municipal bonds but allows for opportunistic investment in taxable securities on a relative value basis. The strategy aims to reduce volatility by limiting portfolio duration to seven years or less. Credit research and relative value analysis are used to identify securities that have the potential for superior risk-adjusted returns. The benchmark is the ICE Bank of America Merrill Lynch 3-7 Year Municipal Bond Index.
The Intermediate Municipal Bond Strategy has an inception date of January 1, 2014. The U.S. Dollar is the currency used to express valuations and performance. Results are based on fully discretionary accounts under management. Returns are presented net of an assumed 0.50% annual management fee that is amortized monthly and include the reinvestment of all income. Past performance is not indicative of future results.
The specific manner in which investment advisory fees are charged by Granite Springs Asset Management, LLC is established in each client’s respective Investment Advisory Contract (IAC). Actual investment advisory fees incurred by clients may vary. Investment advisory fees are negotiable. Additional information on Granite Springs Asset Management, LLC's investment advisory fees can be found on its Form ADV, Part 2A.