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.
- January 2017 Municipal Bond Market Commentary by Tom Dalpiaz (Jan 18th.)
- December 2016 Strategy Overview and Performance (PDF)
- November 2016 Strategy Overview and Performance (PDF)
- October 2016 Strategy Overview and Performance (PDF)
- October 2016 Municipal Bond Market Commentary by Tom Dalpiaz
- Q2 and July 2016 Strategy Overview and Performance (PDF)
- July 2016 Municipal Bond Market Commentary by Tom Dalpiaz (July 8th)
- April 2016 Municipal Bond Market Commentary by Tom Dalpiaz (April 8th)
- Q1 2016 Strategy Overview and Performance (PDF)
- Q4 2015 Strategy Overview and Performance (PDF)
- January 2016 Municipal Bond Market Commentary by Tom Dalpiaz (January 7th)
- October 2015 Municipal Bond Review by Tom Dalpiaz (October 13th)
- Fixed-Income Portfolio Options in Low Rate Interest Rate Environments: Bond Laddering
- Municipal Bond Roles by Portfolio Manager Tom Dalpiaz
- Where Can Muni Bonds Take You? by Portfolio Manager Tom Dalpiaz
Granite Springs Asset Management LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Granite Springs Asset Management LLC has been independently verified for the periods June 30th 2009 through December 31st 2015. The verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.
Granite Springs Asset Management, LLC defines itself for GIPS purposes as a SEC (Securities and Exchange Commission) registered investment advisor.
The Intermediate Municipal Bond Strategy composite includes all institutional and retail portfolios subject to U.S. federal taxation and that are 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 principal volatility by limiting portfolio duration to seven years or less. Credit research and technical analysis are used to identify undervalued securities within sectors determined to have relative value and potential for superior risk-adjusted returns. The benchmark is the Bank of America Merrill Lynch 3-7 Year Municipal Bond Index. Closed account data is included in the Composite as mandated by the standards in order to eliminate a survivorship bias.
The Intermediate Municipal Bond Strategy composite was created on November 3rd 2010, and has an inception date of August 31st 2009. Prior to August 31st 2013 the Intermediate Municipal Bond Strategy composite was called the Tax Aware Limited-Term Relative Value Fixed Income Strategy 1 composite. The U.S. Dollar is the currency used to express valuations and performance. The firm maintains a complete list and description of composites, which is available upon request. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.
Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Returns are presented gross and net of management fees and include the reinvestment of all income. Net-of-fee performance is calculated using actual management fees. The Number of Accounts and Composite Assets columns include only the accounts that were in the composite at the end of the year. The annual composite dispersion presented is a gross-of-fees, asset-weighted standard deviation calculated only for the accounts in the composite for the entire year. Additional information regarding the policies for calculating and reporting returns is available upon request. Past performance is not indicative of future results.
The specific manner in which investment advisory fees are charged by Granite Springs is established in each client’s respective Investment Advisory Contract (IAC). The basic fee is 1.50% of assets under management, paid quarterly in advance. Actual investment advisory fees incurred by clients may vary. Investment advisory fees are negotiable. Additional information on Granite Springs’s investment advisory fees can be found on its Form ADV, Part 2 A.