The High Yield Corporate Bond strategy aims to create an income-producing portfolio that exceeds the Bank of America High Yield II Master Index. Investments include high yield bonds, investment grade bonds, preferred stocks, and bond ETFs. Portfolio managers employ credit and relative-value analysis to find undervalued securities in which to invest and actively manage the portfolio so as to limit volatility risk.
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The Intermediate Municipal Bond strategy seeks to generate after‐tax income by investing in tax‐exempt municipal bonds. Capital preservation is an important secondary objective. In addition to investment grade tax‐exempt municipal bonds, the strategy allows for investment in taxable securities. It uses relative value analysis and credit research to identify undervalued securities within specific market sectors, yield curve ranges, and credit bands.
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The Tactical Global Equity strategy seeks to outperform the S&P 500 with less volatility over the long term. It is comprised primarily of exchange traded funds with the capability of investing in individual equities that are hand-picked to suit the portfolio. Equity exposure ranges from 75% to 100% and is diversified geographically as well as across industries. (View Latest Performance)
- January 2017 Municipal Bond Market Commentary by Tom Dalpiaz (PDF)
- January 2017 High Yield and Equity Market Commentary by Randy Masel (PDF)
- December 2016 Municipal Bond Strategy Performance and Overview (PDF)
- December 2016 High Yield Strategy Performance and Overview (PDF)
- December 2016 Tactical Equity Strategy Performance and Overview (PDF)
- Comprehensive Financial Planning by CFP Paul Stierhoff (webinar)
- Fixed-Income Portfolio Options in Low Rate Interest Rate Environments: Bond Laddering
- Municipal Bond Roles by Portfolio Manager Tom Dalpiaz
- Preferred Stocks as a Tax-Advantaged Fixed Income Investment by Portfolio Manager Randy Masel
- Where Can Muni Bonds Take You? by Portfolio Manager Tom Dalpiaz
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.
See strategy page for strategy-specific disclaimer.