Value Tax-Aware Opportunistic

Investment Objective

The Value Tax-Aware Opportunistic strategy seeks to maximize after-tax total return.


The strategy uses a value-driven approach and seeks to maximize after-tax total return by investing in a portfolio of primarily investment grade, fixed income securities. The strategy seeks to add value by capitalizing on imbalances in the relationships among sectors and individual bonds, spanning both tax-exempt municipals and US-dollar denominated taxable bonds. We believe that investing in undervalued sectors and bonds and selling expensive ones using an after-tax relative value assessment can maximize returns for investors.

The investment universe for this strategy considers both tax-exempt municipal bonds as well as US dollar-denominated taxable fixed income securities, including governments, corporate bonds, asset backed securities and sovereign and supranational entities and taxable municipals. The strategy uses a scenario-driven analysis to determine the appropriate level of interest rate risk where the main objective is to offset any principal loss over a three-year time horizon.