Value Tax-Aware

Investment Objective

The Value Tax-Aware strategy seeks seeks total return on an after-tax basis.  


The strategy uses a value-driven approach and seeks to maximize after-tax total return by investing in a portfolio of 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 is the ideal process to capture value.

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. There is no exposure to currency risk, high yield bonds or emerging market debt. The strategy is duration neutral, meaning that portfolio duration is set in an attempt to meet client objectives and does not incorporate interest rate forecasts or speculation.

Management Team

Investment Philosophy

Investment Process

Key Features

Investment Options*