Fixed Income

Short-Term Municipal Bond

Objective

Maximize a sustainable dividend stream while minimizing volatility through a short-term, tax-efficient total return approach.

Overview

Portfolios invest primarily in tax-exempt municipal bonds utilizing a laddered structure. Taxable municipal bonds and municipal investment vehicles may also be eligible if relative value and risk parameters permit.

The two most significant risks in a fixed income portfolio are duration risk (a portfolio’s price sensitivity to changes in the general level of interest rates) and credit risk (the possibility of a loss resulting from a borrower’s failure to repay a loan or meet contractual obligations).
The short-term strategy is especially suited for the risk averse investor, those who in most cases, are willing to accept a modest amount of income for the most capital preservation (most duration protection) of the three strategies City Different Investments offers. The credit risk component (along with any of the risk parameters) of the strategies City Different Investments offers can be modified based on the client’s individual risk tolerances.

Portfolio Managers

Characteristics

Maturity Range: 1-5 years

Midpoint Neutral Duration Target: 2.5 years

Credit Universe: Investment grade

Benchmark: Bloomberg Barclays Custom 1-5 Year Blend Index

Limited-Term Municipal Bond

Objective

Maximize a sustainable dividend stream while minimizing volatility through a limited-term, tax-efficient total return approach.

Overview

Portfolios invest primarily in tax-exempt municipal bonds utilizing a laddered structure. Taxable municipal bonds and municipal investment vehicles may also be eligible if relative value and risk parameters permit.

The two most significant risks in a fixed income portfolio are duration risk (a portfolio’s price sensitivity to changes in the general level of interest rates) and credit risk (the possibility of a loss resulting from a borrower’s failure to repay a loan or meet contractual obligations).
The limited-term strategy is especially suited for the investor willing to accept a moderate amount of duration risk for higher levels of income and higher levels of price volatility. The credit risk component (along with any of the risk parameters) of the strategies City Different Investments offers can be modified based the client’s individual risk tolerances.

Portfolio Managers

Characteristics

Maturity Range: 1-10 years

Midpoint Neutral Duration Target: 3.5 years

Credit Universe: Investment grade

Benchmark: Bloomberg Barclays Custom 1-10 Year Blend Index

Intermediate-Term Municipal Bond

Objective

Maximize a sustainable dividend stream while minimizing volatility through an intermediate-term, tax-efficient total return approach.

Overview

Portfolios invest primarily in tax-exempt municipal bonds utilizing a laddered structure. Taxable municipal bonds and municipal investment vehicles may also be eligible if relative value and risk parameters permit.

The two most significant risks in a fixed income portfolio are duration risk (a portfolio’s price sensitivity to changes in the general level of interest rates) and credit risk (the possibility of a loss resulting from a borrower’s failure to repay a loan or meet contractual obligations).
The intermediate-term strategy is especially suited for the investor willing to accept the most duration risk for the highest levels of income and the highest levels of price volatility, of the three strategies City Different Investments offers. This strategy allows investors to take advantage of the best value segments of the municipal bond market. The credit risk component (along with any of the risk parameters) of the strategies City Different Investments offers can be modified based on the client’s individual risk tolerances.

Portfolio Managers

Characteristics

Maturity Range: 1-20 years

Midpoint Neutral Duration Target: 5.5 years

Credit Universe: Investment grade

Benchmark: Bloomberg Barclays Custom 3-15 Year Blend Index

Fixed Income Subadvisory Services

Objective

We seek to maximize a sustainable dividend stream for our clients while minimizing volatility using a long-term, tax-efficient total return approach.

Overview

FEEL CONFIDENT IN OUR EXPERIENCE
Leverage the market savvy of a team with a proven track record running a cumulative $25B+ in total fixed income assets and managing bond desks at top firms like Thornburg and Vanguard.

TAKE ADVANTAGE OF OUR FLEXIBILITY
Every relationship is tailored to your unique needs—from trading only to discretionary management. You can completely outsource your fixed income trading desk, supplement your in-house desk, or assign us a specific sleeve or asset class to manage on your behalf.

GET THE TRANSPARENCY YOU DESERVE
Our fixed income team is always accessible, offering you their unvarnished view of the market’s risks and opportunities, and providing unobstructed transparency into their strategies.

TREAT US AS AN EXTENSION OF YOUR OWN TEAM
We can serve as your own in-house fixed income desk, or work hand in glove with your existing team, providing color, helping to locate hard-to-find issues, and ensuring best execution for your trades.

TAP INTO OUR EXTENSIVE BROKER NETWORK
We maintain relationships with an extensive broker network, giving us access to a large inventory and enhanced liquidity.

STRENGTHEN YOUR BUSINESS CONTINUITY PLAN
We can serve as an alternative backup plan to smooth your operations in case of business interruption.

Portfolio Managers

Comprehensive Subadvisory Services

  • Investment Policy Design
  • Strategic Asset Allocation
  • Research
  • Securities Selection
  • Trading
  • Quarterly or Annual Rebalancing
  • Ongoing Monitoring