Municipal Tax-Sensitive
Overview
- Dedicated exclusively to the management of tax-efficient portfolios.
- Seek to maximize total return, while preserving capital and maintaining liquidity.
- Add value by attempting to identify undervalued sectors and securities through intensive fundamental credit research and quantitative analysis.
- Customized portfolios that meet client-specific requirements.
Our Investment Strategy
Strategy reflects each individual client’s specific objectives and risk parameters, and is determined by our team through a bottom-up approach. Our investment strategy focuses on adding value by attempting to identify undervalued sectors and securities through intensive fundamental and quantitative analysis. Through our research and trading acumen, we seek to achieve best execution on relative value opportunities rather than relying on interest rate forecasting to deliver excess return.
Our Investment Team
Our Investment team consists of three distinct functions, all contributing to the investment strategy, which include: portfolio management, research (fundamental and quantitative) and centralized trading.
Standish employs a team approach in managing municipal portfolios. The Portfolio Manager oversees the overall portfolio and sizes exposures consistent with client guidelines and team strategy. Our credit analysts guides sector allocation and security selection. Our team of traders buy and sell bonds depending on their relative value, consistent with the investment strategy that is determined by the team.
Our Investment Process
The Investment Process begins with fundamental research and evolves into relative value identification among a diverse mix of sectors and securities. We have sector and region-specific credit analysts whose main objectives are to identify multiple sources of excess income and potential price outperformance, as well as avoid unanticipated downgrades and spread widening. The team agrees upon dynamic structure, sector, security, yield curve and interest rate posture. More significant commitments are made to lower volatility exposures.
Our Competitive Advantages
- Credit Research: foundation of investment process
- Proprietary risk management systems and controls
- Longevity of client base and investment staff
- Relative value focus rather than interest rate forecasting
- Quantitative analytics enhance fundamental approach
Our Core Values
Our Core Values are part of our heritage and fundamental to our sustained ability to continually refine our investment strategy and results for our clients.
- Client Focus: our clients’ “partner of choice”
- Trust: act with the highest standards of integrity
- No Surprises: apply rigorous analysis and risk measurement
- Teamwork: collaborative and inclusive investment process
Our Products
Our focus is on client-specific solutions, based on the client's tax rate and portfolio guidelines. We balance opportunities in security selection, sector and yield curve to pursue consistent returns with no surprises through all interest rate environments. Where suited to the client’s strategy, we cross over tactically into taxable debt when it offers greater after-tax value.
For more information on Municipal Tax-Sensitive strategies, please contact Diane Vieira at dvieira@standish.com