Philosophy
Fixed income investments are restricted to U.S. Treasury securities, U.S. government agency securities and investment grade corporate or municipal securities rated “A” or higher by the major bond rating services. To minimize risk, we avoid special revenue, special purpose municipal bonds, and callable securities.
U.S. Fixed Income
We build fixed income portfolios to meet each client’s annual income and tax objectives utilizing the appropriate blend of taxable and/or tax-exempt securities. We apply a laddered approach to our fixed income strategy. Assets are invested in a laddered maturity structure with a maximum of 10 years to provide on-going liquidity and interest rate risk management.
To manage default risk and insure diversification, no greater than 5% of any fixed income portfolio shall be invested in any single issuer with the exception of U.S. Treasury securities and pre-refunded municipal securities.