Tax-Exempt Fixed Income Team

The Tax-Exempt Fixed Income team believes that optimum performance is achieved by effectively managing the four main elements of total return:

  • Security selection: balancing a disciplined relative value orientation with detailed and timely credit research
  • Sector allocation: shifting strategically between subclasses of municipal securities
  • Interest-rate forecast: managing duration exposure to optimize risk/reward profile
  • Yield-curve positioning: optimizing portfolio structure to benefit from anticipated changes in the yield curve

The team uses a disciplined relative-value approach, seeking opportunities from changing market trends, pricing inefficiencies, and intensive credit analysis to provide excess returns within the context of a tax-efficient portfolio management program. This approach to tax-efficient portfolio management can be customized for specific objectives as well.

Portfolio management

Lyle FittererLyle Fitterer, CFA
Managing Director and
Head of Tax-Exempt Fixed Income
27 years investment experience

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