We are a fixed-income investment advisor with a primary focus on customized tax-exempt and taxable municipal bond portfolios. We believe this focus on the municipal market generates valuable insight and access for our clients. We serve high net worth individuals, foundations, endowments, pension funds and institutions. As an independent, employee-owned firm, we are strongly committed to excellent service and meeting our investors’ objectives, a commitment we support with continued investment in our people, systems and technology.


 
July 2010   June 2010   May 2010
 
 
  Equity and fixed-income markets stabilized and rallied in July after the European bank stress tests revealed no alarming information. With the exception of 30-year Treasuries, most fixed-income sectors posted positive returns.     Municipal-bond credit quality and fear of default were the subjects of numerous articles in the financial and popular press during the quarter. Most of the articles focused on the macro picture of deteriorating finances and paid little attention to specifics. While it is true that many municipalities are fiscally stressed, we do not expect the wave of defaults that many have predicted.     The flight to quality continued in May and risk aversion reigned. Treasuries benefitted and yields declined sharply. Fears centered on European sovereign default risk, the long-term viability of the euro, and most importantly, the negative impact of European austerity measures on the global economy.

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