Most investors want conservative municipal bond management. The problem is that conservative often means inactive and inactivity leads to neglect. Opportunities are missed and risks are ignored. A bond is purchased and usually held until it matures, is downgraded or called. Investment decisions are made in reaction to such events.
Breckinridge Capital Advisors, Inc. believes bond portfolio management should be proactive. The municipal market's enormous size, diversity and inefficiency offer much greater potential than is commonly recognized. There are countless opportunities to improve a portfolio's performance. There are also many ways to minimize its risk. What is required, in our opinion, is attentive management that focuses beyond just the immediate needs of a portfolio. Breckinridge Capital Advisors, Inc. uses this proactive approach, which represents the central theme of the firm's investment philosophy.
