Investors who pay income taxes at the top marginal or corporate tax rate - such as high net worth individuals and insurance companies - often seek to maximize risk-adjusted, after-tax returns through tax-exempt investment strategies.
As a municipal bond specialist, Breckinridge has deep knowledge of the tax-exempt municipal market. We actively pursue opportunities to diversify across issuers, sectors and the yield curve to deliver long-term, reliable, risk-adjusted returns.
As we manage tax-exempt strategies for our clients, we also monitor closely the taxable municipal bond market to leverage the best available opportunities for each client given investor tax rates.
Intermediate Tax-Exempt Portfolio
Investment Objective:
The strategy’s objective is to maximize after-tax income through opportunistic trading while minimizing overall risk through proactive portfolio structuring and fundamental credit analysis.
Portfolio Characteristics*:
Average effective maturity: 5-7 yrs
Average duration: 4-4.75 yrs
Average credit rating: AA
Average annual turnover: 25%
Investment Team:
13 dedicated professionals including 5 portfolio managers, 3 traders and 5 analysts averaging over 25 years industry experience.
 View Leadership Team
Active Management:
Portfolio Structuring
Ongoing Credit Research
Yield Curve Analysis
Opportunistic/ Tax sensitive Trading
Tax-Aware Investing:
Marginal state tax rates
Alternative Minimum Tax Status
Tax loss harvesting
Indexes Include:
Barclays 5-year Municipal Bond Index
Barclays 7-year Municipal Bond Index
Merrill Lynch 3-7 year Municipal Bond
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* Representative only. Portfolio Characteristics subject to change given market conditions and client objectives.
