Endowments, foundations, pension funds and other tax-exempt entities seek to maximize risk-adjusted returns through the purchase of taxable fixed-income securities with a positive spread to Treasuries. Our high-grade, fixed-income investment strategies attempt to achieve this goal with a primary allocation to taxable municipal bonds, providing both yield spread and quality.
With the advent of the Build America Bond program in 2009, the taxable municipal market is poised to grow substantially. Having invested in the taxable municipal market since 1996, Breckinridge is well positioned to take advantage of the growing opportunity in taxable municipal bonds.
We also pursue opportunities tactically in other fixed-income sectors including high-quality corporate bonds, agencies and Treasuries.
More information on the taxable municipal market and the Build America Bond program is available in our
Build America Bond and Taxable Muni Resource Center.
Intermediate Taxable Portfolio
Investment Objective:
The strategy’s objective is to maximize risk adjusted returns through the construction of a high quality portfolio of taxable securities including taxable municipals, high quality corporate bonds, agency and treasury securities.
Portfolio Characteristics*:
Average effective maturity: 5-7 yrs
Average duration: 4.25–5.25 yrs
Average credit rating: AAA
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
Sector Allocation
Ongoing Credit Research
Yield Curve Analysis
Opportunistic Trading
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Benchmark:
Barclays Capital US Aggregate Bond Index
Barclays Government/Credit Bond Index
* Representative only. Portfolio Characteristics subject to change given market conditions and client objectives.
