The Wingate Tax-Exempt Fixed Income Strategy seeks to protect investors’ capital and generate attractive after-tax returns by combining thorough, independent research with our valuation discipline to identify undervalued municipal securities. Our Intermediate municipal bond strategy targets between 75 and 125 credits in major subsectors of the U.S. municipal bond market, including general obligation bonds, revenue bonds, and pre-refunded securities. We invest in a long-term, tax-sensitive manner with an expected annual turnover of less than 25%.
Investment Criteria:
When constructing our portfolios, we apply a disciplined investment-selection process that focuses on the following seven issuer attributes:
- Provides essential services
- Strong competitive position
- Financial strength
- Robust operating model with pricing flexibility
- Backed by a proven revenue stream
- Strong coverage and covenant protection
- On-time financial filings
We also take into consideration the following management attributes, when applicable:
- Political willingness to exercise rate autonomy
- Positive operating performance
- Sound capital expenditure plans
- Responsible use of derivatives
Current and prospective clients should find added confidence in knowing that WAML Partners have entrusted the investment team with managing WAML’s own investment portfolio, thereby aligning the firm’s interests with those of our clients.
-Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax.
-Investing in the bond market is subject to certain risks including market, interest-rate, issuer, credit, and inflation risk; investments may be worth more or less than the original cost when redeemed.
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