We employ a value-oriented, “bottom-up” investment approach to identify attractive investments among the full range of taxable and tax-exempt municipal bonds. In selecting municipal bonds, we use our skills to determine credit quality, analyze structural features, and evaluate current pricing and trading opportunities. We base our investment philosophy on the belief that careful security selection and active portfolio risk management provide superior results over the long term. We seek to construct portfolios using a disciplined investment approach to select what we believe are attractive securities primarily from the municipal fixed income universe.
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