Most institutions look at their fixed income portfolios as two distinct sectors: On one-hand, they view their taxable bond portfolio primarily as a source of total return, while at the same time viewing their municipal bond portfolio simply as source of after-tax income. We see things a bit differently. We believe that each sector contributes to both price return and income return. The best way to maximize portfolio returns is to optimize the allocation between the segments, and across the yield curve.
Individual Investor Portfolios
In a world of the 'bigger is better', many in the financial industry have attempted to provide one-stop shopping for the individual investor. This approach has left investors with cookie-cutter products that gravitate to the needs of the average investor. By trying to cater to everyone, mass marketed products end up appealing to no one. We believe investors deserve better. At MuniCrest, each account is separately managed by bond market professionals with years of experience managing portfolios with diverse goals and objectives.