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Intermediate Term Municipal
Investing in the intermediate portion of the municipal yield curve can provide unique risk and reward characteristics while generating consistent tax-exempt income. Intermediate Term Municipal focuses on total return performance while seeking to provide consistent income.
Asset class: Municipal fixed income
For term definitions and index descriptions, please access the glossary in the footer.
At a glance
|Benchmark||Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index|
|Number of positions||8-15|
|Average duration target (years)||5-6.5|
|Average maturity target (years)||7-10|
|Average credit quality target||AA|
|Average annual turnover (%)||15-40|
Fundamental credit research is the foundation of the investment process. The municipal team considers economic outlook, credit analysis, trading and yield curve analysis when determining overall investment strategy. Targets and guidelines are developed for duration, yield curve positioning, security structure, sectors and credit quality. Portfolio managers construct portfolios through close collaboration with the credit research analysts and traders.