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To maximize current tax-exempt income and minimize fluctuations in principal value.
The investment minimum for Short-Term Municipal Bond is $1 million.
The portfolio is managed by a group of
The firm’s economic overview and long-term fundamental valuations guide duration management targets set by the Fixed Income Team. The Fixed Income Team then establishes a current strategy for the portfolios, where securities are selected from a broad universe and meet specific valuation criteria. We use proprietary rating/ranking models extensively in our analysis. After securities are purchased, they are monitored on an ongoing basis and additional purchases or sales are evaluated as conditions and pricing dictate.
At the time of purchase:
The Manning & Napier Short-Term Municipal Bond Composite is a weighted average of discretionary separately managed accounts with a Short-Term Municipal Bond objective. Accounts in this composite must have a market value greater than $100,000 and tenure of at least one month under our management. The investment objective of accounts in this composite is to minimize capital risk and reduce tax consequences by purchasing municipal fixed income securities with short average maturities. Generally, Short-Term Municipal Bond accounts invest in securities with a maximum maturity of five years. Net-of-fee returns are calculated based off of the effective fees of the accounts in the composite. They are after brokerage commissions, reinvested income, and advisory fees, but if applicable, before custodian costs and the fees of the investor’s Personal Financial Advisor. Also, accounts subject to solicitation fees may incur as much as 0.15% in additional expenses. Fees will vary with size and circumstances and these fee differentials would impact returns accordingly. Past performance does not guarantee future results. As of
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