Tax Sensitive Absolute

Tax Sensitive Absolute Return is a multi-sector, "best ideas" strategy which – by design – has open guidelines to allow us to take advantage of the abundance of opportunities within the fixed income market. The opportunities are evaluated based on our expectation of after-tax total return, including income and capital gain impact of investing. This after tax total return strategy focuses on rotation among – and security selection within – high yield, investment grade credit, emerging markets, mortgages, and non-US bonds. As a result, these portfolios tend to have higher allocations to municipal bonds, given the tax advantaged status.

An "absolute return" strategy seeks to earn a positive total return over a reasonable period of time, regardless of market conditions or general market direction. The strategy seeks to earn a targeted return over a reasonable period of time - generally at least three years or more - since investment returns will likely fluctuate over shorter periods of time as market conditions vary, even under an "absolute return" strategy. There is no guarantee that the performance objective will be met and it is possible for the portfolio to experience periods of negative return.

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