Credit/Opportunistic

Strategy

• Market-driven activities arising from technical dislocations in the municipal market
• Acquire idiosyncratic credits that are typically mispriced due to recurring structural inefficiencies

Characteristics

• Attractive current yield
• Investment grade, high yield or non-rated
• Typical hold period of 6 to 18 months
• Instruments include minority positions in tax-exempt or taxable municipal bonds, total return swaps, credit default swaps and other synthetic structures

Fundamental Advantage

• Patient, flexible capital allows for selective deployment at attractive entry points
• Specialized knowledge of misunderstood credits in the high yield municipal market