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Tax-Exempt Fixed Income Strategy

The Wilby Securities Tax-Exempt Fixed Income Strategy aims to safeguard investors' capital and generate attractive after-tax returns by conducting thorough, independent research and employing valuation discipline to identify undervalued municipal securities. Our Intermediate municipal bond strategy focuses on major subsectors of the U.S. municipal bond market, including general obligation bonds, revenue bonds, and pre-refunded securities. We adopt a long-term, tax-sensitive approach with an expected annual turnover of less than 25%.

Investment Criteria:

When constructing our portfolios, we follow a disciplined investment-selection process that emphasizes seven issuer attributes:

  • Provides essential services
  • Strong competitive position
  • Financial strength
  • Robust operating model with pricing flexibility
  • Backed by a proven revenue stream
  • Strong coverage and covenant protection
  • On-time financial filings

We also consider the following management attributes, where applicable:

  • Political willingness to exercise rate autonomy
  • Positive operating performance
  • Sound capital expenditure plans
  • Responsible use of derivatives

Prospective and current clients can find added confidence in the fact that WS Partners have entrusted the investment team with managing WS's own investment portfolio, ensuring alignment of the firm's interests with those of our clients.

-Income from municipal bonds may be subject to state and local taxes and, at times, the alternative minimum tax.
-Investing in the bond market carries certain risks, including market, interest-rate, issuer, credit, and inflation risk; investments may be worth more or less than the original cost when redeemed.