Asset Preservation Advisors
Asset Preservation Advisors (APA) is a registered investment advisor founded in 1989. APA specializes in managing high quality tax-exempt and taxable municipal bond portfolios for other registered investment advisors, family wealth offices and institutional clients.
APA MARKET COMMENTARY - Fourth Quarter 2014
The strength of the municipal market in 2014 took many market participants and analysts by surprise, as an unexpected decline in long‐term yields, a dearth in supply, and steady investor demand resulted in an impressive year long rally. Steady gains throughout the year more than helped offset last year’s disappointing performance when the market was plagued by Detroit’s bankruptcy, Puerto Rico’s financial distress and investor concern over rising interest rates. The sell‐off at the end of 2013 set the stage for an attractive buying opportunity that served as a catalyst for this year’s rebound. Investor demand was strong and steady this year, as higher tax rates increased the relative attractiveness of tax‐exempt bonds for top earners.
APA SPECIAL REPORT – 2014 DROUGHT
Water, Water Everywhere, but Still Not One Extra Drop to Spare
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