High Quality Intermediate Tax Exempt Strategy

 

Objective:

To manage for after-tax total return, the strategy seeks to add value through active management and access to institutional pricing; conducted thorough relative value and credit analysis to take advantage of inefficiencies in the market ad maximize after-tax income. Bonds selected for this strategy typically have maturities between 1 and 20 years.

APA Municipal Bond Team:

APA’s investment professionals utilize a top-down and bottom-up approach to
add value through our active management program. Together, the team identifies
issuers, evaluates credit fundamentals and implements a relative-value trading
approach.

Investment Process:

The strategy employs a quantitative approach to investing in primarily high-quality
municipal bonds. We combine our fundamental research with an investment
process that emphasizes both risk management and relative-value investing to
achieve competitive risk-adjusted returns.

 

 

 

Disclosures:


Past performance is not indicative of future results. This material is not financial advice or an offer to sell any product. The performance and portfolio characteristics shown relate to the APA High Quality Intermediate Tax-Exempt Composite (the “Composite”).

Not every client's account will have these exact characteristics. The actual characteristics with respect to any particular client account will vary based on a number of factors including but not limited to: (i) the size of the account; (ii) investment restrictions applicable to the account, if any; and (iii) market predicaments at the time of investment. APA reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. The information provided in this report should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account's portfolio at the time you receive this report or that securities sold have not been repurchased. The securities discussed may not represent an account's entire portfolio, and in the aggregate may represent only a small percentage of an account's portfolio holdings. It should not be assumed that any of the security transactions, holdings or sectors discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

APA is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about the advisor including its investment strategies and objectives can be obtained by visiting www.assetpreservationadvisors.com. A list of composite descriptions is available upon request.

The fee schedule for APA’s investment advisory services for separately managed accounts in the APA High Quality Intermediate Tax-Exempt Composite is 0.50% on the first $10 million in net assets under management and 0.40% on amounts above $10 million in net assets under management. Actual investment advisory fees incurred by clients may vary. A complete description of APA’s fee schedule can be found in Part 2 of its FORM-ADV which is available at www.assetpreservationadvisors.com or by calling (404) 261-1333.