Invesco Limited Term Municipal Income SMA
Invesco Limited Term Municipal Income SMA
Fixed income - Municipal fixed income
At a glance
Objective
Seeks monthly income by investing in short-intermediate municipal bonds
Universe
- Short-intermediate maturity investment grade municipal bonds
- Focus on project and essential service revenue bonds
Team
- Manages over $23 billion in assets
- 13 dedicated municipal bond analysts
- Average of 20+ years industry experience
Philosophy
Our management philosophy is based on the belief that creating long-term value through comprehensive forward-looking research is the key to providing clients with investment solutions that are both consistent and successful.
We maintain an integrated, team-based investment process that combines the strength of our fundamental credit research staff with the market knowledge and investment experience of our portfolio managers. This value-oriented combination of proprietary research and integrated risk management allows us to seek to maximize risk-adjusted returns.
Process
We combine top-down and bottom-up decision making to identify and exploit market trends and inefficiencies. Our proprietary and comprehensive forward-looking research process allows us to sift through the market noise to uncover attractive relative value opportunities that allows us to structure highly-diversified portfolios away from the headline risk associated with general obligation bonds.
Step 1:
Portfolio manager and credit analyst assessment
- Discussion of investment opportunity set, risk preferences, sector ideas
- Portfolio requirements and suitability
Step 2:
Quantitative and qualitative analysis
- Analysis of obligor's financial profile
- Assessment of obligor's nonfinancial credit factors
Step 3:
Obligor fundamental rating
- Fundamental rating communicates obligor's creditworthiness using quantitative and qualitative inputs
Step 4:
Short-term and long-term outlooks
- Short-term outlooks communicate confidence level credit will perform as expected within peer group
- Long-term outlooks communicate expectation of fundamental rating
