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

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