» Invesco Limited Term Municipal Income SMA

Invesco Limited Term Municipal Income SMA

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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Invesco Limited Term Municipal Income SMA