Invesco Long Municipal Income SMA

Invesco Long Municipal Income SMA

Fixed income - Municipal fixed income

At a glance

Objective

Seeks monthly income by investing in a portfolio of long-maturity municipal bonds


Universe

  • Long-term 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

The Invesco Municipal Bond team specializes in combining top-down and bottom-up decision making to identifying and exploit market trends and inefficiencies. Our investment focus has historically been on the essential service and project revenue sectors of the municipal market. Our proprietary and comprehensive, forward-looking research process allows us to sift through the market noise to uncover attractive relative value opportunities that allow 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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