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Wasmer Schroeder

Long Tax Exempt

LTTE

Objective

Yield-focused strategy with the highest credit quality, that takes advantage of a positively sloped curve by targeting +20-year maturities with optimal call protection

Highlights

  • Focus: High credit quality, long duration style targeting yield
  • Composite Inception Date: 11/30/2008
  • Benchmark: Bloomberg Barclays Managed Money Long Index
  • Credit Quality: Focuses on higher quality bonds with a majority of holdings rated ‘AA’ or higher
  • Duration: Long duration approach that targets only long maturities with max call protection
  • Sector Allocation: Diversified mix of essential service revenue bonds and state & local general obligation debt

Characteristics

 

Top Sectors

Source for Index information: Bloomberg Barclays

Credit Quality Details

For periods prior to 10/1/2011, WS reports credit quality for individual issues based on the highest of the available credit ratings from the three primary rating agencies: Standard & Poor’s, Moody’s and Fitch. For periods 10/1/2011 and going forward, the rating shown is the middle rating ranked lowest to highest by the three primary rating agencies, if three ratings are available. If only two ratings are available, WS shows the lower of the two ratings. More information about the ratings assigned to the securities in the Portfolio by each ratings agency is available upon request. The ratings shown may not reflect the ratings as of the report date; ratings are updated periodically and are subject to change without notice. During periods of market volatility, ratings may change dramatically.