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Wasmer Schroeder

Positive Impact Tax Exempt

PIFI

Objective

Intermediate ultra-high credit quality municipal strategy with a proceeds-based approach to identifying credits that exhibit a positive impact on society and the environment

 

Highlights

  • Focus: Seeks to invest in securities that have a positive impact on society and the environment 
  • Composite Inception Date: 9/30/2012
  • Benchmark: Bloomberg Barclays 1‐15 Year Municipal Bond Index
  • Credit Quality: Focuses on higher quality bonds with a majority of holdings rated ‘AA’ or higher 
  • Duration: Intermediate portfolio that targets maturities out to 15 years, with primary focus being 1-10 years
  • 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.