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Separately Managed Accounts

Intermediate National Municipal SMA

Overview

Inception
Date

11.01.2020

Account
Minimum

$250,000

Philosophy

  • Multi-faceted Process Adds Value
  • Conservative Approach to Fixed Income Management
  • Bond Market Inefficiencies Offer Opportunities for Selective Investors
  • Fundamental Research Drives Security Selection

Process

Top Down

  • Duration Management
  • Yield Curve Analysis
  • Sector Analysis

Bottom Up

  • Proprietary Analysis
  • Fundamental Research
  • Security Selection

Intermediate National Municipal SMA

Management

View professional designations disclosures

Photo of Andrew Richman

Andrew Richman, CTFA

Co-Portfolio Manager

Photo of Dow Taylor, Jr.

Dow Taylor, Jr., CFA®

Co-Portfolio Manager

Performance

All Performance as of 09.30.2024
Term QTR YTD 1 Year 3 Years Since Inception1
Intermediate National Municipal SMA (Gross) 2.55 1.82 7.73 0.52 0.74
Intermediate National Municipal SMA (Net) 2.17 0.69 6.15 -0.96 -0.75
1The performance inception date is 11.01.2020. The benchmark is the ICE BofA 2-12Y Municipal Index. Performance is preliminary and is annualized for periods longer than one year. Net of fees performance returns are presented net of the SMA bundled fee, which includes all charges for trading costs, advisory services, portfolio management, custody and other administrative fees. Gross of fees performance returns reflect the deduction of trading costs: a client’s return will be reduced by the management fees and other expenses it may incur. Investment management fees are described in Sterling’s Form ADV 2A. Performance reflects the reinvestment of interest income and dividends and realized capital gains. The performance presented represents past performance and is no guarantee of future results. Performance is compared to an index, however, the volatility of an index varies greatly and investments cannot be made directly in an index. Market conditions vary from year to year and can result in a decline in market value due to material market or economic conditions. Performance for periods greater than one year is annualized. Please refer to the GIPS Composite Report in the Fact Sheet linked below for additional disclosures. Sources: APX; ICE BofA; Sterling Capital Management Analytics.

Intermediate National Municipal SMA

Materials

SMA

Insights

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11.22.2024 • Shane Burke

Meet Shane Burke, Sterling Capital Advisory Solutions Portfolio Manager

Sterling Capital is pleased to share a closer look at Shane Burke, our Advisory Solutions Portfolio Manager. In this spotlight, he shares his professional experience and advice, and his hidden talent. It’s great to have you on our team, Shane! Thank you for everything you do, and for sharing this with us.

11.18.2024 • Andrew Richman, CTFA

Fed Begins to Ease... Rates Rise?

Andy Richman's update on the November Federal Open Market Committee meeting.

11.05.2024 • Charles Wittmann, CFA®

The Lead - Equity Yield Curve

- We have shared the qualities we seek in the companies we invest in and how we research their perceived competitive advantage, but what advantage can an investor have?
- As investment timeframes have become more short term, we have found the long end of the equity yield curve is less competitive and may “yield” more opportunities.
- The concept of the equity yield curve is helpful to visualize how patience can create value.

10.01.2024 • Charles Wittmann, CFA®

The Lead - Margin of Upside

- One of the most common mental shortcuts is regression to the mean, or the idea that outcomes far from average will revert to average over time.
- Where did the idea come from, is it true in every case, and can it create a greater understanding and yield profitable insights?
- Finally, if there are advantaged companies that challenge this assumption as the economy has evolved, what valuations will the market typically award them?

09.30.2024

Sterling Capital Equity Portfolio Management Updates

Sterling Capital announces the creation of the Insight Equity Group, combining the firm's Fundamental Equity and Relative Value teams, along with the April 2025 retirement of Patrick Rau, CFA®/.

09.18.2024 • Brandon Carl, CFA®

U.S. Equity Market Performance Following the First Fed Funds Rate Cut

After two and a half years of battling elevated inflation with aggressive monetary policy tightening measures, the Federal Reserve (Fed) finally reduced the federal funds target rate range (fed funds rate) by 50 basis points during its September 2024 meeting. With recent inflation indicators seemingly within the Fed’s comfort zone, coupled with an increasing emphasis on supporting the labor market, we believe it’s highly likely that additional rate cuts are forthcoming.

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