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UBS Intermediate Municipal Fixed Income

Objective

Maximize after-tax total return (yield plus capital gain or loss after federal and state taxes), while remaining within clients' risk tolerance guidelines.

Benchmark

Barclays Capital Municipal Bond Index

Investment process

Combines proprietary model based on relative valuation with fundamental in-depth quantitative, credit market and economic research in the following areas:

  • Duration/Yield Curve Positioning - Seeks to add value over a “buy and hold” strategy by exploiting yield curve inefficiencies.
  • Sector Allocation and Security Selection - Goal is to reduce risk through diversification across the credit spectrum and bond structures, while ensuring compatibility with clients' constraints and tax status.
  • Market mispricings are identified through independent credit analysis.
  • Relative value is assessed from clients' perspectives – monitoring state exemption status and comparing market pricing to our appraisal of value.

 

Fixed income strategies are primarily subject to all the investment risks associated with bonds and other fixed income securities. Bonds are subject to interest rate and credit risk. Strategies that invest in high yield bonds are subject to greater volatility and potential loss of principal. Strategies that invest in foreign and emerging market bonds are subject to special risks that are not normally associated with domestic investment, including possible adverse currency fluctuations and political, social and economic risks. There can be no assurance that any strategy will achieve its objective.