To maximize total return or after-tax income based on individual client requirements by investing in a diversified portfolio of tax-exempt securities.
GEAM employs a team-oriented approach to managing tax-exempt portfolios. The focus is on client objectives, structure, security selection, and research. Our approach:expectations, while limiting downside risk
structure
The strategy is managed using a team approach. The investment process begins with analyzing the supply fundamentals prevalent in the market. This includes reviewing the new issue calendar and the secondary market for trading opportunities. Demand analysis is also a part of the investment process. This will include examining seasonal redemption and coupon payments to assess retail market demand, reviewing mutual fund flows, determining GEAM’s demand based on an after-tax analysis and dealer communication, and analyzing the non-traditional investor activity. Yield curve and relative value analysis also plays a critical roll in our investment process. The team’s outlook on interest rates and the slope of the yield curve is factored into every investment decision. Relative value analysis will include an examination of pricing in the swap and cash markets to determine if a security is rich or cheap. The team will also perform an after-tax comparison to determine the yield pickup versus taxable securities. Fundamental analysis emphasizes deep dive sector reviews, tax legislation, and bond insurer reviews.
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