We focus on tailoring portfolios to meet the unique needs of each client. APA utilizes active management, effective trade execution, and credit/interest rate management to capitalize on investment opportunities in the municipal bond market.

Our key points are:

 

• Yield Curve Analysis – we focus on analyzing the slope of the yield curve to determine the most favorable risk/reward profile.
• Duration Management – APA maintains its duration close to the benchmark, but will vary the portfolio structure (barbell, ladder, bullet), depending on market conditions.

• Sector Allocation – We capitalize on temporary imbalances of supply and demand among various sectors.

• Credit Analysis – We closely monitor changing yield spreads to capture incremental yields and identify potential upgrades and downgrades by the rating agencies.

• Security Selection – We strive to add value for our clients through trading and security selection. We attempt to exploit market inefficiencies and purchase municipal securities when we think they are trading below their intrinsic value.