07/11/2014

Municipal Bonds for America coalition – educating Congressional policy makers

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The Municipal Bonds for America (MBFA) coalition conducted a “Municipal Bonds 101” seminar on July 2, 2014 for an overflow crowd of US Congressional policy makers and staff.  The seminar is the second such event hosted by MBFA with the purpose of educating policy makers on the benefits provided by the municipal bond market and the problems associated with reducing or eliminating the tax exemption applicable to municipal bond income.  Panelists speaking during the seminar included Ron Bernardi, Principal, President and CEO, Bernardi Securities, Mayor Steve Benjamin, Columbia, South Carolina, and Kevin Burke, President and CEO, Airports Council International,...

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03/27/2014

Individual Stock Selection

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Individual stock selection and active management are strategies that returned to prominence recently, according to a March 9, 2014 Wall Street Journal article.  “After years of moving in lock step on the back of global economic shocks, individual stocks increasingly have been dancing to their own tune” as evidenced by the steep decline seen in correlations1 between individual stocks in the S&P 500 since the financial crisis.

S&P Dow Jones Indices looks at active management from a different perspective in their S&P Indices Versus Active Funds or SPIVA Scorecard, which evaluates the performance of active versus passive management...

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08/17/2013

Mutual Funds and Yield Calculations

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The rate of income provided by a bond fund is affected by several variables and may be calculated in a number of ways.

Investors looking for an income-producing investment may choose a mutual fund which invests in bonds. There are a number of distinctions between bond funds which should be considered, one of which is the rate of income provided.

Fund Holdings and the Markets Change Daily

A mutual fund is a collection of many individual securities in which a number of individual investors share ownership. The investment manager of a bond fund may continually buy and sell individual securities as money...

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05/25/2013

High Yield – A Different Approach

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Within the high yield corporate bond market, it is feasible to implement a conservative investment strategy.

The high yield corporate bond market consists of bonds issued with a rating below investment grade, and those bonds that have been downgraded to a rating below investment grade.

Aquila Three Peaks High Income Fund pursues the investment objectives of the Fund while implementing a conservative high yield investment strategy. To explain the conservative strategy, and why an investor might find it appealing, let’s first look at characteristics of the high yield asset class relative to other asset classes.

High yield versus equity

Research conducted over...

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