The National Perspective
Over the course of 2014, a number of economic and policy variables are likely to impact the municipal bond market. Consensus expectations of the Federal Reserve indicate a gradual tapering of the Fed’s asset purchase program. While the initial market response may be negative, over time more attractive valuations may draw buyers to the market. The long end of the yield curve has flattened while we’ve seen a steepening on the short end. Estimates of the 2014 year-end yield on the 10-year Treasury fall near 3.50%. Municipal bonds remain attractive relative to Treasuries. In this environment, the...
The National Perspective
The bond markets in 2013 were roiled by comments made in April by then Chairman of the Federal Reserve, Ben Bernanke, regarding future tapering of the Fed’s bond buying program. Market participants responded to those comments, touching off a wave of redemptions and declining prices in the fixed income markets. The events impacting the bond market in 2013 demonstrated the volatility that may be witnessed from time to time in an asset class often perceived as being relatively conservative.
The investment strategy implemented in managing each of the Aquila Group of Funds single-state municipal bond funds is focused on an...Read more ›
We would like to express our appreciation to three trustees who have recently retired from fund boards after having served shareholders for many years.
Tucker Hart Adams joined the board of Aquila Tax-Free Fund of Colorado in 1989, and in 1993 joined the board of the equity fund, which is now Aquila Three Peaks Opportunity Growth Fund, serving as Chair of that board since 2005. She also served on the boards of Aquila Tax-Free Trust of Arizona, Aquila Tax-Free Fund...Read more ›
2013 capital gain distributions were payable and reinvested on December 31, 2013 with a record date of December 30, 2013 and an ex-date of December 31, 2013.Shares of the Funds may only be sold by offering the Funds’ Prospectus. Before investing in a Fund, carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the Fund prospectus. The prospectus is available on this site, from your financial adviser, and when you call 800-437-1020....Read more ›
You know you want to participate in the equity market, but how?
A growing number of investors recognize that it may be time to increase their allocation to equity. What may be less clear is determining how to go about positioning assets in the equity market.
Consider this: for several years, the Federal Reserve has been providing liquidity to the U.S. economy – liquidity that, to some degree, has contributed to the performance of the equity market. If boats rose on the Fed’s tide of liquidity, what happens when that tide recedes?
Fundamental analysis matters.
Broad-based passive equity investments,...Read more ›
Oregon is experiencing stronger growth in employment according to the December 2013 report from the Oregon Office of Economic Analysis released in late November, although the pace of that growth varies across the state. Bend and Medford were Oregon’s hardest hit housing markets, and both have begun adding jobs again, indicating that an economic recovery is extending across the state. With continued improvement in the housing market, and related economic activity, it is expected that job growth in the cities and counties of western Oregon will also improve.
You will see a number of enhancements and changes as you explore the new site. Navigation has been simplified so that you can easily find the information you need, along with news and updates on our investment strategies. We’ve also freshened the appearance of the Aquila Group of Funds brand, implementing the new look across the web site and all documents available on the site. Be sure to see A Careful Approach for Today’s Markets which describes our overall investment philosophy, and the Aquila Group of Funds Guiding Principles.
Following shareholder approval, five of the seven municipal bond funds...Read more ›
Three years ago, in October 2010, the investment strategy of Aquila Three Peaks Opportunity Growth Fund was launched. The fund is sub-advised by Three Peaks Capital Management, LLC which also serves as the sub-advisor to Aquila Three Peaks High Income Fund. The team managing both funds focuses their research capabilities on a universe of high-yield debt issuers in relatively stable industries.
“We believe that we take a unique approach to selecting equity investments‚” said Sandy Rufenacht, Co-Portfolio Manager. “We have a long history of conducting research in the high-yield corporate bond market, and investing in high-yield issuers when our research...Read more ›
USA Today published an article in which the risk and return characteristics of the high-yield corporate bond market were discussed, and the article included a mention of Aquila Three Peaks High Income Fund. You will find more information about the Fund on this site.
Before investing in the Fund, carefully read about and consider the objectives, risks, charges, expenses, and other information found in the Fund prospectus. The prospectus is available on this site, from your professional financial advisor, and when you call 800-437-1020.
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...Read more ›