For our 35th anniversary series, Aquila Tax-Free Fund of Colorado and Aquila Tax-Free Trust of Oregon portfolio manager Chris Johns talks about persistence, the value of knowing your investors, and why he still finds the municipal bond market so fascinating.
You’ve been involved with Aquila Tax-Free Fund of Colorado since its inception, correct?
Yes. In 1985 the United Bank of Denver—the initial sub-adviser for the Fund—was approached by Aquila founder Lacy Herrmann about starting a state-specific municipal bond fund for Colorado. As the bank’s bond expert, I was assigned to the project. The proposal got as far as senior management of the bank, who declined.
One year later Lacy approached us again. A few things had changed on the bank’s side to make the idea more attractive and this time management approved it. Through Aquila’s persistence, the fund got off the ground. Read more “I’ve Loved This Work from the Start”
Our History, People and Distinctive Strategy
Diana P. Herrmann, President & CEO, Aquila Investment Management LLC
Lacy Herrmann, Aquila’s founder, was one of the earlier pioneers in money market funds beginning in the mid-1970s. By the early 1980s, a handful of state-specific municipal bond mutual funds were being offered in states with large populations and higher tax rates, such as California, New York and Massachusetts. Mr. Herrmann was intrigued with the concept of launching similar funds in other states.
Since the inception of Aquila Management Corporation 35 years ago, Aquila Group of Funds has grown into a nine-fund family with seven state specific municipal bond funds, a high-yield corporate bond fund, and an equity fund. Through the years, however, Aquila has maintained its shareholder- and advisor-centric approach, as CEO, Diana Herrmann explains. Read more “Celebrating Our 35th Anniversary”