Sector Specific

Miles Capital offers sector-specific strategies as complements to our clients’ portfolios. These credit-intensive strategies leverage the expertise of our tenured team and our robust FTV process. They can be managed on either a total return or target duration basis. As in all our strategies, we construct customized and diversified portfolios to meet client guidelines and objectives.

Corporate Credit

Corporate bonds are a crucial component for almost all institutional portfolios. They are especially appropriate for yield-oriented investors, those seeking additional spreads over their liabilities.

At Miles Capital, our credit security selection process is rigorous and disciplined, focused on securities that possess high quality characteristics, strong liquidity, structural soundness, and attractive yield. Three factors are considered for each security under consideration, Fundamental, Technical, and Valuation (“FTV”). The FTV framework considers both qualitative and quantitative variables that range from assessment of industry and issuer trends to historical yield and spread relationships. The risks and opportunities are continually reevaluated.

Tax Advantaged Bond

Municipal bond exposure is driven by our clients’ demand for high quality, tax-adjusted income. The portfolios can hold both taxable and tax-exempt bonds, varying based on client needs and objectives. The tax advantaged strategy is most appropriate for Property & Casualty, Health, and Captive insurers.

Our team identifies subsectors of the municipal market that are believed to offer attractive opportunities based on fundamental, technical, and relative value trends. Our analysts leverage our independent FTV process to identify the most attractive securities within the municipal sector and to help ensure we are realizing the appropriate after-tax portfolio yield for each duration target. These exposures are diversified by geography and type of issuer. Call-protected structures support stable income over time.

For more information on any of our strategies, please contact David Cohen.