Our GIPS compliant SMA strategies have earned THREE AND FOUR star ratings from Morningstar.
16th Amendment Advisors oversees the investment management decisions of a variety of separately managed account products and investment vehicles designed for outside clients and for the founding partners and their families using proprietary trading strategies. All of the strategies managed by the firm are dedicated to the municipal bond market.
We are a boutique firm based in New York. The managing and founding partners own 100% of the firm.
The firm claims compliance with Global Investment Performance Standards (GIPS) and has been independently verified.
We are a boutique firm based in New York. The managing and founding partners own 100% of the firm. We invest a sizable portion of our net worth in our proprietary municipal strategies. We believe our edge comes from long established relationships with a large broker-dealer network which provides us access to high quality information and product. During 2022, the firm and its affiliates traded approximately of $7 billion of municipal securities spread among roughly 80 counterparties.
Our investment philosophy is based on being proactive and tactical as we believe the municipal market is inefficient and information flows are asymmetric. Generally speaking, we focus on owning liquid bonds in liquid sectors. Our discretionary portfolios generally are more than 90% AA or higher. We can customize portfolios to be state specific, taxable or green/socially responsible. We consider ourselves a “White Glove” alternative to traditional municipal bond SMA management. Our proprietary strategies use margin leverage, hedging and are actively traded.
The portfolio managers have significant experience in the tax-exempt and taxable municipal market encompassing cash,
synthetic and derivative trading, sales and underwriting, hedging, portfolio management, research and strategy, and arbitrage.
The municipal market is a $3.8 trillion market and is the primary market through which states, cities, counties and their authorities raise capital to fund projects and their operations. The market is “over-the-counter,” making relationships a key factor for successful management. There are approximately 60,000 municipal issuers and more than 1.5 million distinct CUSIPs. Daily trading activity is approximately $20 billion of par value.