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iMGP Funds Sicav
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Individual
Non-investment professionals who are researching investments for their personal accounts (from small ISA investors through to “high net worth” individuals).
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An enhanced version of Asset Preservation Advisor's flagship strategy with a focus on tax-free income.
The APA Enhanced Intermediate Composite Strategy seeks to deliver a high level of income exempt from federal income tax by investing primarily in lower-rated municipal bonds. With over 25 years of consistent application, the strategy leverages relative-value and credit analysis to identify compelling opportunities. By maintaining diversified exposure to the lower bands of investment-grade municipal bonds, APA aims to generate attractive total returns while managing risk through a disciplined investment process.
Asset Preservation Advisors
Manager
July 2009
Inception of Strategy
USD
Base Currency
Investment Philosophy
APA believes that persistent pricing inefficiencies exist in the municipal bond market, especially in the secondary market where the firm can be nimbler. They seek to capitalise on these inefficiencies to identify investment opportunities and create value through rigorous credit research, active portfolio management and relative-value trading discipline.
The APA Enhanced Intermediate strategy seeks to deliver a higher level of tax-exempt income through a diversified exposure to lower investment-grade rated municipal bonds and an intermediate duration structure. The strategy aims to take advantage of investment opportunities using relative-value and fundamental credit analysis to maximize total return. Investment opportunities are pursued through an investment process that has been in place for over 30 years.
Conducted thorough relative-value and fundamental credit analysis to take advantage of pricing inefficiencies in the market. Bottom-up fundamental credit research is the cornerstone of our approach to investing in lower-rated, higher-yielding municipals. We combine our credit research with an investment process that emphasizes risk management and relative-value investing to achieve competitive risk-adjusted returns.Provide ongoing internal analysis of credit quality and underlying fundamentals.
A Statement from Asset Preservation Advisors's
With over two decades of average experience, our 12-member APA team brings unmatched expertise to municipal bond investing through independent, sector-driven analysis and disciplined portfolio management.
Kevin Woods
Co-CEO, Asset Preservation Advisors
Why APA decided to partner with iMGP
For over 30 years, APA has specialized in building high-quality, customized municipal bond portfolios tailored to meet the specific needs of long-term U.S. investors. Founded in Atlanta, Georgia, APA’s focus on credit quality, individualized portfolio design, and proactive credit monitoring has earned the trust of financial advisors, institutions, and wealth managers nationwide.
Key Highlights:
Deep expertise in municipal fixed income investing
Fully customized portfolios aligned with investor state-specific tax and income needs
Proactive credit analysis and downgrade risk mitigation
Strong partnership with iCapital Global Partners to expand distribution across family offices, RIAs, broker-dealers, and institutional platforms
APA’s seasoned leadership team, including Chuck, Tricia, Kevin, and Ken, exemplifies the firm’s commitment to delivering performance through people-first values. With a long-term outlook and deep industry relationships, APA continues to be a core solution in tax-advantaged investing.
