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A leading independent US municipal bond specialist. Asset Preservation Advisors had $10.7bn AUM at the end of March 2025.
Founded in 1989 and based in Atlanta, Georgia, Asset Preservation Advisors (APA) specializes in managing high-quality tax-exempt and taxable municipal bond portfolios.
iMGP APA Enhanced Income Municipal Fund
Dec 16, 2024
USD 18.0 mn
Fixed Income+
Dedication to Municipal Bonds: Fund managers have 35 years of industry experience focused solely on municipal bond investing.
Bottom-Up Credit Selection: The strategy emphasizes internally generated, fundamental credit research to identify resilient, investment-grade municipal issuers, offering attractive return potential relative to risk.
Active and Flexible Portfolio Management: The team actively manages sector, state, and maturity exposures seeking to capitalize on mispricings and relative value opportunities across the muni market. The strategy focuses on lower investment-grade securities (A/BBB-rates) and will maintain an intermediate duration.
Internal Credit Ratings and Risk Monitoring: APA assigns proprietary credit ratings to over 4,000 issuers and continuously updates them based on financial disclosures, rating agency outlooks, and stress-testing issuer durability in downturns.
Top-Down Market Context: A macro overlay incorporating economic indicators, yield curve dynamics, and supply/demand conditions helps inform portfolio positioning and overall portfolio structure.
Disciplined Sell Criteria: The team exits positions when credit fundamentals deteriorate, valuations become stretched, or superior relative value emerges, seeking to balance long-term conviction with tactical flexibility.
Asset Prevention Advisors 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 capitalize on these inefficiencies to identify investment opportunities and create value through rigorous credit research, active portfolio management and relative-value trading discipline.
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.
