Skip to content
Save

Offered in suite of products:

    Our Philosophy
    We believe investors should be compensated for the risks they take — in all market environments and any investment strategy.

    Overview

    Expertise and Experience to Tackle a Complex Market

    The municipal bond market can overwhelm investors, with over 50,000 issuers and more than a million individual securities. We have built and refined our investment process over decades to tackle this complexity, seek to manage risk, and uncover opportunities for outperformance
    Benefits
    Managed Risk: Diversified Portfolio Backed by Quality Issuers
    Compelling Risk-Adjusted Returns and After-Tax Income
    Active and Efficient Investment Process

    This is a carousel with slides. Use Next and Previous buttons to navigate.

    Slide 1 of 2
    Principles of Investing

    Leverage Size and Scale to Move Swiftly and Create Cost Efficiencies

    The differentiated nature of the municipal bond market presents opportunities to managers with experience and scale due to inefficiencies that continue to persist.

    1 / 2

    Effective Spread for Fixed Rate Municipal Securities

    The data in the chart above are provided by the Municipal Securities Rulemaking Board (“MSRB”). Copyright © MSRB 2023. All Rights Reserved. Latest available data release as of March, 2023. See bottom of the page for MSRB data disclaimer

    Principles of Investing

    Help Improve Risk-Adjusted Returns by Integrating a High-Quality Foundation

    High quality bonds have historically shown to improve risk-adjusted returns over time, especially during times of market stress.

    2 / 2

    Improvements in Sharpe Ratio Driven by High Quality

    Source: eVestment Analytics, Northern Trust. As of June 2023. Bear markets lasting less than 3 months are not included. 

    This is a carousel with slides. Use Next and Previous buttons to navigate.

    Slide 1 of 3
    How it Works

    Establish Client Goals and Risk Tolerance

    Select the benchmark and mandate type to match specific rate sensitivity and volatility objectives.

    1 / 3

    How it Works

    Select Bonds Based on Comprehensive, Proprietary Research

    Analyze credit, yield curve, sector, interest-rate and economic factors. Select issuers based on management skills, finances, debt levels and policies.

    2 / 3

    How it Works

    Active Management Balances Risk and Return

    Assess relative value to build a portfolio designed to achieve strategy objectives.

    3 / 3

    Who it's for
    Investors Seeking to Preserve Principal and Receive Tax-Free Income*
    Our process seeks to deliver total return with tax free yield in a risk‑controlled approach.
    Investors Seeking an Experienced Team
    Decades of municipal‑bond investing gives us insights into risks and opportunities.
    Investors Seeking to Manage Risk
    Diversification across the municipal bond investment universe that seeks to deliver consistent total returns over full market cycles.

    Portfolio

    Select a Strategy
    Strategy Name

    eVestment Universe
    Benchmark
    Inception Date
    Investment Vehicles Available

    Team Expertise

    We measure success as achieving investor outcomes and delivering an exceptional client experience.

    Tim Blair

    Portfolio ManagerRead Bio

    Adam Shane, CFA®

    Portfolio ManagerRead Bio

    Related Content

    Slide 1 of 3
  • 2024 U.S. Municipal Bond Sector Outlook: Stability and Resiliency
    Article
    Save
    The U.S. economy likely will avoid the recession that some had feared, creating a stable outlook for municipal bond issuers across most sectors.
    Read Now
    Save
  • Tech Boosts Equities, Fed’s Preferred Inflation Measure May Decline
    Weekly Market Update
    Save
    Nvidia’s earnings last week beat expectations, igniting a stock rally. The U.S. core Personal Consumption Expenditures Price Index may fall slightly.
    Read Now
    Save
  • Alternative Investing: Private Credit on Growth Trend
    MarketScape
    Save
    Senior direct loans, or loans to companies arranged by private fund managers, have become increasingly attractive for investors and contributed to the growth of private credit.
    View Now
    Save
  • 1 / 3

    Contact Us

    Interested in learning more about our investment strategies? 

    *The data are provided without representations or warranties and on an “as is” basis. The MSRB hereby disclaims all representations and warranties (express or implied), including, but not limited to, warranties of merchantability, noninfringement and fitness for a particular purpose. Neither the MSRB nor any supplier of data to the MSRB shall in any way be liable to any recipient or user of the data, regardless of the cause or duration, including, but not limited to, any inaccuracies, errors, omissions or other defects in the data or for any damages resulting therefrom. The MSRB has no obligation to update, modify or amend data herein or to provide notice to any person if any is inaccurate or incomplete. This data were prepared for general informational purposes only, and it is not intended to provide, and does not constitute, investment, tax, business, legal or other advice. Provision of the data by the MSRB to a firm, organization or other entity (“Recipient”) does not constitute and should not be interpreted as an endorsement of Recipient or Recipient’s product or services. The MSRB is not affiliated with, nor does it sponsor, Recipient. The MSRB does not review, approve or have any responsibility for use of the data by Recipient, including, but not limited to, in research or other material or content prepared by or on behalf of Recipient.

     

    This information is general in nature and should not be construed as tax advice. Please consult a tax advisor or professional as to how this information may affect your particular circumstance.

     

    All securities investing and trading activities risk the loss of capital. Each portfolio is subject to substantial risks including market risks, strategy risks, advisor risk, and risks with respect to its investment in other structures. There can be no assurance that any portfolio investment objectives will be achieved, or that any investment will achieve profits or avoid incurring substantial losses. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Risk controls and models do not promise any level of performance or guarantee against loss of principal. Any discussion of risk management is intended to describe NTAM’s efforts to monitor and manage risk but does not imply low risk. This information is general in nature and should not be construed as tax advice. Please consult a tax advisor or professional as to how this information may affect your particular circumstance.

     

    Not FDIC Insured | May Lose Value | No Bank Guarantee

    Northern Trust Asset Management is composed of Northern Trust Investments, Inc., Northern Trust Global Investments Limited, Northern Trust Fund Managers (Ireland) Limited, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc., 50 South Capital Advisors, LLC, Northern Trust Asset Management Australia Pty Ltd, and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company.