Concentric Fixed Income manages individual bond portfolios across taxable and tax-exempt strategies. Unlike pooled vehicles, each portfolio is constructed, monitored, and optimized for the client's unique circumstances, with institutional-quality execution.
Get in TouchInvestment-grade bond portfolios actively managed, as of 9/30/2026
Broker-dealer network
years of consistent leadership
Each portfolio reflects the client's duration, credit quality, liquidity, tax, and liability-matching needs, along with any values-aligned preferences. No two portfolios are exactly the same because no two clients are the same.
Every decision begins with preservation of principal. Fixed income serves as the ballast in a diversified portfolio, reserve capital for when opportunities arise in risk assets or liquidity needs emerge. We do not reach for yield at the expense of that objective.
We seek to improve risk-adjusted after-tax yields by identifying relative value opportunities and harvesting tax losses on an ongoing basis when consistent with client guidelines and best execution, which may offset gains realized elsewhere in the portfolio. Federal and state tax considerations inform every construction decision.
Direct relationships with senior underwriters give us access to new issues, and a broad dealer network widens the availability of secondary issues. We also focus on less efficiently priced lot sizes in the municipal market, which larger buyers often overlook, in seeking more favorable pricing.
Rather than defaulting to a basic ladder, Concentric positions along the yield curve and allocates across sectors and structures based on relative attractiveness, including callable and coupon structures that may offer incremental yield over plain vanilla alternatives.
Rather than defaulting to a purely municipal or purely taxable allocation, we monitor break-even rates to determine when crossover opportunities are more advantageous for each client.
The mix of tax-exempt and taxable securities shifts with the client's federal, state, and local income tax situation. We target the sectors, structures, and parts of the yield curve that may offer improved risk-adjusted after-tax returns.
The approach may suit clients in lower federal income tax brackets. It can also benefit top-rate investors when taxable and tax-exempt yields diverge.
Every client relationship begins with a written investment policy documenting the portfolio's objectives and constraints: duration, credit quality, liquidity requirements, state tax considerations, liability matching needs, and any exclusion lists or values-based preferences. It governs every portfolio decision that follows.
We build individual bond portfolios around the policy, selecting securities across taxable and tax-exempt markets for their risk-adjusted after-tax return potential for that client. Each selection is an active decision, not an index-driven default.
Ongoing management
Portfolios are monitored for credit rating changes, issuer circumstances, market implied ratings, and yield curve movements. Tax loss harvesting opportunities are acted on as they arise, and the portfolio evolves with the client's circumstances and market conditions.
Risk management
Credit quality discipline anchors every portfolio. We maintain a credit stack cushion and combine bottom-up reviews of individual portfolios with top-down sector analysis to identify and respond to credit risks in a timely manner. Timely reports across the book flag positions that need attention.
For clients whose investment decisions are guided by their values, Concentric offers a Values Aligned Investing approach. It directs capital toward issuers and projects that reflect what clients care about, applying the same execution and tax management as our core fixed income strategies.
Concentric manages investment-grade fixed income across a broad range of strategies and structures.
Fixed Income is one of Concentric's four core capabilities. Let's discuss how it could apply to your practice or specific client situations.