Separately Managed Accounts
F/M GENOA – INTERMEDIATE MUNICIPAL BOND
High-grade, intermediate term municipal bonds
Seek tax-exempt income and total return.
The Strategy seeks income and total returns through customized portfolios of high-grade, tax-exempt municipal bonds. Portfolios are actively managed to optimize the combination of income, appreciation potential and risk management. Each portfolio is customized to the needs of the investor.
January 1, 2003
Bloomberg Barclays 7-Year Municipals
Separately Managed Account (SMA)
Unified Managed Account (UMA)
+/- 15 bonds per portfolio
TARGET AVERAGE RATING
AA to A
+/- 1 year versus benchmark
FLEXIBLE ALLOCATION CHOICES
For investors in high tax states
In-state and out-of-state bonds combined
Effective June 30, 2020, F/m, Investments, LLC d/b/a Genoa Asset Management, LLC (“Genoa”) acquired the assets of the F/m Genoa Intermediate Municipal Bond Strategy (the “Composite” or “Strategy”) from Ross Sinclaire & Associates (“RSA”). Genoa utilizes past performance from RSA to link current performance and present historical returns in order to meet the requirements under the Global Investment Performance Standards (GIPS®). The investment management team and the investment decision process for the Composite remained intact throughout the period including the purchase by Genoa, and Genoa retains the records that support the reported performance. Genoa claims compliance with GIPS and has prepared and presented this report in compliance with the GIPS standards. Ross Sinclaire & Associates has been independently verified for the period January 1, 2009, through December 31, 2018. The verification reports are available upon request. GIPS® is a registered trademark of the CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific performance report.
Genoa is an investment adviser registered under the Investment Advisers Act of 1940. Registration as an Investment Adviser is no indication of any level of skill or training. The information presented here in the material is general in nature and is not designed to address your investment objectives, financial situation or particular needs. Prior to making any investment decision, you should assess or seek advice from a professional regarding whether any particular transaction is relevant or appropriate to your individual circumstances. Although taken from reliable sources, Genoa cannot guarantee the accuracy of information received from third parties. The information is current as of the date of this presentation and is subject to change at any time, based on market or other conditions.
The F/m Genoa Intermediate Municipal Bond Composite consists of fully discretionary, actively managed investment grade municipal bond portfolios. Prior to December 15, 2020, the Strategy was called the RSA Intermediate Bond Strategy. Performance is time-weighted for each performance period and reflects the reinvestment of dividends, income and capital appreciation. Gross performance is net of all trading and operational expenses, including brokerage, administrative, interest, and custodial costs. Pro forma net performance illustrated herein assumes a 0.25% annual management fee, with fees deducted from historical gross returns on a pro rata monthly basis. Investment Advisory fees are described in the Genoa Asset Management ADV Part 2A. Actual results of individual accounts and products utilizing the Strategy, as well as account holdings, may vary due to client cash flows, timing of implementation, different custodians, the availability of underlying securities, regulation, and other factors. Small accounts may underperform other accounts utilizing the Strategy due to the potentially greater impact of transaction costs. Historical performance was affected by material market and economic conditions that were independent of and not controlled by Genoa and may be different in the future.
All securities investing involves the risk of loss. Past performance is no guarantee of future results. There can be no assurance that the Strategy can meet its stated objectives.
The holdings in each account utilizing the Strategy may differ significantly from the securities that comprise the index. For example, each account utilizing the Strategy has significantly fewer positions than found in the index. The index has not been selected to represent an appropriate benchmark with which to compare an investor’s performance, but rather is disclosed to allow for comparison of the investor’s performance to that of certain well-known and widely recognized index. You cannot invest directly in an index. The mention of specific securities and sectors illustrates the application of our investment approach only and is not to be considered a recommendation by Genoa. There is no assurance that the securities purchased remain in the portfolio or that the securities sold have not been repurchased. Charts, diagrams, and graphs, by themselves, cannot be used to make investment decisions.
Investing in the Strategy entails the significant risks of fixed income investing, including market, interest rate, credit, issuer, inflation, liquidity, call, tax, political, economic and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuer’s ability to make interest and principal payments when due. The Strategy utilizes a limited number of securities which reduces diversification and may magnify any potential losses.
Income from municipal bonds is generally exempt from federal income tax and may be subject to state and local taxes and at times the alternative minimum tax; a strategy concentrating in a single or limited number of states is subject to greater risk of adverse economic conditions and regulatory changes.