Charles Fish Investments, Inc. is proud to announce our GIPS Certification. Global Investment Performance Standards (GIPS) certification is a natural step forward and a confirmation of the quality of our processes and standards. CFI believes that certification offers the opportunity to bring significant added value to a client. GIPS are a set of voluntary standards used by investment managers throughout the world to ensure the full disclosure and fair representation of their investment performance. The goal of the standards is to make it possible for investors to compare one firm's performance against that of another firm.
The paramount factor in constructing a resilient portfolio of municipal bonds is diversification. Although maturity distribution will reflect our interest rate outlook, it should never be concentrated in a narrow window of maturities, as the risk penalty of having erred is way out of proportion to any hoped for advantage such a tactic would produce. Likewise, broad diversification is needed with regard to the issuer, geography, bond purpose, legal structure, sources of debt service etc. The type of bond coupons and call features need to varied as well. Within the guidelines dictated by the client's objectives and risk tolerance, CFI's policy is to maximize returns. This must be accomplished however, by maintaining the discipline to avoid the potential hazards that over concentrations present.
Building and maintaining expertly tailored, tax-efficient portfolios for families of wealth is what CFI does. Achieving this requires many things, but it comes down to this: sustained success requires knowledge, experience and industry. CFI believes that only active management with vigilance and hard work will produce better structure, quality and superior performance over time. CFI's clients have beneﬁtted from this philosophy. CFI is extremely conservative, yet extremely aggressive in constructing portfolios that mitigate risk while providing competitive returns. With in-depth research, consultation with the specialists, CFI is able to make informed decisions to secure the best results for every portfolio.
Charles Fish Investments, Inc. (CFI) has been specializing in building and actively managing tailored municipal bond portfolios for families of wealth for decades. The CFI Enhanced Yield Muni Bond strategy consists of portfolios invested in broadly diversiﬁed bonds with a primary focus in California non-AMT tax-exempt issues. The strategy utilizes a broad range of durations and embedded options while leveraging our credit expertise to expand the scopes of security selection. A portion of each portfolio is employed in bonds with no outstanding ratings. These bonds have been thoroughly scrutinized and found to possess the characteristics of investment grade securities while providing signiﬁcantly higher yields. The strategy does not employ leverage.
Identifying the appropriate strategy to employ for a given client requires the identification of four factors. First you must know your client's goal, objectives and risk tolerance. Second, one must confront the realities of the current market (supply, demand, fiscal and monetary policy, etc). Third, the strategy needs to incorporate a prudent assessment of future market factors affecting yield curves, credit dynamics and the potential for market altering legislation. Finally, the strategy should be cognizant of the client's circumstances, i.e. age, health, disposition of other assets and liabilities, income requirements, tax status, goals. CFI is able to make informed decisions to secure the best results for every portfolio.
Fact Sheet 12/31/2023
Past performance is not indicative of future results. Performance shown represent both Gross and Net returns. Net returns are calculated based on actual fees paid. Our investment advisory fees are described in Part 2A of our ADV available on our website. The Factsheet is provided for information purposes only. Nothing herein should be considered a recommendation to purchase,hold or sell any particular security. Actual holdings, percentage allocation and performance in any individual client portfolios may vary and are subject to change in the sole discretion of CFI. Please see detailed GIPS disclosure.
CLICK FOR CFI ENHANCED YIELD STRATEGY FACT SHEET
30 Corporate Park | Suite 410
Irvine, California 92606
Phone: 949 296 3970
CHARLES FISH INVESTMENTS, INC. (CFI), founded in l984, is a Registered Investment Adviser with the Securities and Exchange Commission under the Investment Act of l940. CFI is an affiliated subsidiary of Brentview Investment Management, LLC. CFI’s revenues are derived exclusively from the fees received for the investment advisory and/or management services provided.
ADV Part 2A
Portfolio vs Funds
ADV Part 2B
CFI Enhanced Yield Muni Bond Composite Disclosure
CFI Fact Sheet
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