Tax-Exempt Fixed Income Strategy


Mitchell Capital Management’s fixed income investment strategies pursue the belief that fixed income portfolios represent the foundation of an overall investment allocation. Our Tax-Exempt fixed income strategy looks to build a safe, sustainable stream of tax-free income. We employ a time-tested, diligent investment process to build high quality fixed income portfolios that are suitable for all market environments.


We modify portfolios to a client’s specific risk tolerance and state income tax liability. The strategy seeks to deliver total returns, on a risk-adjusted basis that exceed an intermediate municipal bond index.

We employ a multi-stage process in constructing portfolios:

  • We begin by studying the current economic environment, monetary and fiscal
    policies, and secular trends are important in identifying the pressure on future
    interest rates. Our Investment Committee employs an active interest rate call,
    giving us flexibility to adjust the duration of the portfolio between 1-6 years. The
    committee also has the capacity to utilize tactical overlays using U.S. Treasury
    and U.S. TIPS bonds.
  • We are opportunistic in selecting municipal bonds that achieve the best risk/reward. Our proprietary credit analysis model is instrumental in determining which municipal credits we would consider adding to the portfolio, favoring those we believe to be in an improving credit position.
  • We strive to achieve best execution on behalf of our clients, utilizing our deep bench of industry brokers.


Kenneth Green, CFA

Christen Dusselier, CFP

Phil Kernen, CFA

Other Fixed Income Strategies

Equity Strategies

Bond Strategies: March 31, 2024

Strategy Characteristics

CharacteristicTax- Exempt Bond
Yield to maturity3.76%
Average coupon3.75%
Average maturity2.98
Average ratingAa2/AA

Sector Weightings

SectorTax-Exempt Bond %
U.S. Treasury Securities28.7
Municipal Bonds68.8

Ratings Distribution

Moody/S&PTax-Exempt Bond %

About Mitchell Capital Management

Mitchell Capital Management (MCM) was founded in 1987 and is an SEC Registered Investment Advisor. The firm manages portfolios and provides investment solutions for an array of investors nationwide, including individuals, foundations, union pension plans, retirement plans, endowments and associations. MCM has always been employee owned and intends to stay that way. Our fiduciary culture means our clients are the first priority in each decision we make.