AMI Asset Management - Taxable Fixed Income

Overview

AMI's Taxable Fixed Income seeks to deliver strong risk-adjusted returns and consistent income through disciplined research and selective exposure across fixed income markets. By overweighting corporate bonds and taxable municipal bonds—while remaining underweight in more efficient, lower-yielding sectors such as Treasuries and agencies—the portfolio captures opportunities in overlooked and mispriced securities. The approach combines bottom-up fundamental security selection with top-down risk management, maintaining a conservative stance by avoiding leverage, derivatives, and CLOs, while offering clients fully customizable portfolios aligned to their objectives.

Portfolio Manager

Dan Schniedwind, CFA Portfolio Manager, Fixed Income

Return Focus

Overweight corporate and taxable municipal bonds to enhance yield and total return relative to traditional .

Risk Discipline

Employs bottom-up research and top-down risk controls, with no use of leverage or complex derivatives.

Flexibility

Provides customization and access to less efficient areas of the market, capitalizing on size and research to identify mispriced opportunities.

Strategy Details as of 6/30/25

Inception Date	January 1, 2009
Investment Philosophy	Active management targeting misunderstood opportunities to generate alpha
Target Universe	Treasuries, taxable municipal bonds, investment grade Bonds, high yield bonds, convertible bonds
Portfolio Construction	Concentrated portfolio of between 40-80 registered bonds
Typical Duration Target	3-6 years
Benchmark	ICE BofA 1-10 Year US Corporate & Government Index
Risk Management	Rigorous bottom up analysis, top down risk management
Key Differentiator	Overweight taxable municipal bonds
Cash position	Typically less than 2%
Investment Style	Core plus fixed income

Taxable Fixed Income