Karpus Investment Management has been helping clients achieve their fixed income goals for over 30 years. With the focus of managing risk, our Investment Committee formulates our economic overview by reviewing the economic cycle, analyzing historical valuations, analyzing growth and policy prospects, and analyzing liquidity and economic momentum.

Karpus Composite vs Morningstar Average Muni Bond Fund*

Periods ending 06/30/19

Tax-Sensitive Fixed Income

*The Morningstar Average Municipal Bond Fund is the weighted average of all funds in categories classified as Municipal Bond by Morningstar. These include US Fund Muni National Short, US Fund Muni National Interm, US Fund Muni National Long, and US Fund High Yield Muni.

Results include reinvestment of dividends and distributions.
All returns are presented net of actual fees paid.
Past Performance does not guarantee future results.
**View 15 Year Disclosure

Once an overview is established, a target investment matrix is then created. Sector weightings, yield curve positioning, and duration targets are guided by this research. On a daily basis, analysts conduct a security-by-security analysis to identify and capitalize on market inefficiencies.


  • Besides often trading at a discount, we believe municipal closed-end funds can offer greater liquidity compared to individual municipal bonds.
  • Their strategic use of leverage may increase long-term returns and current yields. Using municipal closed-end bond funds can be used as a diversifier. We believe that owning a pool of municipal bonds can lessen the event risk of owning a single issuer.
  • When premium bonds are amortized in a fund, an investor can realize a loss when the fund is sold. In contrast, individual muni bonds purchased at a premium must be amortized over the life of the bond and are not a deductible loss.

How Our Process is Different

  • Through internal research, our investment team works together to generate independent ideas.
  • Our insight and experience in closed-end funds identifies opportunities others may miss. It also allows us to avoid pitfalls that others may not be aware of.
  • Our firm’s structure of portfolio manager, trader, analyst all rolled into one allows us to identify and act on fundamentally market inefficiencies as they arise. The agility of our firm’ structures allows us to identify and act on fundamentally market inefficiencies as they arise.

Interested in How Karpus Can Help You?

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