FIXED INCOME

Narwhal relies on fixed income instruments—primarily municipal bonds—to provide multifaceted value.

We recognize the importance of fixed income as a concept, not merely an asset class label.

First, we recognize the importance of fixed income as a concept, not merely an asset class label. In other words, we appreciate the security brought by regular (fixed) distributions and payments (income).

Secondly, we take comfort in the low correlation between fixed income and equity. While an allocation to bonds may limit a portfolio’s upside in a runaway bullish stock market, we’re typically glad it’s in place to lessen the fall when a dramatic stock sell-off occurs.

Finally, the tax benefit of municipal bonds is particularly attractive for high income or high net-worth clients as it reduces taxation on capital gains.

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