Portfolio Management
Services
Separate
Accounts
Axios Advisors, LLC offers
separate account portfolio management services to high net
worth individuals and their families. We specialize in
fixed-income strategies designed to maximize portfolio
after-tax returns while minimizing market volatility. We
believe our key distinguishing feature is our independent
credit research efforts, which allow us to generate excess
returns without taking unnecessary market risk.
We can work with your current
Financial Advisor to design a customized bond portfolio for
you. If you currently own municipal bonds directly, we
would be happy to review your holdings in light of current
fiscal problems at the State and local government level.
Aggregate Performance*: Axios Lehman Muni Index Over/Under
Quarter ended 6/30/2003 +1.99% +2.58% -0.59%
Quarter ended
9/30/2003 +1.75% +0.08% +1.67%
Quarter ended 12/31/2003 +3.51% +1.37% +2.14%
*Past results may not be
indicative of future performance
As a fee-based Registered
Investment Advisor with no broker-dealer affiliation, we have
no specific product to push, no interest in generating
unnecessary transactions. Our only objective is to deliver the
investment results best-suited to your needs. For more
details about our firm, please refer to our Form ADV Part II,
available upon request.
Investment Philosophy
What
is a credit-driven strategy ?
A fixed-income investment strategy designed to generate
excess returns from the improving creditworthiness of an
individual security or a particular sector, not from
anticipating changes in general interest rate levels. It is
also a strategy designed to maximize the investor's after-tax
income
stream while reducing exposure to market volatility. This is
usually accomplished with a mix of high coupon municipal bonds
and corporate bonds.
Key
components of a credit-driven strategy
*
Accurate, timely credit research by experienced professionals
who have witnessed previous credit cycles and therefore have
the required historical perspective
*
Accurate relative value assessments based on market trading
levels
* Emphasis on securities with good liquidity and
strong financial disclosure (i.e. no "junk bonds")
* Access to the trading flows and the "informal"
information network of all key market makers
* Effective execution of all trades given the usual wide
bid/ask spread for non-institutional trades
* Constant credit monitoring and surveillance
