Why Us?

Axios Advisors LLC is an independent research boutique specializing in corporate and municipal bonds, with a unique focus on the high-yield and distressed sectors since 2001. Our analysts average more than 20 years of experience spanning both research and portfolio management. We're a minority-owned company with a commitment to WORKPLACE DIVERSITY.

Triet M. Nguyen
Founder and Managing Partner
(Investment Strategy, High Yield)

Triet Nguyen is a fixed-income and municipal bond credit expert whose career is characterized by a unique depth of experience spanning portfolio management, fundamental credit research and financial technology.

Over his three decade career, Triet has designed, marketed and managed every type of buy side investment products, from mutual funds (open and closed-end) to separately-managed accounts and hedge funds.

Triet is the author of the first-ever guide to the high yield municipal market, “Investing In The High Yield Municipal Market”, published in July 2012 by John Wiley/Bloomberg Press.  He is regarded as a thought leader in social media circles on the subject of credit strategies and financial technology. Triet moderates the Municipal Credit Research Forum on LinkedIn and enjoys a significant following on Twitter as @HighYieldPro.

From October 2014 through April 2018, Triet was a managing director of NewOak Capital, an independent research and risk advisory firm located in New York City, and served as Head of NewOak’s Public Finance Group. Most notably, Triet and his four person Fundamental Credit team successfully completed two major advisory assignments, generating about $4 million in fees over a two year period. Triet also conceived and managed the development of a proprietary credit scoring software for NewOak called MuniScore.

In addition to MuniScore, Triet has also been a pioneer in other areas of financial technology. As Director of Information Services at online trading platform ebondUSA.com between 2000 and 2001, he contributed to the development of a groundbreaking online muni bond evaluation system which allowed bond traders to judge the fairness of any bond offering based on an analysis of comparable securities.

On the trading and portfolio management side, Triet was a Senior Vice President at B.C. Ziegler, a major regional broker-dealer, where he traded tax-exempt high yield and taxable municipal bonds (including Build America Bonds) for the capital markets desk. 

From January 2004 to January 2008, he was a Managing Director of Saybrook Capital, LLC, managing one of the first-ever municipal hedge funds dedicated to a credit strategy. Triet helped raise up to $140 million in assets for this pioneering strategy and set up Saybrook’s entire trading and fund management infrastructure.

Prior to 2000, he was a Vice President/Portfolio Manager of the John Hancock Funds. As a Member of the Active Corporate Bond portfolio management team, he had direct responsibility for a $1.5 billion “High Yield” corporate bond sleeve.

Most market participants know Triet from his days as a Senior Portfolio Manager of the Putnam Funds (1988-1998), where he took a $3.5 billion fund group to the top quartile in investment performance. Several of the funds he managed, including the Putnam Tax Free High Yield Fund and the Putnam Massachusetts Tax-Exempt Fund earned top quartile performance as well as five star ratings from Morningstar. Through active marketing efforts, Triet contributed to the growth of Putnam’s municipal fund complex from $10 Billion to a peak of $20 Billion. While at Putnam, Triet was widely quoted as an expert in fiscal affairs during the Massachusetts fiscal crisis of the early nineties.

On the credit research side, Triet has always been a strong proponent of the need for independent municipal and corporate bond research, going back as far as 2001 when he first founded his own firm Axios Advisors. His research roots date back to his early career in the 1970s  at CIGNA, when CIGNA was one of the insurance companies backing bond insurer MBIA. He is a former President of the Hartford Municipal Analysts Society and remains a member of the National Federation for Municipal Analysts (NFMA). He has spoken extensively at industry conferences on various credit research topics, most recently on .

Triet received a B.A. in Economics and an M.B.A. in Finance and Accounting from the University of Chicago. He currently resides with his family in Lake Forest, Illinois.


Shelley Michelson
Senior Analyst
(Healthcare, G.O.)

Shelley is an experienced hospital credit analyst who has consistently delivered superior results both in originating new business and in mitigating or eliminating portfolio risk. 

As a Director at NewOak Capital LLC, a risk and credit advisory firm, Shelley was a senior member of a credit team that successfully completed comprehensive risk audits for two major insurance companies over a two year period.

While at Ambac Assurance Corporation, she developed innovative financing products in concert with a team of attorneys, bankers and government officials, resulting in lower financing costs for hospitals. At Financial Security Assurance (now Assured Guaranty), Shelley performed a dual role as originator and portfolio risk manager.

As Principal/Hospital Portfolio Manager for Prudential Huntoon Paige, she directed remedial action for financially challenged credits and led credit training for the firm’s mortgage loan servicing department. 


Shelley holds a Bachelor’s Degree in Political Science and a Master’s Degree in Urban and Regional Planning from New York University. She is a member of the National Federation of Municipal Analysts, the Municipal Analysts Group of New York and the Wellness Council of America.

Michael Ross
Senior Analyst
(High Yield, Infrastructure)

Michael’s experience spans both the buy and sell sides of the Fixed Income Capital Market in multiple capacities as a taxable and tax-exempt senior securities analyst, as well as a municipal credit strategist.

On the buy-side, as a portfolio management team member, he made recommendations for high yield and investment grade municipal securities at investment management companies such as USAA, American Express, and Lord Abbett. He has an extensive amount of portfolio surveillance skills and has used state-of-the-art databases such as Merritt Research’s CreditScope and Bloomberg to monitor a broad spectrum of securities and sectors. 

He has also worked for two major rating agencies—Moody’s Investors Service and Duff and Phelps.

Mike served on the Board of Governors of the National Federation of Municipal Analysts and is a Past President of the Society of Municipal Analysts and has received numerous All-Star recognitions from Smith’s Research & Gradings.  Mike is a graduate of Roosevelt University’s Keller College of Business and a Chartered Financial Analyst. 


Kendrick Anderson
Senior Analyst
(Money Markets, Generalist)

Ken is a highly experienced municipal credit analyst and generalist, particularly on the short end of the tax-exempt market. He brings to our team a broad-based long-term municipal credit research perspective, developed from supporting multiple components of the municipal securities business, including sales, underwriting, public finance, portfolio management, risk management, money market funds, and individual security evaluation. He is a former Head of Money Market Fund Research at institutions such as Fidelity Investments, Evergreen Investments and Wells Fargo Bank.


In the short term market, Ken is proficient in evaluating the credit quality of money market instruments, including Bans, Tans, Trans, Rans, CP, and structured products, such as VRDNs, TOBs, Windows VRDBs, VRDPs, Pre-res, and Bond Stubs. He also has extensive experience in corporate and bank credit analysis and counterparty risk as


His areas of expertise in long-term bonds include:  General Obligations; Tax-Backed, including Special Districts; Revenue Bonds, including Electric Utility, Water and Sewer; Transportation (Toll Roads and Airports); Colleges and Universities; Health Care; Project Finance; High Yield; and Non-Debt, including COPs, Leased-Backed, and Appropriation Risk.