New York State Preference Mandate
The New York State Preference Mandate is a customization of our tax-efficient strategies.
With 62 counties, 1,647 sub-county general purpose governments, 62 cities, 932 towns and over 733 school districts, New York is a broad and diverse issuer of municipal debt. These characteristics, combined with the state’s high income tax rate, make in-state exposure highly desirable. The New York State Preference Mandate is an investment grade municipal bond portfolio that seeks to maximize after-tax income and preserve capital. Managed in a separate account, this mandate employs active management, bottom-up research, efficient trading and proactive portfolio structuring.
Maximize after-tax income and preserve capital
Tax-Exempt Municipal Bonds
Strategy AUM: $1.7 billion
Available Maturity Structures
Limited (3 year average maturity)
Intermediate (5 year average maturity)
Long Intermediate (7 year average maturity)
Sample State Distribution*
Sample Sector Distribution
Local GO 28.3%
Special Tax 16.5%
Water & Sewer 8.3%
Other Revenue 3.7%
Other Tax-Exempt Munis 4.9%
*Sample portfolio characteristics provided above are intended to illustrate general information for our Intermediate New York State Preference Mandate and are subject to change given market conditions and client objectives. Actual portfolios may vary. Breckinridge’s Intermediate New York State Preference Mandate typically invests 80-100% in-state. In-state percentages adjust according to market conditions and changes in tax rates. Data provided is as of 6/30/19.