What Set's Us Apart
Keeping up with an ever-changing Municipal landscape
We have over 57 years of combined industry experience. That means we've observed the muni and credit markets through several business cycles as well as myriad economic conditions (high and low periods of inflation, employment, GDP, personal income tax rates) and events (war, subprime mortgage crisis, pandemic, oil bust, S&L crisis, municipal insurer insolvency.) This experience puts us "on guard" to be mindful of potential risks.
Broad network and hard work ethic to seek out opportunities
The early bird gets the worm, especially when hunting on wider soil. We've cultivated many relationships throughout the street to show us opportunities. And knowing good values often don't present themselves for very long, we're up early and working hard to identify securities we consider to possess very favorable risk/return characteristics. (Rob hasn't seen the competition on the 6:20am train to our offices on his morning commute.)
We eat what we bake
We treat clients' muni money like our own money, and in the case of our commingled vehicle--the mutual fund-- Marc's capital is there right alongside that of fellow shareholders. (We don't see much in the way of many muni portfolio managers investing any or a material amount of their own capital in the funds they manage.)
All stats refer to LETAX. The 30-Day SEC Yield (Subsidized/Unsubsidized) represents net investment income earned by a fund over a 30-day period, expressed as an annual percentage rate based on the fund's share price at the end of the 30-day period. Subsidized yield reflects fee waivers and/or expense reimbursements during the period. Without waivers and/or reimbursements, yields would be reduced. Unsubsidized yield does not adjust for any fee waivers and/or expense reimbursements in effect.
*Source: February 2023 Annual Report. DCM ADVISORS, LLC (THE “ADVISOR”) HAS ENTERED INTO AN EXPENSE LIMITATION AGREEMENT WITH THE LEBENTHAL FUND HAS CONTRACTUALLY AGREED TO REDUCE THE AMOUNT OF THE INVESTMENT ADVISORY FEES TO BE PAID TO THE ADVISOR BY THE LEBENTHAL FUND AND TO ASSUME OTHER EXPENSES OF THE LEBENTHAL FUND, TO NOT MORE THAN 0.49% OF THE AVERAGE DAILY NET ASSETS OF EACH CLASS OF SHARES FOR THE PERIOD ENDING DECEMBER 31, 2023.
Top 10 Holdings
SHORT TERM EQUIVALENT — MOODY’S AND S&P HAVE SHORT TERM RATINGS (VMIG1/A-1+) WHICH CORRESPOND TO AAA (A LONG TERM RATING)
100% INVESTMENT GRADE PURCHASE
FROM THE PROSPECTUS:
“The securities in which the Fund invests must, at the time of investment, be rated as investment grade, as determined by the various rating agencies, or if unrated, of comparable quality as determined by the Advisor. Investment grade securities carry a minimum rating of Baa3, BBB–, or BBB– by Moody’s Investors Service Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch Ratings, Inc. (Fitch), respectively, or the equivalent by another nationally recognized statistical rating organization (NRSRO). A security’s quality is determined at the time of purchase and securities that are rated investment grade or the unrated equivalent may be downgraded or decline in credit quality such that subsequently they would be deemed to be below investment grade. If a security’s credit rating is downgraded after the Fund’s investment, the Advisor will monitor the situation to decide if the Fund needs to take any action. The Fund may choose to retain or sell securities that are downgraded or decline in credit quality to below investment grade.”
General Hypothetical Tax-Free Yield Examples