Page 5 - Equus - Intoductory Book

Colorado Opportunity
The Colorado municipal market is large, highly fragmented, and under researched. The market is roughly $65 billion in size with 30 unique sectors. The top 10 issuers of the market only command 38% of the total market share, and beneath these larger issuers are over 13,500 securities that represents over 1,000 issuers. We believe that the size and complexity of the market creates a tremendous opportunity in lower and non-rated bonds.
PRIMARY SECTORS
14% 30% 7%
11% 11%
Education Health Transport Utility Housing COP Other
16% 12%
65%
MARKET COMPOSITION
25%
11%
Revenue Bond
General Obligation Certificate of Participation
16% 14% 12% 10%
8% 6% 4% 2% 0%
-2%
-4% -3.21% -6%
13.61%
2.78%
3.55%
10.7%
8.75%
11.27%
INDEX COMPOSITION
Avg Yrs to Maturity Mod Duration
Avg Yield to Worst Avg Coupon
Avg Rating Index Members Market Value
14.5yrs 5.51yrs 2.81%
4.59% Aa3
978 24.4 B
BARCLAYS COLORADO INDEX RETURN
6.21%
Disclosure: Index returns are for illustrative purposes only. Index performance does not reflect any management fees, transactions costs, or expenses. Indexes are not managed, and an investor cannot invest directly in an index. Past performance does not guarantee future results. Actual performance of client portfolios may be above or below index returns.
-3%
0.85%
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017