White Papers

The Tax Cuts and Jobs Act of 2017 (TCJA) was signed into law on December 22, 2017. Most provisions of the new law affecting individuals and businesses went into effect on January 1, 2018, including new tax brackets and new standard deductions. One of the most dramatic changes is the approach to corporate taxes. TCJA lowers the corporate income tax rate to 21% and moves the United States from a worldwide to a territorial system of taxation.

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Tax rates are an important consideration in fixed income asset allocations. Many investors in high tax brackets assume they should be invested entirely in tax-free municipal bonds, while tax-exempt investors (e.g. foundations, pensions funds) ignore tax-free bonds altogether. In both cases, investors would be better served to consider a more balanced approach, focusing on the potential after-tax return and risk of all fixed income sectors.

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At LIM, our goal is to provide strong risk-adjusted returns within the framework of our clients’ investment objectives. Meeting performance objectives demands that risk be scrutinized for each investment decision. We accomplish this through rigorous bottom-up, proprietary analysis focused on credit fundamentals, relative valuation and market technicals. This risk management guideline has been applied to our customized portfolio strategies for over 30 years. 

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By October 14, 2016, money market funds must be in compliance with the reformed money market requirements issued in July 2014. The major shift in this reform requires prime and tax-exempt money market funds to be priced at a floating net asset value (NAV), which introduces the possibility of realizing losses or holding securities that have an unrealized loss. 

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Much is written in the press about Janet Yellen, Federal Reserve Chair, and the “Fed.” But what does it mean and why should you care? This white paper will provide a brief history of the Federal Reserve, describe the make-up of the committees, and outline the mechanics of how it works. It will also provide information on the current challenges facing the FOMC and how its decisions can and will affect your investment returns.

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Since the Reserve Primary Fund “broke the buck” in September 2008, the SEC has been eager to adopt new rules governing money market funds.  After much debate, the new reform rules were finally released in July.  In this white paper we take a moment to address a few key questions.  What are the major components of the money market reform?  How will these changes affect institutional clients...

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