After extensive review of the bond's collateral and legal framework, BLP purchased Puerto Rico Sales Tax, Senior Lien Revenue Bonds (COFINA) at large discounts to par. While we remain holders, dramatic price swings due to unexpected events have severely tested the firm's resolve.
Many years ago THE BLUE LIST, wrapped in twine with other business dailies, arrived early in the morning to the front door of US financial firms. THE BLUE LIST advertised new and updated fixed income offerings. Arriving early was a must for brokers and traders in order to obtain for clients the most attractive bonds at the best prices and yields. That spirit, arriving early to snip the twine, to go the extra mile, constantly searching for yield without undue risk, is the essence of BlueList Partners (BLP).
Pictured to the right is the last edition of THE BLUE LIST delivered in May, 2001.
At BlueList Partners our goal is to preserve capital, provide reliable income, and create portfolios that have a low correlation and offer balance to more volatile and higher risk investments. Avoiding excess speculation, we carefully analyze and manage risk while investing opportunistically to improve returns. Leveraging our years of experience in trading, research and portfolio management BLP seeks to add value by incorporating an open-ended, performance enhancing trading platform, macro and issue specific credit analysis and proactive, tax efficient portfolio management. Balanced with a common sense approach based on seasoned judgment, BlueList Partners seeks to achieve after-fee returns that compete with the Barclays Municipal Bond and Aggregate Indices with less volatility and interest rate risk.
BLP analyzed non-rated CIFG, a dormant municipal bond insurer. Finding a strong claims-paying balance sheet relative to insured bonds outstanding, BLP accumulated CIFG backed bonds over many months. In addition to above average coupons, clients saw large price gains when Assured Guaranty, a AA rated insurer, purchased CIFG and assumed its obligations.
Hopefully I have created a website that is informative and provides a real sense of who we are. While a firm cannot guarantee good results, it nonetheless can be structured to increase the chances of producing them. We are continuously looking for tomorrow’s opportunities. And, by being relatively small, nimble, flexible and focused (a boutique sized firm) we are able to offer our clients some very unique advantages compared to other firms. It is this distinction that is critical to our success. My experience with various firms as an analyst, trader and portfolio manager are all brought to the table at BlueList Partners; but it is my genuine love of what I do that is singularly most important. After twenty-five years in this business I still get excited about finding obscure, discounted odd lots and most nights I still fall asleep with bond documents at my side. These seemingly small, but critical habits illustrate not only who we are, but are essential to providing our clients with the best possible long-term investment results. Thanks for visiting our site and considering our services. Give us a try, you’ll be happy you did.
Glenn E. Ryhanych, CFA, CFP®
A BlueList Partners (BLP) principal noticed that a large issuer of debt was refinancing their bonds but was doing so in a way that was contrary to bond indenture procedure. Negotiations with the issuer and bond trustee produced $16,255 of added interest to bondholding clients.
We are bargain hunters, adding incremental return to portfolios by constantly picking up attractively priced odd-lots.
When Detroit, Michigan filed for bankruptcy, a principal of BLP researched all of the cities outstanding debt. Dismissing most debt as too speculative, the principal focused on insured Detroit Water Supply System revenue bonds. When the market was indiscriminately selling all issues with the name Detroit, we were buying water revenue bonds that were paying a significant yield premium over the market without undue credit quality risk.
“What matters most is simply Results, Competence.” Lebron James –“It’s putting the ball in the basket.”
BlueList Partners, LLC
300 Ellicott St. Suite C
Occoquan, VA 22125
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Glenn Ryhanych of BlueList Partners, LLC is affiliated with Spire Investment Partners, LLC.
Spire Investment Partners is the parent company of Spire Wealth Management, LLC an SEC RIA.