Investment Strategy


A.H. Williams & Co LP is a registered investment advisory firm that specializes in performance- based municipal bond portfolio management. We are one of few if not the only firm in the country that actively trades for total return and on an incentive fee basis in separately managed accounts (SMA). Our platform utilizes competitive margin rates and professional trading to amplify client income, capital gains and seeks to produce superior total return for clients. Our focus is to bring institutional bond selection and trading performance to the high net worth client. We utilize proprietary trading strategies similar to what large investment banks use to increase their own per share earnings but do so for the exclusive benefit of our clients. As former traders and portfolio managers for these large institutions, we can provide a unique opportunity for our clients to participate in trading that generally is not available to individuals. This institutional platform serves as the foundation for individual account proprietary trading opportunities.

Institutional size usually means better execution of trades.

Our Programs range from most aggressive which include longer maturities and higher short term trading and maximum use of leverage, to a less aggressive “carry trade” product which seeks to capitalize on the difference between margin costs and investment portfolio yield while maintaining a relatively short maturity duration. By identifying and exploiting these market imperfections and magnifying the results we seek to achieve our objectives of producing returns in excess of traditional fixed income products which rival the results of other non fixed income investment vehicles.

Unlike a fund, each individual investor has total ownership of their securities. While this is more labor intensive, this separate account management philosophy adds a layer of protection against volatile market swings that could produce redemptions in a fund setting that traditionally have a negative effect on net share values because of forced selling. Spinnaker clients can access their investment account at any time without restriction.