Our Mission

IF YOU DO BETTER, WE DO BETTER



AH Williams Co. Inc. is a registered investment advisory firm that specializes in municipal bond portfolio management. 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.

With over 40 years of experience managing municpal bond portfolios, the team at A.H. Williams employs a unique and time tested approach designed to provide high net worth investors with:
  • Seperately managed account (client owns individual bonds). A fiduciary relationship with clients. No broker dealer or commissions.
  • Performance oriented
  • Low correlation to equity markets
  • Tax exempt income
  • Personalized & custom service
  • Active management approach
  • Access to institutional marketplace for security selection and trading


Transparency Above All Else



As a fiduciary, we not only personally pledge to put your needs first at all times, but also embrace our legal obligation to do so. We’re fee-only advisers who are dedicated to helping our clients realize their life and wealth goals.

We offer a range of programs with different profiles to meet the needs of our clients. Our CorePlus strategy seeks to capitalize on short term trading opportunities to produce capital gains while constructing a laddered portfolio to maximize tax free income. Core Tax Free is an actively managed portfolio seeking to maximize income.

Both strategies are actively managed and attempt to provide double tax exempt income by purchasing when available bonds that offer in state exemption if applicable depending on clients residency.

In all our programs, we identify and seek to exploit market inefficiencies to provide our client’s with a superior return.


Our Difference



Our investment approach is unique and not widely available. We aim to add value for our clients by taking advantage of the many inefficiencies in the municipal bond market. With an average of 30 plus years experience, our team members have lived through the market cycles and can recognize opportunity. This allows us to execute trades effectively, enhance income and capture trading opportunities.


In an over the counter market such as municipal bonds, those that can execute on the many inefficiencies have a distinct advantage.

Our platform and experience permits us to transact with every municipal bond broker dealer in the United States.


Investment Philosophy



By using our proprietary techniques, we can identify securities that exhibit our preferred risk-reward characteristics. We incorporate these securities into our active trading strategies, we are able exploit market inefficiencies .




Unique Trading Strategy



Our active strategy is unique and is unlike most other municipal bond strategies. Our ability to trade is based on our skill and relationships. We believe these skills are rare and we use them to best serve our clients.




Trade Execution



Skillful trade execution is a part of our value add. In 2021 we traded over $240 million of municipal bonds. This volume provides us with coverage from many securities brokers so that we see opportunities to invest not available to many other investors.

Our size also allows us to function as an institutional platform that keeps trading costs low. This is a huge benefit to our clients.



Our clients benefit from both the number of deals we see and our ability to keep trading costs low.



Trading Strategy



Relationships

Unlike equities, the municipal bond market is very inefficient. Trading is relationship driven, and strong relationships can gain enhance market access.
A.H. Williams & Co. is a significant participant in the municipal bond market with strong relationships that span over 20 years. This provides coverage from many institutional brokers and provides many “wholesale” purchase opportunities not available to traditional retail or passive municipal bond investors. AHW’s can then create potentially profitable trading opportunities by selling these bonds to retail distributors. This potential source of profit is usually only available to institutional proprietary trading desks.




Portfolio Construction



All securities are purchased to fill one of 3 roles in a portfolio






Investment Strategy



Products and Security Selection

Unlike listed equities municipal bonds have over 50,000 different issuers and 1 million different securities. The ability to acquire the most attractive bonds on a relative value basis drives our returns.

Bonds from each of the US States and territories have unique characteristics that must be understood. We analyze characteristics such as a bond’s credit quality, local tax considerations and supply/demand dynamic to find the bonds that will provide the best aftertax return for our investors.

Being able to understand these characteristics is a specialty. The skills required are significantly different than those needed for other fixed income products. Successful portfolio construction and management requires a specialist that only focuses on the tax free marketplace.




Security Selection







All portfolio holdings are subject to an extensive review process. First, an in depth analysis is performed on the issuer of a security. If the issuer becomes approved, a pricing analysis is done by examining a security’s trade history and consulting pricing services. Finally, a security is analyzed for its relative value versus other similar bonds.


Risk Management




Each strategy is subject to the same risk parameters and daily analysis.



  • Performance results are evaluated for dispersion.
  • Each security is evaluated for downside risk periodically as part of active management.