Municipal Market Investment Advisors

"We're in the stay rich business, not the get rich business."
Craig W. Henderson

Friday, September 22, 2017


C.W. Henderson & Associates, Inc. is a registered investment advisory firm specializing in the conservative management of tax-exempt municipal securities. Our business philosophy is simple: preserve our clients’ wealth. As a defensive investment manager, our primary objectives are twofold: maximize total returns on an after-tax basis and seek to never have negative total returns in any year.

As of March 31, 2017 C.W. Henderson & Associates, Inc. managed 1,180 separate accounts with combined assets of $3.136 billion. The majority of high net worth clients come to us through consultants, family offices, RIAs or directly. Corporations and foundations also utilize our investment strategy.


Quarterly Newsletters

Interest Rates Move Higher - January, 2017

Yields declined during the first half of 2016 in response to sluggish domestic growth in the first quarter, tepid global growth and uncertainty over Brexit and its impact on the European Union, Middle East unrest, terrorist attacks in Europe and ambiguity regarding the pending U.S. election. As depicted in the attached chart of ten year Treasury yields, rates bottomed about midyear and then began a moderate reversal. The move to higher levels accelerated after President elect Trump’s victory in November. The perceived prospect of a lessened regulatory  environment, lower taxes and a pro-growth agenda developing under Republican leadership stimulated an equity market rally and a sharp rise in interest rates. The ten year Treasury yield closed the year at 2.45%, up from a 1.37% low in mid-July.

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Increased Risk at Low Interest Rate Levels - September 30, 2016

Citing global uncertainty, tepid U.S. economic growth and low inflation, the Federal Open Market Committee decided at its late September meeting to maintain the targeted Federal Funds rate in the 0.25% to 0.50% range where it has been since December.  U.S. RGDP growth in the first two quarters of this year was sluggish at 0.80% and 1.40%, respectively, while the year-over-year advance in the CPI through August was a modest 1.00%.  The Core CPI, that excludes food and energy, advanced at a 2.2% pace for year ended in August but the Fed’s preferred measure, the Personal Consumption Expenditures Index, rose at a below target 1.60% rate.  The pending presidential election, with both candidates favoring tax reform and trade restrictions, may have also influenced the Fed’s decision to wait.

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