Muni Bond Winners

" Two important funds statement."

" Lift this -- warm your heart. It is not just -- men. Mutual fund managers there's some very important women here to talk to as well. Sitting next to me is one about meg and launch an entity aimed diversified dividend fund and think that he could be here thanks for happening. You're -- is one of those is designed to shine in down markets as. It is processes designed to outperform in down markets now it. And you did and now all the issue is how to where you go from here what is the market look like in. Now that the cost cutting is done right -- power companies in the ones that you're trying to evaluate. How are they going to get that next leg up in top."

" Right right right that's the challenge that we see today in our process again tries to identify companies. But not only have strong balance sheets and the where with all the discipline to return capital to shareholders over time but also of -- that are under earning relative to their potential over the -- business cycle. So where we go from here we're spending all my time trying to identify companies that we think are in fact under earning in this part of the business cycle and have. Margin opportunity in case that top line growth is needed relative to other up cycles that we experience which it certainly feels like it could be today."

" What part of your approach is finding companies that pay healthy dividends and in particular. You more light into energy and when those companies were paying pretty pretty nice dividend is that changing now in terms of how much money you haven't stopped again you watch oil going back sixty -- down there."

" What kind of back to our process that we we thought pretty strongly that those companies were over earning. So yes they had attractive dividend yields but part of our processes total return and we just did not see them outside the capital appreciation in the oil stocks but if you looked at the fact that there -- honor earnings per share basis. Or their value on traditional metrics like price to book. -- from the -- expense relative to traditional depreciation levels. Where we sit today as we see Mars and opportunities within the energy space mainly on a price to book basis we still feel that there's overcapacity. In the area. So looking for signs of bottoming. In the capacity element and again the demand we just don't see that the fact that the -- will come back anytime soon and then dividends in financials of course have been. Decimated will they come back you do. Say Capital One and suntrust but anything else. Well for sure we see there's opportunities for dividend growth than financials within the banks probably not in the near term but we fully expected -- modeling for that at this point we think it was the right thing for them to do to cut their dividends they needed to preserve that capital. And says guess it'll probably be a number of months may be -- out before we start to experience having growth again in the banks facts that we still felt comfortable with the outside there. Away from banks there's plenty of companies within financials -- and insurance brokers that have. Strong capital positions and that discipline -- to pay back capital teacher -- in the last eight months and Alia. -- can't talk about anything over the past month but maybe in the first quarter. And they get their first quarter I'd say we identify again facts are under earning process for identifying companies within the consumers' faith. Mainly tied at leisure as well from select financials and auto exposure. That are out into the -- follow. Oh man that I highlighted earlier today at the conference is Johnson Controls citizen in the withheld for awhile but the stock has been decimated as high as part -- the downturn and that office and they're building efficiency division. Stock bottom in March 10 I believe just over eight dollars. With the six minus outside in the name and has a very strong balance sheet and I'm very very. -- history of strong capital allocations to ship to ship --"

" Negatives that -- thank you senate Megan walls manager of the -- diversified. Dividend fund. I've seen him since there -- I'm Megan and let's just think people wander around here I told David tell you. If you didn't shame on him but -- valiantly as one around here so again you don't -- dot com he sends his best. And he always has -- think things to."