Lind Capital Partners
Our experienced, tightly-knit team exploits the little known and lesser traveled non-rated municipal bond market by scouring for the gems that populate our client portfolios. We believe that after thorough due diligence and deep credit analysis the non-rated municipal market can significantly increase after-tax returns for fixed income investors or de-risk equity portfolios without sacrificing after-tax return expectations from a largely non-correlated asset class with measured volatility and risk.
Who We Are....
Lind Capital Partners (LCP), a SEC registered investment advisory firm, was formed in 2009 when two life-long friends and business colleagues joined forces to provide UHNW, HNW and family offices access to the diverse and under-utilized non-rated world of the municipal bond market. Bob Lind and Dave Murdoch founded the firm on the fundamental belief that the non-rated municipal market can provide investors a superior risk-return profile assuming thorough initial credit analysis and ongoing credit surveillance are conducted and the liquidity provided to investors matches the liquidity of underlying portfolio assets which protects all investors. They thought combining Bob’s decades of municipal market experience with Dave’s extensive credit credentials would result in the perfect skillset to exploit the broad inefficiencies inherent in the municipal bond market. The market is comprised of 50,000+ individual credit stories to be uncovered and nearly 1,000,000 different bonds from which to choose to populate client portfolios.
How We Do It....
The LCP team seeks to maximize after-tax returns for our clients by constructing and managing long-term fixed rate portfolios that possess strong and dependable revenue characteristics, as well as solid investor protections via collateral packages. LCP constructs portfolios with high conviction credits. LCP Research analyzes existing and prospective portfolio credits daily. Additionally, the research team provides an in-depth review of every credit in every portfolio for the entire team on a quarterly basis, at a minimum.
Who We Work With....
LCP has partnered with select UHNW, HNW and family office investors with separately managed accounts and limited partnerships. In February 2022, LCP launched a SEC registered 1940 Act Interval fund to make their investment strategy available to a broader universe of tax-sensitive investors. LCP believes the interval fund is an ideal structure for the asset class, matching liquidity to investors with the liquidity of portfolio assets, a founding principle of the firm. If you are a longer-term investor interested in maximizing after-tax returns, please contact us or your investment advisor so we can provide greater detail on our investment approach or any of the interesting gems populating our portfolios.
Investment Team
J. Robert Lind
Principal & Founder
With nearly 40 years of experience in the municipal bond market, there is little Bob has not done. He started his career as a municipal analyst at Nuveen before moving into institutional sales and trading at Kemper Securities and Raymond James, where he underwrote, traded and sold municipal bonds. He left the sell-side to manage a $500 million municipal high yield portfolio for Deutsche Bank, leveraging his experience and institutional relationships. Today, Bob leads the portfolio management team and strategic initiatives for the firm. While he did need to find a job , he was drawn to the municipal market by the confluence of finance and public policy but has stayed for the infinite opportunites to exploit market inefficiencies and follow the multitude of interesting credit stories that populate client portfolios. He recieved a BA in History from Kenyon College and MBA in Finance and Accounting from the University of Chicago. His is a passionate bread baker/pizza maker feeding and nourishing his 25+ year old home grown starter and enjoys paddle tennis, golf and telemark skiing.
David M. Murdoch
Senior Advisor & Founder
Prior to co-founding LCP, Dave spent 25+ years in taxable fixed income in focusing on credit analysis, asset valuation and loan origination/structuring with Nomura Securities and Greenwich Capital. Dave was one of the early pioneers in the CMBS market in the early 1990s contributing to the explosive growth over the ensuing 20 years. Dave recognized the opportunity created by the dislocation in the municipal market caused by the 2007-2008 financial crisis and demise of monoline insurers. Having "compared notes" with Bob over the years, he knew the municipal market was populated with credits similar to those he had worked on throughout his career and recognized the investment opportunities his credit analysis process could uncover. Dave built the credit team to think beyond traditional operational credit metrics and to incorporate asset valuation analysis to identify unique investment opportunities. In May 2021, Dave relinquished his day-to-day operational responsibilities to focus on credit and spending more time in Jackson Hole moving into a Senior Advisor role. He received a BA in Economics from Tufts University and an MBA in Finance and Accounting from the University of Chicago. When not in Chicago or Jackson Hole, Dave and his wife enjoy traveling, particularly to visit their 4 grown children living across the country.
Anthony L. Chun, CFA
Vice President, Director of Research
Anthony is responsible for credit research, portfolio management, and new business development. Anthony returned to Lind Capital Partners in 2020, after a brief hiatus with the Global FP&A group at Steelcase. He first joined Lind Capital Partners as a summer intern in 2011, and was previously with the firm from 2014 - 2018 as a Senior Analyst and Vice President. He received a BA in Economics from Kenyon College and is a CFA Charterholder. Anthony and his family live in Grand Rapids, Michigan.
Jon R. Lind
Vice President, Director of Trading
Jon joined Lind Capital Partners in 2017. His primary responsibilities include trading and portfolio management. Previously, Jon worked at Loop Capital Markets in Chicago as an Institutional Fixed Income Salesman and on their Municipal Funding desk managing 3rd Party Municipal Tender Option Bond (TOB) programs. He has a BA from Miami University (Ohio) and currently lives with his wife and 2 children in the northern suburbs.
Ryan Arthur Smith, CFA, CPA
Vice-President, Senior Credit Analyst
Ryan is primarily responsible for performing credit analysis on new and existing investments. He began his career as an auditor, most recently with Ernst & Young, before working in commercial real estate property tax consulting with Ryan, LLC. He joined Lind Capital Partners in 2018. Ryan received a BS in Accountancy from Northern Illinois University and is a CFA Charterholder and a CPA.
Municipal Non-Rated Strategy
The Lind Capital Partners Municipal Non-Rated Strategy (MNR) seeks to maximize after-tax returns for our clients. We view the generation of high levels of income exempt from federal income taxation as the most efficient means towards our investment goal. Portfolio appreciation is often a natural by-product of superior security selection and successful credit sureviellance. The strategy actively invests in select fixed-rate holdings that LCP believes have strong and dependable revenue characteristics identified through a process of fundamental research and proprietary credit analysis. The combination of extensive pre-trade credit analysis and ongoing credit surveillance allows the portfolio management team to exploit attractive investment opportunities in our target municipal sectors. Lind Capital Partners offers the MHY strategy via separately managed accounts (SMA) and SEC registered 1940 Act fund (LCPMX).
Municipal Total Return Strategy
The Lind Capital Partners Municipal Total Return (MTR) strategy is designed to maximize total return via a combination of short-term capital gains and income (taxable and tax-exempt). MTR targets different sub-sectors of the municipal bond market, including: Investment grade tax-exempt and taxable bonds; high yield tax-exempt and taxable bonds; and, non-rated bonds. Lind Capital seeks to exploit the inherent inefficiencies within the municipal bond market resulting from fragmentation, supply-demand imbalances, excessive new issue calendar in aggregate or individual borrower, and other municipal market dislocations. Lind Capital Partners incorporates a relative-value analysis in security selection, portfolio construction and trading strategy. Lind Capital Partners offers the MTR product in both a SMA and LP format.