Lind Capital Partners

The Lind Capital Partners was founded in 2009 and is a SEC registered investment advisory firm. We focus on highly inefficient sub-sectors of the $3.9 trillion municipal bond market. Lind Capital Partners offers two products to investors, Municipal High Yield (MHY) and Municipal Total Return (MTR). Both products opportunistically invest in the highly fragmented municipal bond market. Our portfolios consist of select fixed-rate holdings that we believe have strong and dependable revenue characteristics and also meet our diversification criteria. Lind Capital Partners believes our dynamic approach to credit analysis and ongoing surveillance allows the veteran portfolio management team to identify and capitalize on the broad inefficiencies unique to the municipal bond market.

Investment Team

J. Robert Lind

Principal & Founder

Bob has 39 years of experience in the municipal bond market. Prior to founding LCP, he constructed and managed a $500 million high yield municipal bond portfolio for Deutsche Bank, AG. He built and managed a municipal high yield sales, trading and origination team at Raymond James & Associates. Bob began his career at John Nuveen & Company as a municipal credit analyst. Other experience includes Institutional Underwriter, Kemper Securities Group. He received a BA in History from Kenyon College and an MBA in Finance and Accounting from the University of Chicago.​ Bob and his wife live in Winnetka where they raised their 3 grown children. He enjoys bowling, golf, telemark skiing and baking bread.​​​​​

David M. Murdoch

Senior Advisor & Founder

Dave has 36 years of fixed income experience. Prior to founding LCP, Dave worked with RBS Greenwich Capital and Nomura Securities in credit analysis, asset valuation, loan structuring and origination. His primary markets included senior living, student housing, affordable housing and commercial projects related to economic development. He was responsible for the financial analysis and structural composition of the loan portfolio, including ground lease vs. fee simple facilities, reserve sizing and senior-subordinate provisions. He received a BA in Economics from Tufts University and an MBA in Finance and Accounting from the University of Chicago. Mr. Murdoch is married with four children.

Stephen C. Wool


Steve has 40 years of fixed income experience in portfolio management, business development, institutional sales, trading and management experience. Steve is focused on marketing LCP’s strategies and product line. Steve has worked in comparable roles with Eaton Vance, C. W. Henderson and McDonnell Investment Management. Steve was selected to serve as an industry representative to the Municipal Securities Rulemaking Board (MSRB). He received a BA in Economics from Harvard University.

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 High Yield Strategy

The Lind Capital Partners Municipal High Yield Strategy (MHY) seeks to generate high levels of income exempt from federal income taxation. Portfolio appreciation is often a natural by-product of superior security selection. The product 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 in a SMA and pooled format.


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.

Lind Capital Partners' High Yield Sectors

Lind Capital Partners estimates the municipal high yield universe is comprised of approximately $525 billion of outstanding debt in 14 primary market sectors. Lind Capital Partners intentionally targets select sectors that are largely defined as revenue bonds with, in Lind Capital Partners' opinion, solid financial metrics and strong covenant protections, including consistent investor reporting. Currently, Lind Capital Partners does not invest in several sectors of the municipal high yield universe, including legacy tobacco securitization, general obligation, corporate backed municipal bonds and greenfield waste-to-energy projects.

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500 Davis Center
Suite 1004
Evanston, Illinois 60201


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