Performance Trust Municipal Bond Fund
PTIMX
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- Performance Trust Municipal Bond Fund (PTIMX) is an open-end mutual fund managed by PT Asset Management, LLC, a Chicago-based boutique fixed income asset manager, that seeks a high level of current interest income exempt from regular federal income taxes while preserving capital. The fund invests at least 80% of its net assets in investment-grade quality municipal securities issued by or on behalf of states, local governments, and authorities in the United States and its territories; up to 20% may be allocated to below investment-grade municipal securities, closed-end funds, ETFs, or other income-generating assets subject to federal tax. It employs a fundamental analysis-driven approach with top-down security selection, emphasizing factors such as total return potential, portfolio duration (typically around 7-8 years), yield curve positioning, credit quality, sector diversification, and geographic spread across U.S. states; the portfolio holds hundreds of securities diversified by issuer type (e.g., public improvements, transportation authorities, schools, airports, hospitals), with top holdings including Denver City & County School District bonds, Indianapolis Local Public Improvement bonds, and New York City Transitional Finance Authority revenue bonds. PTIMX distributes income monthly to institutional and high-net-worth investors seeking tax-exempt exposure to the U.S. municipal bond market, with total net assets of approximately $669 million as of recent data. Launched in 2011 under Trust for Professional Managers, the Institutional Class (PTIMX) operates from PT Asset Management's headquarters in Chicago, Illinois, with key portfolio managers G. Michael Plaiss (since inception) and Mark Peiler (since 2022). The fund focuses on intermediate-term national municipal bonds, targeting tax-sensitive investors nationwide through broker-dealers and institutional channels. Recent developments include PT Asset Management's growth to $10.9 billion in assets under management as of October 2025, reflecting strong performance across its fixed income strategies amid market volatility. In December 2025, PTAM's Director of Research Mohammed Murad was named to Smith's Research 2025 All-Star Second Team for Buyside Director of Research, highlighting the firm's excellence in municipal credit analysis and independent investment process. The parent organization, affiliated with Performance Trust Capital Partners, expanded its institutional sales and structured products capabilities (e.g., CLOs/ABS) through key hires from mid-2023 to Q4 2024, enhancing revenue diversification without direct impact on PTIMX operations. No major acquisitions, funding rounds, or product launches specific to PTIMX were reported in the last 1-2 years, though PTAM maintains an interest-rate agnostic "Shape Management" strategy to navigate varying economic environments.