The Opportunity

The municipal bond market is incredibly diverse with more than 3,000,000 different securities representing over 36,000 unique issuers. This has caused most investors to rely heavily on rating agencies to judge the credit quality of issuers. 

This creates an incredible opportunity for those willing to perform fundamental research on investment grade, below-investment grade bonds, and non-rated bonds. 


At Equus, we focus on in-depth research to gain a high-level of conviction in our investments. We believe there is nothing more valuable to the investment process than seeing municipal projects and the people behind them with our own eyes. 


Our Research process

Structure Evaluation

We conduct front-end analysis of coupons, durations, maturity, ratings, portfolio suitability and breadth of ownership.

Financial Analysis
Management Interview

An analyst reviews financials and creates models of future outcomes to gauge issuer and project risks. 

We make great efforts to contact and build relationships with municipal management teams and key project stakeholders.

Site Visits

Our site visits provide additional insight into the location and significance of a project to understand important qualitative factors.

Credit Opinion

After following our process, an analyst will write a summary opinion of a credit.

External Consulting

We reach out to our network of industry experts for insight into the unique sectors of the market.

Credit Surveillance

Our initial analysis is just the beginning, and we continue to monitor our investments through news filings, contacts, and our network.


Sample research

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KIPP LA serves 5,765 students across 13 public charter schools in South and East Los Angeles. KIPP LA opened its first school in 2003 and is part of the larger KIPP network of schools operating in 20 states serving 80,000 students.

California Lutheran University is a private university offering undergraduate and graduate degrees. The university currently has an enrollment of 4,236 students and an acceptance rate of 62%.

Copperleaf Metro District #2 is located just inside E-470 along East Quincy Ave. The district plans to build 1,652 residential units, of which 1,421 are single family homes and 231 will be townhomes. 

In May of 2018, the Equus team took a California road trip to experience the lesser-known investment opportunities in California. This trip focused primarily on uncovering inland California's value.

California Baptist Unviersty is a small private school located in Riverside, CA. The University has experienced significant enrollment growth over the last several years and has an acceptance rate of 65%. 

SkyView Academy, located in Highlands Ranch, Colorado, has been in operation for 7 years. The Academy has an enrollment of 1,287 for the 2017-2018 academic year and is currently at 80% capacity.  

Eagle Eye

A Proprietary surveillance system

Equus has created a copyrighted surveillance system that helps monitor issuers in the California and Colorado markets. The system enhances our research capabilities by allowing us to filter and analyze issuers in the market to monitor existing holdings and source new investment opportunities. Eagle Eye was created by Abhishek Awhi during his summer internship for 2019.

Geospatial Mapping
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Social Media Tracking
Aggregated News
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