Alternative Strategy Advisers LLC ("ASA") is a boutique fixed income money manager focusing on niche sectors of the Municipal Bond and Private/Whole Loan markets. Our clients include institutions (Insurance Companies, Family Offices, and Funds) as well as high net worth individuals. In the municipal market, we offer our clients customized portfolios which we manage in either a managed account structure or in the form of an ASA Fund. Excess returns are generated using I) active trading strategies to profit from structural illiquidity and inefficiency, II) credit and structure selection, III) hedging and derivative strategies. Our whole loan fund focuses on originating or purchasing private loans secured by solid collateral but which traditional sources will not fund. The principals of ASA have over 80 years of experience in the financial markets. We have a proven track record of implementing trading strategies, systems and infrastructure successfully. ASA is committed to delivering not only superior risk-adjusted returns to its investors, but also the highest level of client service, transparency, and timely delivery of information.

      NOTICE:

      On March 13, 2020 the SEC issued an Order providing a 30-day relief period regarding the annual amendment update filing deadline for registered investment advisers.  The filing deadline each year is no later than 120 days subsequent to year-end (eg by March 31, 2020).  The 30-day relief period was further extended on March 25, 2020 by a second Order pushing the filing deadline this year to June 30, 2020.  Registered investment adviser, ASA Managed Account Managers LLC and relying adviser, TF Managers LLC (collectively, “ASA”), did not file its annual amendment update by March 31, 2020 due circumstances created by COVID-19.  ASA is working during the relief period to get the annual amendment update filed and anticipates doing so by May 15, 2020.
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      Private Lending
      17 Sep
      Global Debt Update
      Global debt has tripled since the turn of the Century:The good news is that US GDP has doubled in that same time frame.  Further, most of the debt growth happened up to 2012 whereas much of the economic growth happened from 2010 to the present.  Consequently, US Debt/GDP has actually declined slightly in the past 5 years.  This...
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      09 Jan
      Year End Recap
      In spite of the Trump-induced fireworks that happened in the last 45 days of the year, we found nothing exciting in the private loan space.  Sellers were pretty proud on pricing and 'motivated' borrowers simply didn't materialize as we had hoped.  We have a number of opportunities in the pipeline, but wouldn't describe any of them...
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      31 Oct
      A snoozer
      While we try to do a quarterly update of what is happening in our world, I must confess there is just not much to say!  Markets have been sclerotic at best in recent months and expected rates of return are paltry.  We continue to mine for nuggets of out-sized opportunity, though we are seeing a higher and higher percentage of proposals...
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      Municipal Markets
      30 Sep
      Repo 101 - Should we be concerned?
      We have had a lot of clients ask about repo and repo rates. This note is an attempt to explain the basics of the repo market and perhaps offer some insights as to what the repo rate volatility is suggesting. We do believe that the Fed is on top of this and is providing ample liquidity to financial institutions to fund themselves. We...
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      23 Jan
      TARV Finishes 2018 Up 26.34%
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      02 Sep
      ASA's Municipal Fund Ranked Top Performer by Informa
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      Investment Insights
      What if the Risk Free Rate Were Three Percent?
      While the path which assets take to get to 'fair' valuation is very difficult to predict, and not always mathematically rational, we can hazard a guess as to what asset prices/expected returns might look...
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      ...It's Never Different - A Referral
      With expected future rates of return on most investments at all-time lows and the dog days of summer approaching, we have little to offer as stimulating investment 'commentary'.  There are a few isolated...
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      A New Sheriff In Town
      Hold the phone!  Tuesday's shocking election victory by Donald Trump has obviously made the markets think very differently about the future.  Specifically, until about 8PM Eastern on Tuesday...
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      What's New At ASA?
      24 Feb
      Waiting for Better Opportunities
      The global deficit and debt machine has been running on overdrive for the past several years.  With rates everywhere approaching or through zero and deficits and debt at extremes, it would seem we are nearing the end of the runway.  We remain focused on defensive strategies awaiting better risk-adjusted returns in the (near?) future.
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      25 Apr
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