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.
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      Private Lending
      09 Jan
      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...
      31 Oct
      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...
      21 Jul
      The old adage, "Don't fight the Fed,"  is perhaps even more poignant today than in decades past in the sense that the QE machine, currency creation, debt cancellation, etc. is not confined to the Fed but is a global phenomenon.  We have wondered here for 3 years or more how the continued expansion of global debt could ultimately...
      Municipal Markets
      04 Apr
      Governor Rosello’s most recent Fiscal Plan continues to suggest that the Commonwealth (CW) has unsustainable amounts of debt, outdated infrastructure, and a fleeing population. Why then are Sr Cofina Bonds up 52% for the year and Jr Cofina bonds up 140%?   Implicit in the new Plan are subtle but significant changes. First,...
      31 Oct
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      22 Aug
      The Commonwealth collected 213.4 mlln Sales and Use Taxes in July 2017 versus 209.5 mlln in July 2016. The Sales and Use Taxes support Cofina debt service. In May, the Commonwealth petitioned for Title III restructuring suggesting that they would use the Sales and Use Tax collections to pay General Fund expenses. In normal times, the SUT collections...
      Investment Insights
      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...
      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...
      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...
      What's New At ASA?
      25 Apr
      In general, we are staying small, defensive, and waiting for (much) better opportunities to emerge before growing capital significantly.  Thus far, that strategy has been pretty unfulfilling.  We expect the remainder of 2017 to be challenging for investors in most risk assets.