A Brentview Company · Investment Management Services for Municipal Bond Assets
Since 1984, Charles Fish Investments has built actively managed, tax-efficient California municipal bond portfolios for families of wealth — delivering superior after-tax income net of fees.
Why Municipal Bonds
California municipal bond interest is exempt from federal income tax, from California state tax for CA residents, and from the 3.8% Net Investment Income surcharge. For a California resident at the top marginal bracket, that combined exclusion is worth 54.1 cents on every dollar of income.
Structure, duration, credit selection, and relative-value trading — not "buy and bury."
You own the bonds directly. No fund-level tax surprises, no forced sales when other investors redeem.
Transparent, tiered management fee — 50 bps on the first $2M, 37.5 bps above. No commissions, no conflicts.
We work alongside your CPA, estate counsel, and wealth planner to integrate bond assets into the full picture.
Interactive Fact Sheet
Enter your portfolio size and marginal tax rate (or gross income). We'll show what each investment actually puts in your pocket — CFI Enhance Muni Yield vs. CDs, money markets, and U.S. Treasuries.
| Investment | Net of Fee Rate | Gross Income | Estimated Taxes | After-Tax Income | After-Tax Yield |
|---|
Even with a management fee, CFI delivers more after-tax income than any currently available CD, money market, or U.S. Treasury — every year, on every dollar invested.
Rates as of … Past performance does not guarantee future results. For illustrative purposes only; not investment, tax, or legal advice. Tax calculation assumes California municipal bond interest is exempt under IRC §103 and CA state law; out-of-state residents may owe state tax on CA muni interest. AMT not modeled.
About CFI
Building and maintaining expertly tailored, tax-efficient portfolios for families of wealth is what we do. Achieving this requires many things, but it comes down to this: sustained success requires knowledge, experience, and industry. Passive management (buy and bury) has little chance of success.
CFI believes only active management with vigilance and hard work will produce superior structure, superior quality, and superior performance.
Founder Charles "Skip" Fish recognized after fourteen years in the securities business that clients needed individually tailored portfolios for their bond assets — along with the expertise of municipal bond traders and analysts in an arrangement that aligns the interests of the client and adviser. That principle remains unchanged.
Our Commitment to You
Those statements seem to contradict — they are, in fact, complementary. We want the best of both worlds: portfolios that mitigate risk while delivering competitive returns.
CFI is dedicated to the task of securing for each individual account the best possible after-tax performance, net of fees. We accomplish this by actively managing tailored portfolios in strict adherence to each client's investment objectives.
The best interest of the client comes first. Always. You will receive personalized service with the utmost discretion. Our staff coordinates with your accountants, estate lawyers, planners, and consultants to ensure effective asset/liability management.
Our portfolio managers have decades of experience in trading, sales, credit research, underwriting, compliance, and operations. Each continues to maintain the skills and alliances vital to our mission.
The CFI Team
Our professionals bring decades of expertise in municipal bond trading, credit research, compliance, and operations — all committed to delivering superior after-tax results for every client.
CEO / CIO / Founder
Charles “Skip” Fish has worked in municipal securities since 1970, founding CFI in 1984 after leading the Municipal Bond Department at Crocker National Bank and serving at Smith Barney Harris Upham. He brings deep expertise across underwriting, credit analysis, portfolio management, and trading. Skip served on — and chaired — the Municipal Securities Rulemaking Board (MSRB), where he championed disclosure reform and political contribution rules. He has testified before Congress twice on behalf of the municipal securities industry and its investors. Skip holds a degree from Utah State University and served as a Marine Corps officer from 1965 to 1970.
Director of Research · Senior Portfolio Manager
Betsy has worked in the securities industry since 1972 and with CFI since 1996, overseeing credit research, portfolio surveillance, and year-end tax reporting. She serves on the NFMA Board of Directors, is a member of the California Society of Municipal Analysts, and previously served on the MSRB’s Investor Advisory Group. A former CFI Chief Compliance Officer and MSRB arbitrator, she also instructs at the Fixed Income Academy. Betsy holds an Economics degree from the University of Redlands, a paralegal certificate from UC Irvine, and has completed advanced studies at UCLA, UCI, and AIMR.
VP Operations / CCO
Sharmi joined CFI in 2012 as Director of Client Services and COO, overseeing client relationships, custodian coordination, transaction processing, and confidentiality. She began her career at PIMCO and went on to build deep fixed income expertise at Hotchkis and Wiley, BNY Mellon, and Financial Information Network. Her background spans client servicing, performance analysis, and tax reporting across institutional fixed income platforms. Born in Calcutta, India, Sharmi holds a BS in Accounting, a Master’s in Geography, and an MBA in Global Management.
Corporate VP · Senior Portfolio Manager
Annie joined CFI in 2014 bringing experience from the Orange County Treasurer’s office, where she helped oversee $7 billion in fixed income assets, and from US Bank’s commercial lending division. Her background spans credit analysis, macro-economic research, and fixed income portfolio evaluation. Annie holds an MBA in Finance and a BA in Business Economics from Cal State Fullerton — graduating with highest honors — and earned her CFA charter in 2015. At CFI, she manages portfolio analysis and trading while developing proprietary Bloomberg-based models that support the firm’s trading and compliance functions.
Senior Financial Advisor
Olivier joined CFI in March 2026 as Senior Financial Advisor. He brings over a decade of investment advisory experience, including managing $90 million in client assets at Gerry Andrade & Associates. At CFI, he focuses on equity research and analysis, portfolio monitoring, and making recommendations aligned with each client’s investment policy and guidelines. Olivier holds a BS in Business Administration from Cal State Long Beach and an MA in Management and Financial Markets from EDHEC Business School in Nice, France.
Portfolio Analyst
Nikki has been a Portfolio Analyst at CFI since 2014, contributing to credit research, financial analysis, and economic modeling. She served as Adjunct Faculty at Fullerton College from 2019 to 2023, teaching macro- and microeconomics. She holds an MA and BS in Economics from Cal State Fullerton, with coursework spanning econometrics, financial accounting, and economic forecasting. Outside the office, Nikki enjoys spending time in nature and hiking.
Market Perspectives
Timely commentary and analysis from the CFI portfolio management team.
Secure Access
Access your account statements, portfolio reports, and performance data through our secure client portal.
Access is intended only for individuals registered with our company.
For assistance, contact our client services desk at 949·296·3970.
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We welcome inquiries from families, advisors, and institutional fiduciaries. A conversation costs nothing and may surface material tax efficiencies.
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