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.
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 California munis vs. CDs, money markets, and U.S. Treasuries.
| Investment | Net of Fee Rate | Gross Income | Estimated Taxes | After-Tax Income | After-Tax Yield |
|---|
Despite the 0.50% 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.
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.
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.
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.
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
Nationally recognized expert in municipal securities since 1970. Before founding CFI in 1984, Skip managed the Municipal Bond Department of Crocker National Bank (New York, San Francisco, Los Angeles), then served four years at Smith Barney Harris Upham. Former elected Chairman of the Municipal Securities Rulemaking Board (MSRB), where he championed rules curbing political contribution abuses and expanding issuer disclosure. Testified before Congress twice — representing the muni industry and bond investors following Orange County’s bankruptcy. B.S., Utah State University; U.S. Marine Corps officer, 1965–1970.
Director of Research · Senior Portfolio Manager
In the securities industry since 1972; with CFI since 1996. Board member, National Federation of Municipal Analysts (NFMA); instructor with the Fixed Income Academy; former member of the MSRB Investor Advisory Group. As the firm’s former Chief Compliance Officer, developed and implemented CFI’s policies and procedures. Oversees credit research, portfolio valuation surveillance, and year-end tax reporting. B.A. Economics, University of Redlands; advanced studies at UCLA and AIMR; paralegal certificate, UC Irvine.
VP Operations / CCO
Director of Client Services and COO. Joined CFI in 2012. Responsible for client relations, custodian coordination, and account on-boarding. Career spans PIMCO, Hotchkis & Wiley (acquired by Merrill Lynch Investment Management), BNY Mellon (Senior Performance Analyst), and Financial Information Network (Account Relationship Manager). B.S. Accounting; M.A. Geography; MBA Global Management.
Corporate VP · Senior Portfolio Manager
Joined CFI in August 2014. Previously on the Orange County Treasurer’s investment team ($7B+ fixed income portfolio); Portfolio Analyst at US Bank; Research Associate at the Fixed Income Academy. CFA charterholder (2015). MBA Finance and B.A. Business Economics, CSU Fullerton (highest honors). Builds proprietary Bloomberg models supporting CFI’s trading and compliance operations.
Senior Financial Advisor
Joined CFI in March 2026. Career began at Société Générale CIP in London; Proprietary Equity Trader for a family office (2012); CEO of Nerv Management LLC (registered RIA, 2014–2021); Investment Advisor Representative at Gerry Andrade & Associates (2022–2026), managing $90M+ in client assets. B.S. Business Administration, CSU Long Beach; M.A. Management & Financial Markets, EDHEC Business School (Nice, France).
Get in Touch
We welcome inquiries from families, advisors, and institutional fiduciaries. A conversation costs nothing and may surface material tax efficiencies.
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