At Merganser, we are outraged by the senseless killing of George Floyd, Ahmaud Arbery, and Breonna Taylor. These are only the most recent examples of what is too long a list. We find ourselves frustrated and saddened by the systemic racism that persists in our country. The protests are an important reminder how far we have to go as a country and as individuals.

We stand with the black community in the fight against racism and injustice. But that is not enough. The only silence that we find appropriate at this time is that of careful and compassionate listening. We need to ask ourselves and our broader communities how we can change, as people, as voters of elected officials, as communities, and as companies.

There is no easy, single answer but we are dedicated to the challenge. There are many great organizations to support that are also working toward the end of racism. One such organization that Merganser supports is Year Up. Year Up seeks to close the opportunity divide that keeps so many inner city young adults at a disadvantage. As a signal of support of the #BlackLivesMatter movement, we are making a special donation to Year Up. More important to the movement, however, is our work toward hiring and empowering a diverse workforce and ending prejudice and racism wherever we see it. We as a company and individuals embrace the challenge of continuing these essential efforts and conversations for as long as there remains systemic forces that prevent equality for all.

- Andy Smock, CEO

Formed in 1985, Merganser Capital Management is an SEC-registered investment adviser focused on the fixed income needs of institutional clients.

As fundamental investors, we endeavor to understand the intricacies of fixed income vehicles in order to identify the securities and sectors that provide the most attractive risk/reward characteristics. Succeeding in this endeavor has allowed us to meet the needs and objectives of our clients and gain their trust. Capital preservation, liquidity and total return permeate all of our decisions.