Our Views on Racial Injustice

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


Company Overview

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.

About Us   »



Within each of our strategies we take a customized approach to managing the unique needs of our clients' portfolios.

All Strategies  »

Our Team

Investment Team
Investment Team »

Our investment team is comprised of experienced professionals with deep sector expertise.

Relationship Management
Relationship Management »

Our Relationship Management professionals are focused on serving the needs of our clients.

Operations and Compliance
Operations & Compliance »

Our commitment to risk management and a culture of compliance is fundamental in all of our operations and activities.

Our Team  »


On the first business day of each month, we publish The Merganser Flash, a one page overview of the fixed income markets during the previous month.  In addition, we periodically publish an Investment Memo, a deeper look into a topic impacting fixed income markets and investors.

Investment Memo

"Q & A With David Fishman"
Monthly Flash

October 2020
Recent Publications »



99 High Street

Boston, MA


(t): 617.528.4863
(f): 617.528.4897