Bernardi Asset Management

Bernardi runs portfolios composed exclusively of municipal bonds. The firm constructs individualized separate accounts using both general obligation and revenue-backed securities. Because it is benchmark agnostic, each portfolio is built security by security rather than tracking an index.

The firm offers a dual fee structure. Clients can choose between non-fee-based accounts — where Bernardi likely earns compensation through markups or spreads on bond transactions — and fee-based accounts that charge an explicit management fee. The specific fee schedules are not publicly disclosed on the firm's website.

No. Bernardi operates as a specialized asset manager serving external clients rather than managing a single family's capital. Its client base is not publicly enumerated, but the municipal bond focus suggests significant HNW and institutional demand, since the tax-exemption benefit is most consequential for high-bracket taxpayers.

Unlike large institutional managers that often run mutual funds or ETFs tracking predefined benchmarks, Bernardi builds each portfolio from individual bonds selected for the specific client. Its benchmark-agnostic posture means portfolio duration, credit quality, and geographic concentration are dictated by client constraints rather than index composition.

The firm describes providing customized municipal bond portfolios to both individual and institutional clients, though it does not name any specific institutional relationships. The separate account structure is common among high-net-worth families, community banks, and smaller insurance companies that value direct ownership of underlying bonds rather than pooled fund shares.