Among these, we introduce private funds, offered under an exemption from Regulation D of the Investment Company Act of Private funds investing in muni bonds present a lesser-known option whereby investors who meet the Qualified Purchaser definition can enjoy the benefits of active management without losing the control and customization afforded by direct investment in the underlying bonds.
As most investors are aware, municipal bonds typically pay interest that is federal tax-free and, in the case of same-state investors, state tax-free. Among the many U. Correlations between assets are by no means a constant and, in fact, can shift markedly over time. Muni correlations, however, may be uniquely stable because their returns are driven by idiosyncratic factors.
Revenue bonds are tied to the revenue generated by a specific project, such as the tolls from a bridge whose repairs the bonds are financing. The collective ability for taxpayers to make good on their obligations or for a specific project to generate revenue are often not tied to global market events. Municipal bonds, particularly high yield municipals, have shown defensive characteristics in previous rising interest rate environments. High yield bonds across issuer types are more equity-like than bond-like in their response to macroeconomic factors, tending to see positive price action from credit spread tightening as rates rise.
Investment grade munis may also be defensive, for a subtle yet important reason see Figure 3. Municipal defaults like those seen in in Detroit and Puerto Rico are the stuff of headlines and cause price volatility in the municipal market at large. For the casual observer, though, these events may obscure a bigger picture characterized by improving fundamentals. Since the Great Recession, state finances have stabilized, with overall collections surpassing levels. Also potentially constructive for the value of munis, the Trump administration has proposed boosting infrastructure by incentivizing the creation of public-private partnerships and possibly issuing Build America Bonds.
The municipal bond market is both illiquid and inefficient, and these attributes have only intensified since the crisis.
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As a result, investors can experience a wide range of outcomes depending on the vehicle through which they choose to access the asset class see Figure 4. Although the market is sizable, munis are not nearly as actively traded as other bond sectors. With over 30, individual issuers and one million distinct securities, the supply of municipal bonds is highly fragmented. Moreover, individuals are often motivated by liquidity needs and emotional responses that arise in the absence of any fundamental change in the value of their investments.
As a result, individual muni issues are often mispriced relative to other securities of similar credit quality, coupon and maturity. The resulting mispricings can create significant opportunities for experienced investment teams. By availing themselves of active, professional management, investors in municipal securities can exploit mispricings, avoid security-specific and macro pitfalls and attain best execution.
No matter how talented the manager, however, if she is operating within the confines of a liquid structure, i.
Mutual fund managers are hampered by three factors that are designed to protect retail investors from risk: investment restrictions, mandated liquidity provisions and taxes levied at the investment company level. These measures are protective but can make it difficult for a manager to conviction-weight trades in times of extreme dislocation. On the liquidity front, mutual funds are required to stand ready to accept daily redemptions at net asset value. Costa Brava. Hotels Costa Brava. Stai cercando ricette per Polpette patate? Scopri gli ingredienti e i consigli utili per cucinare Polpette patate tra ricette di GialloZafferano.
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5 smart things to know about duration of a bond
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