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BAM Awarded Manager of the Decade status within the Municipal fixed income universe. The PSN Top Guns Manager of the Decade list includes the top ten performers for the latest 10-year period.
Muni SMA Strategies
Municipal Bonds: Local Impact
Company News
BAM Awarded Manager of the Decade – High Income Municipal Bond Strategy - February 29, 2024
Matt Bernardi recently participated in Private Vista’s Dollar$ and $ense podcast - February 22, 2024
3Q2023 | BAM Awarded “Top Guns” status – Short Taxable - November 21, 2023
Matt Bernardi recently participated in Private Vista’s Dollar$ and $ense podcast - February 22, 2024
3Q2023 | BAM Awarded “Top Guns” status – Short Taxable - November 21, 2023
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Check the background of Bernardi Securities or your investment professional on FINRA BrokerCheck
Market Commentaries
Perspective for Advisors
Tax Loss Swap into an SMA
Now is an opportune time to take advantage of tax loss swaps and, potentially, swap into a separately managed account strategy away from fixed income mutual funds and ETFs. This likely will reduce your clients’ tax burden and enhance their municipal bond investment vehicle.
Previous: Opportunity in Taxable Municipal Bonds
Municipal Market Update | Pick Your Spots
Persistently low supply met with sturdy demand is keeping municipal yields at bay, even as Fed rate cut projections get kicked further and further out the calendar. The nature of the demand has created a tale of two municipalities along the yield curve with attractive long term rates (12-20 years), but…
Are the Bond Vigilantes Back?
Yields moved up precipitously during the month of September as the AAA rated 10-year municipal has moved from 2.85% on August 31st to 3.52% [1] today. 3.52% is equivalent to a taxable rate of 5.58% calculated at the 37% bracket. This bond selloff (higher yields) has pulled the 10-year treasury to 4.84% as of this morning after a great jobs report. This is its highest level since 2007 – pre Great Financial Crisis. The underpinning of the selloff is the i.) market’s “higher-for-longer” forecast of Federal Reserve policy ii.) a resilient economy in the face of significant rate hikes over the past year and a half and iii.) a potential supply/demand imbalance for treasuries.
The latter point echoes the 1990s and James Carville’s famous remark: “I used to think that…