Link to: Bernardi Asset Management Awarded Manager of the Decade & Top Guns Status
BAM Awarded Manager of the Decade status within the Municipals’ and Intermediate Maturity fixed income universes. 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
3Q2023 | BAM Awarded “Top Guns” status – Short Taxable - November 21, 2023
BAM Awarded “Top Guns” status – High Income and Intermediate Taxable - May 25, 2023
Bernardi Asset Management Awarded Manager of the Decade & Top Guns Status - February 22, 2023
BAM Awarded “Top Guns” status – High Income and Intermediate Taxable - May 25, 2023
Bernardi Asset Management Awarded Manager of the Decade & Top Guns Status - February 22, 2023
Learn More
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
Two Strategies for Today’s Municipal Market
Here are two portfolio strategies we find attractive in today’s municipal market: 1) Tax Loss Swaps and 2) Discount bonds trading at relatively attractive yields. Selling bonds is an infrequent exercise for most income-oriented investors. However, when bond losses present themselves on paper, it may make sense to capture them. Losses have arisen due to the significant increase in yields (leading to lower prices) over the past two years. Investors can use up…
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…