Muni SMA Strategies
Municipal Bonds: Local Impact
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Check the background of Bernardi Securities or your investment professional on FINRA BrokerCheck
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
Market Update – Municipal Yield and Valuation Overview
The first half of 2022 is one of the few market environments in recent history where all major asset classes suffered. The Novel Investor blog’s Asset Class Returns captures this nicely noting “cash” outperformed with a +0.2% return. “HG Bonds” (high-grade bonds) came in an uninspiring second place at negative 10.4%, while the S&P 500 was down 20.57% through this period. Returns have improved since this data was posted as stocks have rallied and bond yields have generally decreased, thereby increasing prices. However, the economy is giving us mixed messages about its underlying health, while inflation pressures persist. The latter causes the Federal Reserve to remain aggressive in its tightening policies by increasing short term rates and further reducing its almost $9 trillion balance sheet. Overall, this creates a very complicated investing environment and a highly uncertain future….
37 Years of serving Investors, Issuers, and the Municipal Bond Market
THANK YOU. We wish you and your family a healthy and prosperous 2022 and offer our profound “thank you”. For nearly four decades, our investors have provided billions of dollars in capital for infrastructure projects across the nation.