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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. See disclaimer here
Muni SMA Strategies
Municipal Bonds: Local Impact
Company News
BAM’s Muni Strategies Now Available on TradePMR - August 16, 2024
BAM Awarded Manager of the Decade – High Income Municipal Bond Strategy - February 29, 2024
Matt Bernardi recently participated in Private Vista’s Dollar$ and $ense podcast - February 22, 2024
BAM Awarded Manager of the Decade – High Income Municipal Bond Strategy - February 29, 2024
Matt Bernardi recently participated in Private Vista’s Dollar$ and $ense podcast - February 22, 2024
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Check the background of Bernardi Securities or your investment professional on FINRA BrokerCheck
Market Commentaries
Forty Years of Municipal Bonds – A Letter to Our Clients, Colleagues, and Friends
This is a milestone year for our firm.
On October 1, 2024 we celebrate our 40th year in business.
Entrepreneurial values, paired with a primary focus of serving our clients well, were the essence of our beginning. We were ambitious entrepreneurs looking to build a successful organization. We wanted to help people and organizations plan and improve their futures by investing in the bond market. And we wanted to help communities…
Muni Market Update: Elevated Yields & Ratios
A buyer’s market has emerged as tax-exempt yields hit an air pocket over the past couple of weeks, experiencing weak market conditions and, therefore, higher yields. The reason for the sell-off is due to a combination of fund outflows – possibly related to tax season liquidity needs and portfolio rebalancing – and a backdrop of rising treasury rates. The average 10-year AA rated municipal now yields 3.21%, up from below 3.00% at the beginning of March. Prices have moved down as they are inversely related to yields. This sell-off has occurred alongside treasuries, but to a greater extent. The 10-year treasury has moved to 4.23% from…
How to Mitigate Natural Disaster Risk in Your Muni Portfolio
The wildfires have spotlighted natural disaster risk present in municipal bond portfolios. However, over the past two decades from Katrina to Harvey, New York to California, municipal credit has remained durable and, in many cases – due to rebuilding efforts – emerged stronger than before…We expect municipal credit health to remain resilient in the Los Angeles area…We believe a concentration to Midwest and Texas issuers…
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