Happy New Year! Thank you for your continued confidence in our team of municipal bond specialists. As we close out another year, we are pleased about how we navigated the volatility of 2025 and remain focused on positioning client portfolios to capitalize on market opportunities ahead in 2026. While much has changed over the past […]
Northfield, IL 3Q 2025 — Bernardi Asset Management’s (BAM) Intermediate Taxable and Short Taxable strategies achieved “Top Guns” status within Zephyr’s PSN manager database 1-Year category. This means that BAM taxable strategies were among the top ten performers within one or more peer groups reporting to PSN. This follows up BAM’s taxable strategies recent “Top Guns” achievement for 2Q2025. […]
Now that it’s officially October—and finally a justifiable time to break out the Halloween decorations—municipal supply remains elevated and on pace to reach record annual levels. In 2024, issuance reached a record $460 billion, but this year is projected to far surpass it, with an estimated $580 billion in total issuance.[1] The market experienced intermittent […]
Northfield, IL 2Q 2025 — Bernardi Asset Management’s (BAM) Intermediate Taxable and Short Taxable strategies achieved “Top Guns” status within Zephyr’s PSN manager database 1-Year category. This means that BAM taxable strategies were among the top ten performers within one or more peer groups reporting to PSN. This follows up BAM’s taxable strategies recent “Top Guns” achievement for 1Q2025. The […]
Northfield, IL 1Q 2025 — Bernardi Asset Management’s (BAM) Intermediate Taxable and Short Taxable strategies achieved “Top Guns” status within Zephyr’s PSN manager database for Q1 2025 and 1 Year. PSN Top Guns performance rankings are tabulated for thousands of strategies across 75 peer groups subdivided by increasingly rigorous screens and reported in various ascending […]
An illiquidity drought has swept through financial markets leading to spiking treasury and municipal yields. Yesterday’s announcement about a tariff pause may alleviate market conditions, but municipal yields are now at 14-year highs. The Bloomberg 10-year AAA rated benchmark ticked to 3.80% yesterday, which is over 6% taxable equivalent at the 37% bracket. The 10-year […]
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[1] – possibly related to tax season liquidity needs and portfolio rebalancing – and a backdrop of […]
Our thoughts and prayers go out to every individual and family impacted by the devastating fires in the Los Angeles area. Losing a house – let alone life – is unimaginable and the rehabilitation process beyond stressful for thousands of people. Takeaways: We expect municipal credit health to remain resilient in the Los Angeles […]
Happy holidays and Merry Christmas! We wish you a healthy and happy new year as we turn the page on 2024. 2024 ended as a subpar year for fixed income returns as coupon interest was offset by a late year surge in yields. The Bloomberg Municipal Bond Index[1] has returned 0.73% thus far year-to-date, after […]