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 […]
Municipal tax-exempt yields maintain fair overall valuations amidst a significant pick-up in supply throughout the year. The 10-year muni/treasury ratio is 69% vs. a 5-year average of 71%.[1] As of early September, total muni supply is up 38% year-over-year.[2] As we enter the final quarter, the pace of new supply should escalate further potentially pressuring […]
TradePMR’s Custodial Platform for RIAs enables SMA Strategies Bernardi Asset Management (BAM) – a wholly owned subsidiary of Bernardi Securities – is pleased to announce the availability of its separate account municipal bond and high-grade fixed income strategies on TradePMR’s Fusion custodial platform. Both firms have more than 20 years of experience building customized […]
With money market fund rates of 5% taxable and over 3.25% tax-exempt (5.15% TEY1), maintaining high cash balances is enticing. However, this is not an attractive long term investment strategy and will be a temporary mirage once rate cuts commence. In this piece we review various micro and macro factors that argue for employing an […]
In June of 2024, the Village of Cameron, WI issued bank qualified tax-exempt General Obligation Promissory Notes. These notes were issued for the financing of street improvements, building maintenance, and for the city to purchase new equipment. Bernardi Securities was proud to be the underwriter, as deals like this help advance and grow communities. In […]