• Blog

    Muni Nation

    May 11, 2012

    Strategy & Commitment

    by Jim Colby, Portfolio Manager

    Municipal yield curve steepness was a significant contributor to 2011 municipal bond returns and it currently remains so. Because recent changes in yields have been fairly consistent across maturities the intermediate part of the curve (10 to 14 years) where yield difference...

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    Muni Nation

    May 04, 2012

    The Trend Is Your Friend

    by Jim Colby, Portfolio Manager

    In contrast to what historically has been normal for the end of April municipal performance ended the month on a very positive note. The Barclays Capital Municipal Bond Index 1 was ahead by 1.15% 2 and the Barclays Capital High Yield Municipal Bond Index 1 nearly doubled tha...

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    Muni Nation

    April 27, 2012

    Road Map

    by Jim Colby, Portfolio Manager

    With flows continuing to favor municipals BBB-rated munis are receiving recommendations as their spreads to investment-grade muni bonds continue to compress . Even in a rising rate environment the less volatile BBBs have historically outperformed investment-grade munis and h...

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    Muni Nation

    April 20, 2012

    From Tax Freedom To Tax-Free Opportunity

    by Jim Colby, Portfolio Manager

    This week we arrived at Tax Freedom Day the first day of the year in which the nation as a whole has theoretically earned enough income to fund its annual tax burden. I can only speculate that the slowdown of inflows into munis is possibly related to investors allocating the...

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    Muni Nation

    April 13, 2012

    Stepping Into 2Q'12

    by Jim Colby, Portfolio Manager

    An equity market rebound such as we witnessed yesterday ( 181 points as measured by the DJIA 1 ) usually spells doom for the fixed-income markets. Additionally the revelation that Bill Gross has reduced his holdings in U.S. Treasuries by 4-5% would further the notion that th...

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