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VanEck Municipal Allocation Portfolio


The VanEck Muni Allocation Strategy seeks maximum long-term after-tax return consisting of capital appreciation and income generally exempt from federal income tax. In pursuing long-term total return, the Strategy seeks to reduce duration and/or credit risk during appropriate times by allocating primarily to VanEck municipal exchange-traded products that invest in tax-exempt bonds.


  • Actively allocates based on interest rate and credit opportunities.
  • Technical and macroeconomic indicators seek to manage credit and duration risk.
  • Performance oriented strategy offers the potential for capital appreciation plus tax-exempt income.

Credit Quality (%) as of 06/30/2024

Composite % of Net Assets
Investment Grade AAA 4.81
AA 19.23
A 10.23
BBB 10.87
Non-Investment Grade BB 6.72
B 1.97
CCC 0.50
CC 0.00
Total Investment Grade -- 45.14
Total Non-Investment Grade -- 9.19
Not Rated -- 44.43

Top Holdings as of 06/30/2024

Download All Holdings
Holding Name % of Net
VanEck High Yield Muni ETF 29.81
VanEck Intermediate Muni ETF 29.17
VanEck Long Muni ETF 19.97
VanEck CEF Muni Income ETF 16.01
VanEck Short High Yield Muni ETF 5.03
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These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Maturity (%)
as of 06/30/2024

Average Portfolio Maturity: 16.39 Years

Maturity (%)

Geographical Weightings (%)
as of 06/30/2024

State % of Net Assets
[Unassigned] 15.55
New York 13.63
California 12.46
Texas 6.99
Illinois 5.96
Florida 3.35
Pennsylvania 3.32
Puerto Rico 3.09
New Jersey 3.00
Massachusetts 2.26
Ohio 2.12
Colorado 1.89
Washington 1.86
Arizona 1.66
Georgia 1.64
Virginia 1.41
Alabama 1.30
Maryland 1.30
Michigan 1.12
Wisconsin 1.12
Other/Cash 14.98

Sector Weightings (%)
as of 06/30/2024

Sector % of Net Assets
Unassigned 98.71
Transportation 0.05
IDR/PCR 0.00
Cash 1.24

Investment Professionals

  • Head of the Multi-Asset Solutions (MAS) Team
  • Portfolio Manager for multiple allocation strategies spanning real assets, multi-asset income, thematics, municipals, and trend-following U.S. equities
  • Joined VanEck in 2012
  • Prior to VanEck, Director and Portfolio Manager within the UBS Portfolio Strategy Group
  • MBA, Finance, New York University
  • BS, Business Economics, State University of New York College at Cortland
  • Deputy Portfolio Manager for multiple allocation strategies spanning real assets, multi-asset income, thematics, and municipals
  • Joined VanEck in 2007
  • Prior to his current role, served as Fund Analyst at VanEck
  • CFA charterholder; member of the CFA Society New York
  • BS, Business Administration (concentration in Financial Analysis), State University of New York at Buffalo

Important Definitions & Disclosures

The model is not a mutual fund or other type of security and will not be registered with the Securities and Exchange Commission as an investment company under the Investment Company Act of 1940, as amended, and no units or shares of the model will be registered under the Securities Act of 1933, as amended, nor will they be registered with any state securities regulator. Accordingly, the model is not subject to compliance with the requirements of such acts.

An investment in the Strategy may be subject to risks which include, among others, municipal securities, credit, interest rate, call, California, New York, Illinois and Texas State issuer bonds, special tax bond, private activity bonds, health care bond, industrial development bond, tobacco bond, transportation bond, water and sewer bond, market, operational, sampling, index tracking, tax, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, underlying fund shares trading, premium/discount and liquidity of underlying fund shares and concentration risks, all of which may adversely affect the Strategy. High-yield municipal bonds are subject to greater risk of loss of income and principal than higher-rated securities, and are likely to be more sensitive to adverse economic changes or individual municipal developments than those of higher-rated securities. Municipal bonds may be less liquid than taxable bonds. There is no guarantee that the Strategy’s income or income of underlying assets will be exempt from federal, state or local income taxes, and changes in those tax rates or in alternative minimum tax (AMT) rates or in the tax treatment of municipal bonds may make them less attractive as investments and cause them to lose value. Capital gains, if any, are subject to capital gains tax. A portion of the dividends you receive may be subject to AMT.

All investing is subject to risk, including the possible loss of the money you invest. As with any investment strategy, there is no guarantee that investment objectives will be met and investors may lose money. Diversification does not ensure a profit or protect against a loss in a declining market. Past performance is no guarantee of future results.

Model Portfolio information is designed to be used by financial advisors solely as an educational resource, along with other potential resources advisors may consider, in providing services to their end clients. VanEck’s Model Portfolios and related content are for information only and are not intended to provide, and should not be relied on for, tax, legal, accounting, investment or financial planning advice by VanEck, nor should any VanEck Model Portfolio information be considered or relied upon as investment advice or as a recommendation from VanEck, including regarding the use or suitability of any VanEck Model Portfolio, any particular security or any particular strategy. In providing VanEck Model Portfolio information, VanEck is not acting and has not agreed to act in an investment advisory, fiduciary or quasi-fiduciary capacity to any advisor or end client, and has no responsibility in connection therewith, and is not providing individualized investment advice to any advisor or end client, including based on or tailored to the circumstance of any advisor or end client. The Model Portfolio information is provided “as is,” without warranty of any kind, express or implied. VanEck is not responsible for determining the securities to be purchased, held and/or sold for any advisor or end client accounts, nor is VanEck responsible for determining the suitability or appropriateness of a Model Portfolio or any securities included therein for any third party, including end clients. Advisors are solely responsible for making investment recommendations and/or decisions with respect to an end client, and should consider the end client’s individual financial circumstances, investment time frame, risk tolerance level and investment goals in determining the appropriateness of a particular investment or strategy, without input from VanEck. VanEck does not have investment discretion and does not place trade orders for any end client accounts. Information and other marketing materials provided to you by VanEck concerning a Model Portfolio—including allocations, performance and other characteristics—may not be indicative of an end client’s actual experience from investing in one or more of the funds included in a Model Portfolio. Using an asset allocation strategy does not ensure a profit or protect against loss, and diversification does not eliminate the risk of experiencing investment losses. There is no assurance that investing in accordance with a Model Portfolio's allocations will provide positive performance over any period. Any content or information included in or related to a VanEck Model Portfolio, including descriptions, allocations, data, fund details and disclosures are subject to change and may not be altered by an advisor or other third party in any way.

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