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A turbulent market can increase the effectiveness of harvesting tax losses – if you have an active tax-managementstrategy – and stick to it. This session will discuss the market’s uptick in volatility in Q1, why there are loss-harvesting opportunities even in bull markets, and the compounding benefits of tax alpha over time. The s...

Municipal bond investors may be concerned that periods of economic stress could result in states defaulting on their debt. This fear can be exacerbated by political rhetoric, by inflammatory reporting, or even by inherent suspicion of the efficacy of governments. Yet states have successfully managed through multiple economic contractions in the pos...

Custom separately managed accounts (SMAs) may seem to many like the newest in the line of innovations in the investment industry. However, the benefits of portfolio customization go far beyond security selection. At its core, it allows an investor’s portfolio to be managed consistent with their specific rules, exclusions, or tax situations. W...

Investors shouldn't let taxes prevent them from choosing better investment options. Transitioning to a tax-managed SMA may help minimize upfront tax cost and provide opportunities over time to reduce tracking error against a preferred benchmark. The combination of this tax efficiency, along with ongoing tax management, allows investors with dif...

When an off-the-shelf solution doesn’t cut it, responsible investors can turn to customized separately managed accounts (SMAs) to build portfolios that align with their values, including expressing their individual ESG views. With an SMA, investors can also gain the market exposure they’re seeking through portfolio construction, active ...

Investors look to the municipal market for both quality and diversification. They were rewarded in 2020 when the municipal market proved resilient despite a challenging economic environment. The strength of the municipal credit quality surprised many. And the CARES Act provided much-needed support to a municipal bond market reeling from COVID-...

Many trends—including the explosive price changes in a handful of equities driven by a crowdsourced short squeeze—are indicative of an asset bubble. Grizzled market veterans are starting to draw comparisons with the go-go market of the late 1990s that ended with the tech bubble bursting in 2000. That thought leads many to conclude that ...

Using equities to customize for yield enhancement isn’t a completely new invention. Investors have had access to a variety of dividend-focused strategies for years. For investors who are less familiar with the ways they can tailor their portfolios for yield enhancements, there are two key approaches around factors and options that can be used...

Many investors find themselves wondering whether the new Biden administration will change the U.S. trade policy toward China. Further, investors are wondering how they should position themselves. From this perspective, there is reason to believe that U.S.-China relations could remain unpredictable, and investors may be well served by a balanced por...

As the surge of interest in creating a more just and equal economic system gathers force and begins to translate into real action, so do its detractors. From an investment perspective, the source of tension tends to occur when it links gender and racial diversity to financial performance. But there’s more to the discussion when it comes to bu...

Municipal bond yields have finally begun to move higher. The surge is a natural and healthy development—reflective of an improving economic landscape but not a marked upshift in inflation. In this environment, see where muni investors can find opportunity and capitalize.

Haunted by double-digit inflation of the past, some fear the U.S. economy is poised for runaway inflation. Some above-trend inflation is to be expected as the economy begins to open up more broadly. It can be argued that a modest jump in inflation should be viewed as a positive sign, indicating the economy’s return to normal. Long-term price ...

The economy is still aimlessly lurching from the impacts of the COVID-19 pandemic, and those fits may spill over into tax-filing season. It’s likely that a disproportionate number of filers will have some income and capital gains they weren’t expecting as the result of mutual fund distributions last year. Through an effective tax-manage...

With the rising interest rates and media speculation around the level of credit spreads, corporate bond investors are reminded of the 2013 taper tantrum when credit spreads widened. For investors concerned about increased market volatility, allocating to a rules-based ladder strategy may provide both predictable income and capital preservation.