Tax Efficient Fixed Income

Tax Efficient Fixed Income Market Commentary: 1st Quarter 2016

April 28, 2016

This commentary reviews the previous quarter and discusses our outlook and investment approach for the coming months. Commentary Highlights: Despite slow and steady growth throughout 2015, the first quarter of 2016 opened with volatility spurred by concerns about weakening global growth eventually pervading domestic markets.    Given municipals’ continued richness despite market volatility and widening spreads […]

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Market Review and Outlook: 4th Quarter 2015

January 28, 2016

This commentary reviews the previous quarter, and discusses our outlook for the months ahead. Commentary Highlights: The US economy generated slow and steady growth throughout 2015. Although low by historical domestic standards, this consistent performance was markedly strong relative to the international developed world. Positive economic growth and good job creation numbers helped bolster the […]

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Market Review and Outlook: 3rd Quarter

October 23, 2015

This commentary reviews the previous quarter, and discusses our outlook for the months ahead. Commentary Highlights: Multiple factors contributed to pressuring interest rates significantly lower: – In August, China devalued its currency with no advance notice, causing an increase in speculation of the overall health of their economy. This caused a chain reaction of turmoil […]

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Market Review and Outlook: 2nd Quarter 2015

July 23, 2015

This commentary reviews the previous quarter and discusses our outlook and investment approach for the months ahead. Commentary Highlights: In the second quarter, US interest rates embarked on a clear upward trend, attributed to the heightened anticipation of the Fed’s first rate hike in 6 years Municipal bond returns were slightly negative for the quarter […]

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Market Review and Outlook: 1st Quarter 2015

April 22, 2015

This commentary reviews the previous quarter and discusses our outlook for the next quarter. Commentary Highlights: The 1st quarter of 2015 was a continuation of the bond rally that characterized much of 2014. Declining inflation concerns due to the drop in oil prices, a disappointing Q4 2014 GDP reading, and the introduction of the ECB’s […]

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Market Review and Outlook: 4th Quarter 2014

January 16, 2015

This commentary reviews the previous quarter and the year 2014, and discusses our outlook for the coming year. Commentary Highlights: The municipal yield curved continued to flatten during the 4th quarter of 2014, as longer yields fell and shorter yields ticked slightly upward Early in the quarter, we took advantage of the outperformance of our […]

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Market Review and Outlook: 3rd Quarter 2014

October 20, 2014

This commentary recaps the previous quarter and discusses our outlook for the next quarter. Commentary Highlights: During the 3rd Quarter of 2014, US stock and bond markets remained calm despite a confluence of potentially unsettling geopolitical events. Most US economic indicators were positive in the quarter, such as revised 2nd Quarter GDP at 4.6%, non-farm […]

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Credit Bulletin: The Status and Outlook of State and Local Government Pensions

September 12, 2014

Written by Samson Credit Research Associate Bryan Laing, this piece explains the state of pension funding and discusses the challenges facing state and local governments to fulfill their retiree pension benefit obligations. Commentary Highlights: If properly addressed, the burden of these obligations will remain manageable for the vast majority of issuers in the municipal market. […]

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Supply and Demand: Cross-Over Investments for Tax-Efficient Investors

August 25, 2014

Improved fundamentals and diminished supply in the municipal market have created an environment where taxable bonds may offer value to tax paying investors even on an after-tax basis. This commentary discusses opportunities to enhance the after-tax yield and total return of a bond portfolio by using Treasuries, corporates and mortgage-backed securities. Commentary Highlights: For more […]

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Market Review and Outlook: 2nd Quarter 2014

July 15, 2014

For fixed income investors, the second quarter of 2014 continued the strong, positive performance of the first quarter. Longer dated bonds again outperformed shorter ones, but returns were impressive across the yield curve. Municipal bonds outperformed comparable maturity US Treasuries during the quarter and the sector’s relative strength had two main pillars of support. On […]

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