Listen to our firm’s founder, Bill Gurtin, discuss how our firm partners with advisory firms and family offices to service the unique needs of high net worth clients. Watch this brief video to learn how our firm remains committed to putting clients’ needs first as we strive to be the premier municipal bond management firm.
Municipal bonds are often issued with an embedded call option, which allows the issuer of the bond to “call” (i.e., pay back) the debt at a date prior to the bond’s final maturity. Read this report to learn key terms and market conventions to understand why an interest rate and pricing model can enhance a fixed income manager’s ability to more accurately price municipal bonds. Additionally, we explain how municipal bond managers capable of accurately evaluating municipal bond prices can provide a source of opportunity as well as quantifying risk for investors.
To learn more, watch our team discuss callable bonds in our webinar: Callable Municipal Bonds Webinar.
How does the municipal bond market respond to an inversion in the Treasury market? Historical data shows it’s rare for the municipal yield curve to invert, and when it has, the inversion has been brief and less pronounced than in Treasuries. Read this blog post to learn about four primary drivers of the municipal yield curve’s behavior:
Given the ongoing equity bull market that we’ve been experiencing for nearly a decade, you may be experiencing increased capital gains taxes. In addition, the limit on state and local tax deductions that is mandated in the Tax Cuts and Jobs Act may compound your tax burden. Learn about tax loss harvesting in your municipal bond portfolio as a way to truly decrease your tax liability—not simply defer your bill into the future, as often happens when investors tax loss harvest in other asset classes.
Whether it’s an opportunity to increase yield, improve tax efficiency, or lower credit risk, we can help you identify what might be missing from your clients’ investment portfolios. Request a portfolio review to learn how Gurtin can potentially capture additional value to increase tax-exempt income, decrease downside risk, or improve credit quality for your clients.