At Gurtin Fixed Income, we believe cash should be the ultimate safety net. Yet one must be intelligent about generating after-tax yield without sacrificing credit quality. For instance, a money market fund may have a higher yield because it buys low-grade Commercial Paper instead of Treasury or Agency Securities. In such cases, the value of the fund may be at risk during times of market stress. It is also important to remember that Government securities typically generate a higher after-tax yield for individual investors than some Commercial Paper.
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