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Thornburg Strategic Municipal Income Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 259 Muni National Intermediate funds, based on risk-adjusted returns for class C shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 2 stars and 2 stars among 259, 240 and 173 funds, as of 28 Feb 2025.

As of 28 Feb 2025
Fund Assets
$369.8 M
As of 31 Jan 2025
NAV
$14.03
As of 12 Mar 2025
Change
$-0.09
As of 12 Mar 2025
YTD NAV Performance
0.55%
As of 12 Mar 2025
Asset Category:
Municipal Bond
Fund Benchmark:
ICE BofA U.S. Municipal Securities Index

Portfolio Managers

Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Fund?

 

  • Actively managed diversified portfolio of municipal bonds with an average duration between zero and ten years and up to 50% below investment grade at time of purchase.
  • Flexible investment approach that employs a relative value framework that operates across geography, sectors, issuers and revenue streams.
  • Relative value philosophy that seeks to minimize changes in its share value while providing investors with tax-exempt income.

Investment Objective

The investment goal of the fund is to provide investors with a high level of current income exempt from federal individual income tax.

Investment Approach

The fund is an actively managed diversified portfolio of municipal bonds. The investment team aims to match municipal market structure and deal flow through a relative value framework that operates across geography, sectors, issuers and revenue streams. Operating as generalists, team members participate in all key aspects of investment management: credit research, trading, portfolio construction and risk oversight.

Performance

Performance

Returns

(As of 31 Dec 2024)
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
1.72
1.72
-0.50
0.51
1.25
3.74
Total Return without Sales Charge (%)
2.32
2.32
-0.50
0.51
1.25
3.74
ICE BofA U.S. Municipal Securities Index (%)
1.62
1.62
-0.51
1.09
2.34
3.77
Morningstar Category Avg. (%)
1.89
1.89
-0.38
0.94
1.83
Morningstar Quartile
2
3
4
4
Morningstar Quartile # of Funds
288
259
240
173
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
0.85
3.27
0.94
0.27
1.37
3.80
Total Return without Sales Charge (%)
1.45
3.87
0.94
0.27
1.37
3.80
ICE BofA U.S. Municipal Securities Index (%)
1.27
3.13
1.01
0.71
2.39
3.82
Morningstar Category Avg. (%)
0.46
2.45
0.6
0.7
1.71
Morningstar Quartile
1
3
4
4
Morningstar Quartile # of Funds
288
259
240
173
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
1.72
1.72
-1.49
2.59
13.23
78.38
Total Return without Sales Charge (%)
2.32
2.32
-1.49
2.59
13.23
78.38
ICE BofA U.S. Municipal Securities Index (%)
1.62
1.62
-1.52
5.55
25.98
79.19
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
0.85
3.27
2.84
1.36
14.52
80.97
Total Return without Sales Charge (%)
1.45
3.87
2.84
1.36
14.52
80.97
ICE BofA U.S. Municipal Securities Index (%)
1.27
3.13
3.06
3.58
26.58
81.46
2019
2020
2021
2022
2023
2024
Total Return with Sales Charge (%)
4.43
2.71
0.21
-9.25
4.87
1.72
ICE BofA U.S. Municipal Securities Index (%)
7.74
5.26
1.83
-9.03
6.52
1.62
Fund Fees

Fund Fees

(As of 1 Feb 2025)
Gross Expense Ratio (%)
1.92
Net Expense Ratio (%)
1.28
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 28 Feb 2025)
(Hypothetical Growth of $10,000 vs ICE BofA U.S. Municipal Securities Index)
Distributions

Distributions

(As of 28 Feb 2025)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 2009
31 Jan 2009
0
28 Feb 2009
28 Feb 2009
0
31 Mar 2009
31 Mar 2009
0
30 Apr 2009
30 Apr 2009
0.03412
0.03412
29 May 2009
31 May 2009
0.04050
0.04050
30 Jun 2009
30 Jun 2009
0.03873
0.03873
31 Jul 2009
31 Jul 2009
0.05159
0.05159
31 Aug 2009
31 Aug 2009
0.05184
0.05184
30 Sep 2009
30 Sep 2009
0.04854
0.04854
30 Oct 2009
31 Oct 2009
0.05007
0.05007
19 Nov 2009
19 Nov 2009
0.11453
0.11453
0.00000
30 Nov 2009
30 Nov 2009
0.05219
0.05219
31 Dec 2009
31 Dec 2009
0.04897
0.04897
29 Jan 2010
31 Jan 2010
0.04775
0.04775
26 Feb 2010
28 Feb 2010
0.05074
0.05074
31 Mar 2010
31 Mar 2010
0.04920
0.04920
30 Apr 2010
30 Apr 2010
0.04962
0.04962
28 May 2010
31 May 2010
0.04938
0.04938
30 Jun 2010
30 Jun 2010
0.04782
0.04782
30 Jul 2010
31 Jul 2010
0.04496
0.04496
31 Aug 2010
31 Aug 2010
0.04344
0.04344
30 Sep 2010
30 Sep 2010
0.03971
0.03971
29 Oct 2010
31 Oct 2010
0.04240
0.04240
19 Nov 2010
19 Nov 2010
0.02277
0.02190
0.00087
30 Nov 2010
30 Nov 2010
0.04621
0.04621
31 Dec 2010
31 Dec 2010
0.04667
0.04667
31 Jan 2011
31 Jan 2011
0.04808
0.04808
28 Feb 2011
28 Feb 2011
0.04763
0.04763
31 Mar 2011
31 Mar 2011
0.04612
0.04612
29 Apr 2011
30 Apr 2011
0.04816
0.04816
31 May 2011
31 May 2011
0.04600
0.04600
30 Jun 2011
30 Jun 2011
0.04943
0.04943
29 Jul 2011
31 Jul 2011
0.04562
0.04562
31 Aug 2011
31 Aug 2011
0.04550
0.04550
30 Sep 2011
30 Sep 2011
0.04052
0.04052
31 Oct 2011
31 Oct 2011
0.04281
0.04281
18 Nov 2011
18 Nov 2011
0.01198
0.00000
0.01198
30 Nov 2011
30 Nov 2011
0.04774
0.04774
30 Dec 2011
31 Dec 2011
0.04570
0.04570
31 Jan 2012
31 Jan 2012
0.04157
0.04157
29 Feb 2012
29 Feb 2012
0.03948
0.03948
30 Mar 2012
31 Mar 2012
0.03593
0.03593
30 Apr 2012
30 Apr 2012
0.03586
0.03586
31 May 2012
31 May 2012
0.03442
0.03442
29 Jun 2012
30 Jun 2012
0.03346
0.03346
31 Jul 2012
31 Jul 2012
0.03292
0.03292
31 Aug 2012
31 Aug 2012
0.03151
0.03151
28 Sep 2012
30 Sep 2012
0.03291
0.03291
31 Oct 2012
31 Oct 2012
0.03123
0.03123
20 Nov 2012
20 Nov 2012
0.03484
0.03133
0.00351
30 Nov 2012
30 Nov 2012
0.03146
0.03146
31 Dec 2012
31 Dec 2012
0.03174
0.03174
31 Jan 2013
31 Jan 2013
0.03143
0.03143
28 Feb 2013
28 Feb 2013
0.03088
0.03088
28 Mar 2013
31 Mar 2013
0.02874
0.02874
30 Apr 2013
30 Apr 2013
0.02847
0.02847
31 May 2013
31 May 2013
0.02768
0.02768
28 Jun 2013
30 Jun 2013
0.02977
0.02977
31 Jul 2013
31 Jul 2013
0.03132
0.03132
30 Aug 2013
31 Aug 2013
0.03163
0.03163
30 Sep 2013
30 Sep 2013
0.03212
0.03212
31 Oct 2013
31 Oct 2013
0.03191
0.03191
19 Nov 2013
19 Nov 2013
0.05455
0.00000
0.05455
29 Nov 2013
30 Nov 2013
0.03388
0.03388
31 Dec 2013
31 Dec 2013
0.03453
0.03453
31 Jan 2014
31 Jan 2014
0.03361
0.03361
28 Feb 2014
28 Feb 2014
0.03744
0.03744
31 Mar 2014
31 Mar 2014
0.03367
0.03367
30 Apr 2014
30 Apr 2014
0.03115
0.03115
30 May 2014
31 May 2014
0.03011
0.03011
30 Jun 2014
30 Jun 2014
0.02945
0.02945
31 Jul 2014
31 Jul 2014
0.02510
0.02510
29 Aug 2014
31 Aug 2014
0.02739
0.02739
30 Sep 2014
30 Sep 2014
0.02668
0.02668
31 Oct 2014
31 Oct 2014
0.02525
0.02525
19 Nov 2014
19 Nov 2014
0.01153
0.00387
0.00766
28 Nov 2014
30 Nov 2014
0.02547
0.02547
31 Dec 2014
31 Dec 2014
0.02379
0.02379
30 Jan 2015
31 Jan 2015
0.02213
0.02213
27 Feb 2015
28 Feb 2015
0.02551
0.02551
31 Mar 2015
31 Mar 2015
0.02367
0.02367
30 Apr 2015
30 Apr 2015
0.02465
0.02465
29 May 2015
31 May 2015
0.02479
0.02479
30 Jun 2015
30 Jun 2015
0.02606
0.02606
31 Jul 2015
31 Jul 2015
0.02564
0.02564
31 Aug 2015
31 Aug 2015
0.02622
0.02622
30 Sep 2015
30 Sep 2015
0.02800
0.02800
30 Oct 2015
31 Oct 2015
0.02843
0.02843
30 Nov 2015
30 Nov 2015
0.02873
0.02873
31 Dec 2015
31 Dec 2015
0.02579
0.02579
29 Jan 2016
31 Jan 2016
0.02290
0.02290
29 Feb 2016
29 Feb 2016
0.02423
0.02423
31 Mar 2016
31 Mar 2016
0.02226
0.02226
29 Apr 2016
30 Apr 2016
0.02314
0.02314
31 May 2016
31 May 2016
0.02152
0.02152
30 Jun 2016
30 Jun 2016
0.02158
0.02158
29 Jul 2016
31 Jul 2016
0.02020
0.02020
31 Aug 2016
31 Aug 2016
0.01965
0.01965
30 Sep 2016
30 Sep 2016
0.02210
0.02210
31 Oct 2016
31 Oct 2016
0.02045
0.02045
30 Nov 2016
30 Nov 2016
0.02231
0.02231
30 Dec 2016
31 Dec 2016
0.02187
0.02187
31 Jan 2017
31 Jan 2017
0.02188
0.02188
28 Feb 2017
28 Feb 2017
0.02584
0.02584
31 Mar 2017
31 Mar 2017
0.02437
0.02437
28 Apr 2017
30 Apr 2017
0.02480
0.02480
31 May 2017
31 May 2017
0.02473
0.02473
30 Jun 2017
30 Jun 2017
0.02428
0.02428
31 Jul 2017
31 Jul 2017
0.02397
0.02397
31 Aug 2017
31 Aug 2017
0.02418
0.02418
29 Sep 2017
30 Sep 2017
0.02473
0.02473
31 Oct 2017
31 Oct 2017
0.02460
0.02460
30 Nov 2017
30 Nov 2017
0.02559
0.02559
29 Dec 2017
31 Dec 2017
0.02438
0.02438
31 Jan 2018
31 Jan 2018
0.02361
0.02361
28 Feb 2018
28 Feb 2018
0.02639
0.02639
29 Mar 2018
31 Mar 2018
0.02430
0.02430
30 Apr 2018
30 Apr 2018
0.02616
0.02616
31 May 2018
31 May 2018
0.02516
0.02516
29 Jun 2018
30 Jun 2018
0.02573
0.02573
31 Jul 2018
31 Jul 2018
0.02506
0.02506
31 Aug 2018
31 Aug 2018
0.02563
0.02563
28 Sep 2018
30 Sep 2018
0.02572
0.02572
31 Oct 2018
31 Oct 2018
0.02621
0.02621
30 Nov 2018
30 Nov 2018
0.02751
0.02751
31 Dec 2018
31 Dec 2018
0.02661
0.02661
31 Jan 2019
31 Jan 2019
0.02597
0.02597
28 Feb 2019
28 Feb 2019
0.02872
0.02872
29 Mar 2019
31 Mar 2019
0.02649
0.02649
30 Apr 2019
30 Apr 2019
0.02732
0.02732
31 May 2019
31 May 2019
0.02640
0.02640
28 Jun 2019
30 Jun 2019
0.02743
0.02743
31 Jul 2019
31 Jul 2019
0.02620
0.02620
31 Aug 2019
31 Aug 2019
0.02553
0.02553
30 Sep 2019
30 Sep 2019
0.02531
0.02531
31 Oct 2019
31 Oct 2019
0.02452
0.02452
30 Nov 2019
30 Nov 2019
0.02513
0.02513
31 Dec 2019
31 Dec 2019
0.02382
0.02382
31 Jan 2020
31 Jan 2020
0.02370
0.02370
29 Feb 2020
29 Feb 2020
0.02702
0.02702
31 Mar 2020
31 Mar 2020
0.02733
0.02733
30 Apr 2020
30 Apr 2020
0.02780
0.02780
31 May 2020
31 May 2020
0.02632
0.02632
30 Jun 2020
30 Jun 2020
0.02629
0.02629
31 Jul 2020
31 Jul 2020
0.02592
0.02592
31 Aug 2020
31 Aug 2020
0.02370
0.02370
30 Sep 2020
30 Sep 2020
0.02338
0.02338
30 Oct 2020
31 Oct 2020
0.02253
0.02253
30 Nov 2020
30 Nov 2020
0.02367
0.02367
31 Dec 2020
31 Dec 2020
0.02117
0.02117
29 Jan 2021
31 Jan 2021
0.01981
0.01981
26 Feb 2021
28 Feb 2021
0.02098
0.02098
31 Mar 2021
31 Mar 2021
0.01833
0.01833
30 Apr 2021
30 Apr 2021
0.01865
0.01865
28 May 2021
31 May 2021
0.01714
0.01714
30 Jun 2021
30 Jun 2021
0.01751
0.01751
30 Jul 2021
31 Jul 2021
0.01712
0.01712
31 Aug 2021
31 Aug 2021
0.01708
0.01708
30 Sep 2021
30 Sep 2021
0.01799
0.01799
29 Oct 2021
31 Oct 2021
0.01668
0.01668
30 Nov 2021
30 Nov 2021
0.01732
0.01732
31 Dec 2021
31 Dec 2021
0.01610
0.01610
31 Jan 2022
31 Jan 2022
0.01583
0.01583
28 Feb 2022
28 Feb 2022
0.01939
0.01939
31 Mar 2022
31 Mar 2022
0.01796
0.01796
29 Apr 2022
30 Apr 2022
0.02124
0.02124
31 May 2022
31 May 2022
0.02273
0.02273
30 Jun 2022
30 Jun 2022
0.02311
0.02311
29 Jul 2022
31 Jul 2022
0.02298
0.02298
31 Aug 2022
31 Aug 2022
0.02436
0.02436
30 Sep 2022
30 Sep 2022
0.02550
0.02550
31 Oct 2022
31 Oct 2022
0.02742
0.02742
30 Nov 2022
30 Nov 2022
0.02864
0.02864
30 Dec 2022
31 Dec 2022
0.02925
0.02925
31 Jan 2023
31 Jan 2023
0.02840
0.02840
28 Feb 2023
28 Feb 2023
0.03173
0.03173
31 Mar 2023
31 Mar 2023
0.03112
0.03112
28 Apr 2023
30 Apr 2023
0.03116
0.03116
31 May 2023
31 May 2023
0.03159
0.03159
30 Jun 2023
30 Jun 2023
0.03220
0.03220
31 Jul 2023
31 Jul 2023
0.03262
0.03262
31 Aug 2023
31 Aug 2023
0.03281
0.03281
29 Sep 2023
30 Sep 2023
0.03334
0.03334
31 Oct 2023
31 Oct 2023
0.03461
0.03461
30 Nov 2023
30 Nov 2023
0.03530
0.03530
29 Dec 2023
31 Dec 2023
0.03526
0.03526
31 Jan 2024
31 Jan 2024
0.03523
0.03523
29 Feb 2024
29 Feb 2024
0.03655
0.03655
28 Mar 2024
31 Mar 2024
0.03561
0.03561
30 Apr 2024
30 Apr 2024
0.03586
0.03586
31 May 2024
31 May 2024
0.03570
0.03570
28 Jun 2024
30 Jun 2024
0.03647
0.03647
31 Jul 2024
31 Jul 2024
0.03630
0.03630
30 Aug 2024
31 Aug 2024
0.03674
0.03674
30 Sep 2024
30 Sep 2024
0.03624
0.03624
31 Oct 2024
31 Oct 2024
0.03603
0.03603
29 Nov 2024
30 Nov 2024
0.03683
0.03683
31 Dec 2024
31 Dec 2024
0.03639
0.03639
31 Jan 2025
31 Jan 2025
0.03612
0.03612
28 Feb 2025
28 Feb 2025
0.03763
0.03763
Fund Facts

Fund Facts

(As of 31 Jan 2025)
Net Fund Assets
$369.8 M
Benchmark
ICE BofA U.S. Municipal Securities Index
Morningstar Category
Muni National Intermediate
Fund Symbol
TSSCX
Share Class
C
Share Class Inception Date
1 Apr 2009
Number of Holdings
270
Portfolio Turnover
23%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
2.83%
30-Day SEC Yield (Unsubsidized)
2.18%
Annualized Distribution Yield
3.38%
Characteristics

Characteristics

Portfolio

(As of 31 Jan 2025)
Portfolio
Benchmark
Effective Duration
6.2 Yrs
7.0 Yrs
Average Effective Maturity
13.0 Yrs
14.3 Yrs
Weighted Average Coupon
4.8%
4.5%
Portfolio
Benchmark
Yield to Worst
4.2%
3.7%
Subject to Alternative Minimum Tax
19.2%
Risk & Return Profile

Risk & Return Profile

(As of 31 Jan 2025)
3y
5y
10y
Annualized Alpha (%)
0.75
0.35
0.06
Standard Deviation (%)
5.99
5.50
4.27
Sharpe Ratio
-0.51
-0.29
0.00
Up Capture (%)
81.99
84.05
81.85
Down Capture (%)
74.23
79.86
80.67
Portfolio

Portfolio

Top Holdings

(As of 31 Jan 2025)
Name
Ticker/Symbol
Weight %
Kentucky Public Energy Authority
74440DDS0
1.5
Patriots Energy Group Financing Agency
70342PAN4
1.5
Kentucky Public Energy Authority
74440DEC4
1.2
Main Street Natural Gas, Inc.
56035DBR2
1.1
Kentucky Economic Development Finance Authority
49126RAC0
1.1
California Community Choice Financing Authority
13013JCM6
1.1
City of Chicago IL
167486ZY8
0.9
Main Street Natural Gas, Inc.
56035DGB2
0.9
State of Illinois
452152Q20
0.8
Capital Trust Agency, Inc.
14054CFK0
0.8
Exposure Breakdown

Exposure Breakdown

(As of 31 Jan 2025)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Gas
15.7
Industrial Development/Pollution Control
11.8
Lifecare
10.7
Hospital
10.3
9.6
Airport
7.6
5.2
Multi Family Mortgage
7.0
2.3
Higher Education
4.4
Dedicated Tax
4.3
13.6
Local General Obligation
3.2
11.3
Appropriation
3.2
3.3
Cash & Cash Equivalents
-0.5
Sector Allocation
Fund (%)
Gas
15.7
Industrial Development/Pollution Control
11.8
Lifecare
10.7
Hospital
10.3
Airport
7.6
Multi Family Mortgage
7.0
Higher Education
4.4
Dedicated Tax
4.3
Local General Obligation
3.2
Appropriation
3.2
Cash & Cash Equivalents
-0.5
Top 10 U.S. States
Fund (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Illinois
12.1
4.8
California
7.7
17.6
Florida
7.0
3.6
Kentucky
5.7
0.8
Texas
5.1
8.9
Pennsylvania
5.1
3.7
Michigan
4.8
1.5
New Jersey
4.5
3.9
Georgia
4.4
2.8
Alabama
4.1
2.1
Cash
-0.5
Top 10 U.S. States
Fund (%)
Illinois
12.1
California
7.7
Florida
7.0
Kentucky
5.7
Texas
5.1
Pennsylvania
5.1
Michigan
4.8
New Jersey
4.5
Georgia
4.4
Alabama
4.1
Cash
-0.5
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
AAA
8.1
14.6
AA
22.2
54.9
A
35.4
24.1
BBB
19.3
6.4
Below Invest. Grade
1.3
Not Rated
14.1
Cash & Cash Equivalents
-0.5
Credit Quality
Fund (%)
AAA
8.1
AA
22.2
A
35.4
BBB
19.3
Below Invest. Grade
1.3
Not Rated
14.1
Cash & Cash Equivalents
-0.5
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
Year 1-2
11.0
6.0
Year 3-4
8.1
10.0
Year 5-6
9.0
9.4
Year 7-8
13.8
9.2
Year 9-10
5.0
7.1
Year 11-12
7.1
6.0
Year 13-14
4.2
5.0
Year 15-16
6.4
5.0
Year 17+
35.5
42.0
Cash
-0.5
Maturity
Fund (%)
Year 1-2
11.0
Year 3-4
8.1
Year 5-6
9.0
Year 7-8
13.8
Year 9-10
5.0
Year 11-12
7.1
Year 13-14
4.2
Year 15-16
6.4
Year 17+
35.5
Cash
-0.5
Portfolio Managers

Portfolio Managers

David Ashley, CFA

David Ashley, CFA

Portfolio Manager and Managing Director
David Ashley is portfolio manager for Thornburg Investment Management. He joined Thornburg as associate portfolio manager in 2011 and was named portfolio manager in 2019. Dave earned a BS in finance and MBA from the University of Delaware in 2001. He is also a CFA charterholder. Prior to joining Thornburg Investment Management, Dave was a credit analyst for Wilmington Trust…
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John Bonnell, CFA

John Bonnell, CFA

Portfolio Manager and Managing Director
John Bonnell, CFA, is portfolio manager and managing director for Thornburg Investment Management. He joined Thornburg’s municipal team in 2021. John has over 30 years of municipal bond investing experience. He spent 25 years of his career at USAA where he was most recently a senior portfolio manager and, in 2010, took on responsibility for co-leading municipal bond strategies. Earlier…
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Eve Lando, JD

Eve Lando, JD

Portfolio Manager and Managing Director
Eve Lando is portfolio manager for Thornburg Investment Management. She joined Thornburg's municipal team in 2019 as associate portfolio manager and was named portfolio manager in 2020. Eve holds a BA in urban studies from Columbia University and a JD from Brooklyn Law School, with a concentration in business law studies. She has extensive experience in municipal bond research and…
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Craig Mauermann, ChFC

Craig Mauermann, ChFC

Portfolio Manager and Managing Director
Craig Mauermann, ChFC, is portfolio manager for Thornburg Investment Management. He joined the firm in 2021 as a senior fixed income analyst and was promoted to associate portfolio manager in 2024 and was named portfolio manager in 2025. Craig has extensive municipal research and investment experience. He began his career at Strong Capital Management as an analyst and trader and…
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More Insights

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Outlook

Fixed Income in Focus—Yield Potential Amid Narrow Spreads

With spreads at historic lows and yields at highs, fixed income markets present a rare dichotomy. Uncover insights and risks for 2025.
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Global Equity

U.S. Valuations to Global Opportunities: Key Takeaways for Investors

Dive into actionable strategies for navigating a high-valuation U.S. market, trade uncertainties, and opportunities in international equities.
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International Equities

Beyond Borders: Strategies for International Investing in 2025

Despite the high growth expectations for U.S. companies, the concentration risks in the market highlight the potential benefits of exploring opportunities abroad.
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Municipal Bonds

State of Mass Public Transit: Moving Forward or Spinning Its Wheels?

See what trends in ridership and farebox revenue reveal about the state of mass public transit systems in New York, Chicago, and the Bay Area.
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Fixed Income

The Decline of US Treasuries? What Treasury Auctions Reveal

Despite the perceived weakness, we believe there are three critical indicators that reveal the strength of investor demand for U.S. government debt.
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Real Estate

Restructuring and Refinancing Opportunities in Commercial Real Estate

Certain sectors of commercial real estate are stressed, but pockets of opportunity exist. Learn how investors can capitalize on debt restructuring & refinancing.