In our latest whitepaper our investment team provides insights into why it’s important to maintain a high-quality bias in the municipal market until the outlook is more certain.

Much will be written about the first quarter of 2020, which was unprecedented in most every way.

At the time of this writing, most of the nation is locked down with shelter-at-home orders as we approach in the coming weeks what we hope to be the peak of the COVID-19 outbreak in the United States.

This was an extraordinarily challenging quarter for all market participants. In this letter, we discuss the nature of our performance and provide our investment outlook.