2026

Tax-Exempt Yields Fall in October

Yields Fall Sharply in October but Remain Higher YTD, Fed Holds in Advance of Midterm Elections

As AI enthusiasm drives market concentration, we see more attractive opportunities in overlooked companies with improving fundamentals, while maintaining selective AI exposure and a disciplined focus on risk.

Team examines the underlying market dynamics across the corporate credit, securitized and municipal sectors.

The portfolio slightly trailed the benchmark, with performance patterns differing significantly from month to month.

Market leadership shifted during the quarter but ultimately narrowed, with strength in a relatively small number of companies.

Broader market participation buoyed the funds performance for the quarter, outperforming benchmark indices.

Tax-Exempt Yields Rise and Curve Flattens

Yields Rise Sharply in September as Fed Hikes Amid Strong Economic Data and Stubborn Inflation

Tax-Exempt Curve Steepens as Demand Persists

Policymakers in Focus: Treasury Secretary Increases Buybacks to Suppress Yields and Fed Chair Warsh Gives Hawkish Speech.

The second quarter was marked by a sharp rebound in the broad equity markets as investor confidence improved following a weak first quarter.

Tax-Exempt Yields Rise Even As Supply Moderates

Treasury Yields and Volatility Rise as Fed Holds, Chair Warsh Provides No Forward Guidance

The portfolio produced a solid absolute return but trailed benchmark performance which became increasingly concentrated.

Portfolios lagged benchmarks amid strong but narrow AI-driven performance.

Tax-Exempt Yields Fall Amid Strong Demand

Short Yields Rise, Curve Flattens – Market Shifts Fed Expectations from Easing to Tightening

Experts explore the infrastructure funding gap and how it's creating potential opportunities for municipal investors.

Treasury Yields Rise and Curve Flattens as Inflation Concerns Persist; Warsh Confirmed as 17th Fed Chair

Tax-Exempt Yields Rise Amid Strong Demand

Bond market experts discuss how AI-driven data center growth is shaping fixed income opportunities and risks.

Rise in Treasury Yields Continues as Fed Holds Amid Resilient Economy and Uncertainty from Higher Oil Prices

Tax-Exempt Yields Fall Amid Strong Demand

After a strong start, market conditions became more challenging later in the quarter which led to increased volatility and negative market returns.

Strength in key sectors and capital allocation drove outperformance as higher-quality, profitable businesses regained leadership.

Insights and analysis on global markets, AI disruption and where we see opportunities ahead.

Municipal Curve Steepens as Yields Rise in Q1

Oil Prices and Treasury Yields Rise Amid Ongoing Iran Conflict

From canals to cloud computing, municipal bonds have powered U.S. infrastructure for generations.

Treasury Yields Decline, Curve Flattens on Concerns Over AI Impact on Economy

Tax-Exempt Yields Fall Amid Strong Demand

Curve Steepens and Tax-Exempt Yields Fall Amid Strong Demand

Treasury Yields Rise Modestly as Fed Holds Rates at 3.5-3.75%; Trump Selects Warsh as Next Fed Chair

While the market’s performance was relatively “normal”, 2025 felt anything but normal to us.

U.S. equities advanced at the broad index level, though results were uneven across sectors, and the return dispersion among individual companies was high.

U.S. equities advanced at the broad index level, though results were uneven across sectors, and the return dispersion among individual companies was high.

Global equity markets ended 2025 on a strong note, led by international equities. Read how our funds are positioned.

2025 Municipal Market Review

2025 Bond Market Review