Munis/S&L tax exempt

High-Yield municipal bonds have performed well in recent years, but valuations are now stretched. We recommend an underweight allocation, though we prefer high-yield munis over high-yield corporate bonds.

Our Portfolio Allocation Summary for August 2023.

While excellent state & local government balance sheet health will remain a tailwind for muni returns, poor valuation prompts us to downgrade the sector from overweight to neutral.

This week we present our Portfolio Allocation Summary for July 2023.

This week we present our Portfolio Allocation Summary for June 2023.

This week we present our Portfolio Allocation Summary for May 2023.

This week we present our Portfolio Allocation Summary for April 2023.

This week we present our Portfolio Allocation Summary for March 2023.

This week we present our Portfolio Allocation Summary for February 2023.

This week we present our Portfolio Allocation Summary for January 2023.